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tax law firms in nigeria

TLRN is a compendium of tax cases. Nigeria tax laws do not exempt the income of branch from tax. 17. In order to ensure a level playing ground for wholly owned Nigerian companies, the exemption from minimum tax provided to companies with at least 25% imported equity capital has been expunged. As minimum tax affects individuals and corporations, this article will address six frequently asked questions (FAQs) on minimum tax for companies in Nigeria. Charge of tax on interest relating to foreign and agricultural loans and certain reliefs. Only companies with less than ₦25 million turnover, those within the first four years of commencement of business and those involved in agricultural trade of business are exempted. By. Under Nigerian tax law, companies are liable to pay withholding tax on the following types of payment made to a non-resident: interest, royalties, contract and other service fees, lease rentals (for movable property), and technical fees. It therefore has withholding tax obligations. General Civil, Corporate & Commercial Law Firm in Lagos, Nigeria +234 809 922 3322. With TLRN you will know more about your entitlements under applicable Tax Laws. Income tax is payable on taxable income or profits. PAY TAX ONLINE DUE DATES E-SERVICES TAX FORMS TAX OFFICE LOCATOR 0 190 NationwideOffices 0 15 StateCoordination Offices 0 10 Vat Coordination offices 0 36 Government Business Tax Offices Tax Calculator The Tax Calculator is a stress-free application that assists tax payers to calculate tax due in line with the Nigerian Income Tax laws. The relevant laws on tax exemption are the Constitution of the Federal Republic of Nigeria, 1990; 4 The Tax Appeal Tribunal sitting in Lagos on 28 February 2020, delivered judgement in the consolidated tax appeal filed by Tetra Pak West Africa Ltd (“Tetra Pak”/“The Appellant”) against the Federal Inland Revenue Service (“FIRS” / “The Respondent”) where it pronounced on the deductibility of demurrage in Companies Income Tax (“CIT”) computations. The bill also fixes confusion around the 7.5% value-added tax (VAT), personal income tax, among other issues. Law Firm AelexIT 2021-02-28T18:14:55+01:00 ǼLEX is a leading Commercial & Dispute Resolution law firm. With decades of experience, our tax law experts offer strategic tax advice in major Nigerian and international transactions. Medium-sized companies with a turnover above NGN25 million but less than NGN100 million will use a rate of 20%. (a) Companies Income Tax Act, Cap. Companies engaged in shipping or air transport. The tertiary education tax, which is governed by the Tertiary Education Trust Fund (Establishment, etc.) Pre 2002 Tax Reform Efforts The Federal Government had taken far-reaching steps aimed at reforming the nation’s tax system before the Pre 2002 reform efforts. The Companies Income Tax Act (CITA) defines a “Nigerian company” as any company incorporated under the Companies and Allied Matters Act or any enactment replaced by that Act. Full disclosure of agreement to be made. As a Tax law firm in Nigeria, we assist with negotiating and contesting tax disputes with the regulatory tax authorities, particularly complex tax issues. A “foreign company” means any company established under any law in force in a territory or country outside Nigeria… As a result, critics contend, families have lost their livelihoods and children as young as two have fallen ill with chemical pneumonitis or died.. 11. The rate of withholding is 10% of the gross payment; the nation’s tax system and how to improve the efficiency of tax practitioners and administrators and help in mapping out ways towards a more efficient tax administration in Nigeria. Payments to foreign companies providing technical, management, consultancy or professional services with a significant economic presence in Nigeria will attract a final withholding tax ("WHT") of 10% under the Finance Act. The OAL Tax Practice Group offers Tax Strategy Advisory, Tax Compliance Advisory, and Tax Litigation services. The firm was established by a team of lawyers with a passion and dedication to … Nigerian companies. VAT. Shell, the Anglo-Dutch oil giant, has been accused in Nigeria of large scale oil spills in Ogoniland. The corporate and commercial team at Templars advises clients on matters including regulatory compliance, IP tax and probate law services. Companies Operating within the Free Trade Zones/EPZ. In such a situation, the estimated charge is a minimum tax. 217 likes. Peters Ifeoma - October 14, 2017. Final 10% Withholding Tax on Payments to Foreign Companies. Foreign companies regularly seek the firm’s advice on setting up and carrying out business in Nigeria, and of late the group has advised HJ Heinz on various aspects of its local operations. Authorised unit trust scheme. Resolution Law Firm is based in Lagos and Abuja Nigeria. 