The law creating the 0.005% Nigerian Police Trust Fund Levy is roundly criticized for heightening the tax burden of doing business in Nigeria, but the real compliance issues lie in its vagueness on who is liable to pay and what should be paid. The Nigeria Police Trust Fund (Establishment) Act was signed into law…
INTRODUCTION The Finance Act, 2019 came with copious far-reaching changes in the laws relating to major taxes in Nigeria. The Act is a single legislation that amends key provisions of seven existing tax laws, namely: the Companies Income Tax Act (CITA), 2004; Personal Income Tax Act (PITA), 2007; Value Added Tax Act (VATA), 2007; Petroleum…
INTRODUCTION Before the enactment of the Nigerian Finance Act, 2019, Section 19 of the Companies Income Tax Act (CITA)providing for excess dividend tax could pass for the most controversial and criticized provision of CITA. Its criticisms transcended what was perceived as legislative ineptitude to what got bemoaned as judicial insensitivity, as interpretations of that section…
BACKGROUND The Covid-19 crisis assumed an overwhelmingly legal dimension in the Nigerian media space with the recent conviction of Nollywood actress, FunkeAkindele Bello and her husband for breaching Lagos laws on social distancing. Having read a deluge of legal critiques that hit hard at this conviction and also some consenting views, against the backdrop of…
By Dr. Jerome Okoro* INTRODUCTION From regularly updated records, Nigeria is endowed with abundant gas wealth which remains largely untapped.According to the Department of Petroleum Resources (DPR), Nigeria’s proven natural gas reserve as at June, 2020 is 203.16 Trillion Cubic Feet.[1] The above figure, as stated by DPR, marks a marginal increase of 1.16 Trillion Cubic…