INCOME TAXATION OF INTERNATIONAL SHIPPING COMPANIES – A REVIEW OF RECENT DEVELOPMENTS

Introduction Recently, the Federal Inland Revenue Service (“FIRS”) served tax assessments on international shipping companies that are considered to have generated income liable to Nigerian tax. The assessments on the international shipping companies relate to back taxes from 2010. In Nigeria, international shipping companies are liable to tax on the revenue they generate from transporting…

Aircraft Liens and Detention Rights (The Nigerian Chapter)

Aviation transactions are specialized contractual relationships between equipment owners, lessors, and lessees. These parties play crucial roles throughout the entire cycle of ownership, operation, and service provision in the aviation industry. A central theme in typical aviation transactions is the assurance of trust among all stakeholders in this industry. Equipment owners seek guarantees that their…

IMPACT OF COVID-19 ON BOARD AND GENERAL MEETINGS OF COMPANIES IN NIGERIA

The Companies and Allied Matters Act, CAP C20, LFN 2004 (“CAMA”) imposes duties, responsibilities and statutory obligations on the members and directors of public and private companies regarding their Board of Directors meetings (“BOD”), Annual General Meeting (“AGM”) and other meetings. However, the various social gathering prohibitions and stay at home orders made by the…