Leased Assets: Who claims Capital Allowance?

In business, some companies prefer to lease certain assets to an outright purchase. The reasons for this may range from the need to preserve cash flow (i.e. flexible payment terms) to enjoying the technical expertise of the original owner of the asset. In accordance with the International Financial Reporting Standard (IFRS) 16, depending on some... Continue Reading →

Taxation of Unit Trust Schemes

Unit trusts are types of collective investment schemes where investors with the same investment objectives pool their financial resources together for the purpose of making large scale investments within the scope of the investment objective. The Investment and Securities Act (ISA), 2017 defines a collective investment scheme as “a scheme in whatever form, including an... Continue Reading →

Waiver or refund of liability or expenses

In the business world, it is possible for an expense/liability already allowed for tax purposes to be refunded/waived either partly or in whole. Section 28 of the Companies Income Tax Act Cap C21 LFN 2004 (as amended) and Section 22 of the Personal Income Tax Act Cap P8 LFN 2004 (as amended) provide that, such... Continue Reading →

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