Stamp Duty: What has changed?

One of the tax laws amended by the Finance Act 2019 is the Stamp Duty Act Cap S8 LFN 2004 (as amended). One of the few amendments to the Act is the inclusion of electronic documents in the list of instruments liable to stamp duty. Also, certain bank deposits and transfers are now liable to... Continue Reading →

Artificial Transactions: Anti-abuse Guidelines

Section 22 of the Companies Income Tax Act Cap C21 LFN 2004 (as amended) empowers the Federal Inland Revenue Service (FIRS) to disregard any fictitious or artificial disposition* or transactions that reduces or would reduce tax payable by any taxable entity, and direct adjustments as appropriate. In the words of the law: Where the Service... Continue Reading →

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