12. Double tax treaties (DTTs) Nigeria has DTTs with the countries listed in the table below. The firm represents clients throughout the Nigeria. Companies Income Tax (CIT): Under Companies Income Tax Act you have to pay Companies Income tax if you are a resident or non-resident company incorporated in Nigeria. This was formerly referred to as the Companies and Allied Matters Decree, 1990. Petroleum Profit Tax (PPT): The Petroleum Profit Tax is subject to any resident company or person in charge of a non-resident company who are exploring for petroleum or producing it in Nigeria. Nigerian companies may also make tax deductible donations to certain public benefit organizations that are listed in the Fifth Schedule to the Companies Income Tax Act. C21, Laws of the Federation of Nigeria… Nigeria’s tax revenue 2016-2018. Small companies have a zero rate of income tax. General Civil, Corporate & Commercial Law Firm in Lagos, Nigeria +234 809 922 3322. Commercial, Oil & Gas, Tax Law Firm Imperial Law Office Attorneys is a leading Commercial Law Firm in Nigeria, housing a constellation of mult-sectoral highly sought after legal counsels. Insurance companies. Tax Liability of Law Firms in Nigeria – Rethinking the Status Quo. We are one of the largest full-service law firms in West Africa with offices in Lagos, Port Harcourt and Abuja in Nigeria and Accra, Ghana. 0. Ask For Price Essentially, the bill amends several portions of the Nigerian tax laws. Templars @ templars_law March 10, 2021 Templars Partner & Head of our Finance Practice, Chike Obianwu will be speaking at the Day 2 of the M&A Masterclass Series 1 organised by the @nbasblofficial holding today by 10am. Access […] Cable undertakings. 14. The firm represents clients throughout the Nigeria. According to the Public Notice, the NRPTO was established to enhance tax certainty, promote voluntary compliance, reduce tax disputes and avoid double taxation relating to non-resident persons who are liable to tax in Nigeria in accordance with the provisions of the Companies Income Tax Act and the Personal Income Tax Act. Based on the latter provision of the tax law quoted above, the tax authorities usually apply the conflicting provision of excess dividend tax to further impose tax on dividend income. How multinational tech companies exploit tax laws in Africa. Note that companies are required to submit, in electronic form, a schedule of all their suppliers for the month showing the tax identification number (TIN), address of the suppliers, the nature of the transaction, WHT deducted, and invoice number. In April 2019, Shell released four reports that showed the company paid over $6 billion to the Nigerian government in 2018 in taxes and royalties. 2. 16. Tax Law Reports Nigeria, Lagos, Nigeria. The firm was established by a team of lawyers with a passion and dedication to … 13. Incentives for Small Businesses However, a person with no taxable income may have a tax liability. Significant Nigerian and international companies and multinationals, educational and not-for-profit organisations, as well as individuals from Nigeria and abroad, have selected our top tax lawyers as their tax advisors. A branch is seen as a permanent establishment and its income is taxable in Nigeria. Real Estate Investment Companies approved by the Securities Exchange Commission to operate as a real estate investment scheme in Nigeria will be exempt from income tax on rental income, and dividend income earned in a financial year will be exempt from income tax provided that at least 75% of such income is distributed within 12 months. For large companies with an annual turnover of NGN100 million and above, the corporate tax rate is 30%. Resolution Law Firm is based in Lagos and Abuja Nigeria. CAMA refers to the current operative Companies/Corporations law legislation in Nigeria, known as the Companies and Allied Matters Act. Wednesday December 23 2020. It allows the government to draw more people and businesses into the tax net and increase its tax revenue base. Section 19 of CITA is further extended in the case of Oando Plc v. Federal Board of Inland Revenue – 1 Tax Law Report of Nigeria (TLRN) p. 61 at 81. See Also: How To Diversify The Nigerian Economy Successfully For Growth Below is a comprehensive analysis of taxation in Nigeria and the necessary rules, laws, and clarifications. 15. 2.0. Act 2011, imposes an education tax at a rate of 2% on the assessable profits of companies registered in Nigeria. 18. These will help you run your business legally in accordance with the tax laws and regulations in Nigeria. This Bill is to among other things amend the following tax provisions and make them more responsive to the tax reform policies of the Federal Government and enhance [their] implementation and effectiveness.

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