Nigeria’s Tax Appeal Tribunal has decided that gas dividends are liable to withholding tax which, it is understood, was affirmed by the Federal High Court. But a review of the applicable law and the tax accounting treatments that the dispute entails appears to raise doubt about the accuracy of the decision.
In this paper published in the International Energy Law Review (2018), our Kingsley Amaefule analysed Nigeria’s National Gas Policy 2017, highlighting laudable initiatives and identifying areas for policy improvement. This analysis covered the critical aspects of the Policy such as wholesale market competition, regulation, unbundling and open access, fiscals, pricing, PSC gas, LNG, gas infrastructure,…
Nigeria’s Value Added Tax Act (the “VAT Act”) provides for the imposition of tax on the supply of goods and services. Considering the nature of goods and services, one would have expected that the scope of the VAT Act would not be moot. But the Federal Inland Revenue Service’s (the “FIRS”) browbeating of taxpayers who…
The structure of the civil court system is stipulated in the Nigerian Constituition, 1999 (as amended). The courts of record, in order of hierarchy, are the Supreme Court (the highest appellate court), the Court of Appeal, the Federal High Court, the National Industrial Court, the state High Court and the High Court of the Federal…
The Article is a general overview of the Nigerian Capital Market. It provides a brief background of how the market has evolved over the years. It looks at initiatives that have been introduced in order to stimulate the market, develop it and restore investor confidence in the market in general. There is a brief description…
Read our Kingsley Amaefule’s article titled “Nigerian VAT: A Practitioner’s Guide” published byThomson Reuters/Tax & Accounting in the May 2017 edition of its Journal of International Taxation. Matters of interest to your organization in the article may include: a. A critique of TAT’s decisions in Gazprom v FIRS(provision of consultancy services by a non-resident to…
In November 2014, the London Stock Exchange Group (LSE) and the Nigeria Stock Exchange (NSE) signed a 2 year co-operation agreement designed to support companies dual-listing in London and Lagos… Berwin Leighton Paisner and Ajumogobia & Okeke look at how the markets compare across eligibility, listing documents and continuing obligations, in order to provide issuers with an overview of…
For the last three decades, international arbitration in Nigeria has been acknowledged to be an effective instrument of dispute resolution. The choice of arbitration has been strengthened by the combination of the enactment in 1988 of the Arbitration and Conciliation Act (‘ACA’) and commercial activities in terms of international investments in key sectors of the Nigerian economy. Motivated by the lack of an…
Nigeria has made a major transition from a vertically integrated, publicly-owned electricity network to a largely privately-owned unbundled electricity network, with the separation of the different segments of electricity business through a process called ‘unbundling’. The reforms have moved Nigerian power sector from a state monopoly to a competitive electricity market. Prior to the 2005 reforms, Nigeria, with a…
A GDP of US$510 billion makes Nigeria the 26th largest economy in the world and the largest in Africa. The rebasing of Nigeria’s GDP saw the country’s debt-to-GDP ratio fall to 11 per cent from 19 per cent. Foreign financial institutions, investors, service providers and the Nigerian banks themselves can only be expected to take advantage…