News & Education
A Capital market is simply a part of a financial system primarily concerned with raising capital by dealing in shares, bonds, and other long-term investments. The Nigerian capital market has two (2) segments; the Primary Market and Secondary Market. While the primary segment of the capital market is the market for fresh issue of securities... Continue Reading →
An investment allowance is an allowance granted to a company that has incurred an expenditure on plant and equipment. Section 32 (1) of the Companies Income Tax Act Cap C21 LFN 2004 (as amended) provides that where a company has incurred an expenditure on plant and equipment, there shall be allowed to that company an... Continue Reading →
Section 55 of the Companies Income Tax Act Cap C21 LFN 2004 (as amended) mandates every company including those granted exempted from incorporation and those exempted from paying tax under the Act, to file a self-assessment return with the Federal Inland Revenue Service (herein referred to as "Service") and such return to contain the following:... Continue Reading →
The Finance Act 2019 amends a number of sections in the Companies Income Tax Act Cap C21 LFN 2004 (as amended) and the Stamp Duties Act Cap S8 (as amended) to provide for the taxation of operation of regulated securities lending transactions in Nigeria. In view of this, the Federal Inland Revenue Service has issued... Continue Reading →
The Personal Income Tax Act Cap P8 LFN 2004 (as amended) defines an itinerant worker as an individual irrespective of his status who works at any time in any State during a year of assessment (other than as a member of the armed forces) for wages, salaries or livelihood by working in more than one... Continue Reading →
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 →
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 →
