Author name: ORE_NYS

The Effects of Finance Acts and Tax Reforms on Operations of NRCs in Nigeria

Introduction Prior to January 2020, when Nigeria’s first Finance Act was enacted, the country’s tax laws had remained static for many years, resulting in long-standing tax positions adopted by non-resident companies (NRCs) on their Nigerian tax matters. However, this scenario has evolved significantly as the Federal Government has employed annual Finance Acts as a fiscal …

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The Nigerian Maritime Industry and Voluntary Tax Compliance: Emphasizing Ethical Tax Practices

Introduction Economists often speak of opportunity cost—the benefit forgone when an alternative is chosen. In the context of taxes, the opportunity cost could be other expenses that might have been covered with the money paid in taxes or additional dividends enjoyed by shareholders. This raises an important question: Why should individuals or companies willingly pay …

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Safeguarding Your Family’s Future: Comprehensive Estate Planning in Nigeria

Introduction Leo Okafor once said, “The day you execute an estate planning instrument is the day you sow a seed from which the future and comfort of your loved ones begin to grow and their future become assured. The sooner you plant the seed, the sooner shall the tree grow.” This profound statement underscores the …

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Strategies for Strengthening Financial Resilience in Nigerian Families

Introduction Nigerian families often face financial strains due to unfavorable economic conditions such as high inflation, unemployment, and fluctuating exchange rates. In this dynamic economic environment, it is crucial for families to develop strategies to endure financial uncertainties and navigate through challenging times. This article explores essential strategies that Nigerian families can employ to enhance …

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Mergers and Acquisitions in Nigeria: Further Insights

Introduction Mergers and acquisitions (M&A) are strategic business activities with significant legal implications. In Nigeria, the dynamic business environment necessitates a comprehensive understanding of the legal framework governing M&A activities. This article explores the key legal implications of M&A in Nigeria, covering regulatory approvals, antitrust considerations, tax implications, employee rights, and the role of the …

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CBN’s New Guidelines for VASPs: Managing Bank Accounts in Nigeria’s Crypto Sector

Introduction On December 22, 2023, the Central Bank of Nigeria (CBN) took a major regulatory step by introducing new guidelines specifically addressing the operation of bank accounts for entities involved in virtual assets. This move signifies a shift in the regulatory landscape, as Nigerian regulators have historically been cautious about exerting control over digital assets, …

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A Guide to Registering as a POS Operator with the CAC

Introduction On May 8, 2024, the Corporate Affairs Commission (CAC), led by Registrar-General Hussaini Magaji (SAN), announced a new mandate requiring all Point Of Sales (POS) business operators in Nigeria to register with the CAC. This directive aligns with the Central Bank of Nigeria (CBN) Guidelines for Agent Banking, 2013, and Section 863(1) of the …

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UNDERSTANDING THE DUE DILIGENCE PROCESS IN M&A

Mergers and acquisitions (M&A) represent some of the most significant corporate transactions a business can undertake. Central to this process is due diligence, an indispensable component that ensures a successful and equitable deal. Due diligence involves a comprehensive audit or investigation of a potential investment to verify facts that may influence a buyer’s decision to …

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Revolutionizing Business Registration: One-Member Companies Now Allowed under CAMA 2020

Introduction The business landscape in Nigeria has undergone a significant transformation with the introduction of the Companies and Allied Matters Act (CAMA) 2020. One of the changes is the provision that allows a single individual to register a limited liability company, making it easier for sole proprietors and startups to incorporate their businesses without the …

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TAT Upholds FIRS’ Discretionary Powers on Deemed Dividends

Introduction The Lagos zone of the Tax Appeal Tribunal (TAT) has ruled in favor of the Federal Inland Revenue Service (FIRS) in a case involving Rand Merchant Bank Nigeria Limited (“the Appellant”) and the FIRS (“the Respondent”). The Tribunal determined that the FIRS’ discretionary powers under section 21 of the Companies Income Tax Act (CITA), …

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