TAXATION OF FOREIGN COMPANIES IN NIGERIA by Odoemenam Chidi

The recent and drastic fall in oil prices in the global market has hit hard on oil revenue dependent nations, Nigeria inclusive. Thus, this has led the Government to create budgetary policies seeking to resort to other sources of revenue, taxation being at the forefront. However, if the Nigerian government is determined to increase its tax revenue base, then certainty of laws governing corporate taxation of both Nigerian and foreign companies carrying on business in Nigeria has to be at the premium. 

While a Nigerian company is taxable on its worldwide income, a non-resident entity is liable to tax in Nigeria on its profit attributable to the business or trade carried on in Nigeria. The issue of taxation of foreign unincorporated companies in Nigeria has often stirred up legal controversy.

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HAPPY NEW YEAR

WE WISH YOU A HAPPY NEW YEAR AND A WONDERFUL 2016

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CELEBRATING ONE NIGERIA by Chika Maduakolam

So, I will admit that this piece is inspired by the holiday season. In the midst of all 'jollyment', the winds of reflection blew my way. In this sombre spirit, family gatherings produced a ripe atmosphere for the usual 'Nigerian Complain Banter' (a staple meal in most Nigerian gatherings).

The difference is that this time, while everyone was giving their unsolicited 70 cents of opinions on topics ranging from religion to  politics to generational ills in the system, and what the like (oh, the richness of Nigerian gisting!), I watched. Just watched. Looking around at the array of people gathered. Let me throw a little more light on my thought process:

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THE CHRISTMAS DEED

THIS DEED OF CHRISTMAS is made this 25th day of December 2015 BETWEEN 

JESUS CHRIST of Heaven (the Saviour) on the one part AND

ANYONE, of Earth ( the Saved ) on the other part.

 WHEREAS 

1, The Saviour the holder of Eternal Life .

2, The Saviour has agreed to dash life to anybody who wants for the sum of $ 0....

NOW THIS DEED WITNESS AS FOLLOWS. 

In consideration of life given by the Saved to the Saviour with no receipt but the Saviour still acknowledges.

THE SAVIOUR AS ETERNITY HOLDER ASSIGNS All That Eternity situated at Heaven .

TO HOLD to the Saved for the unexpired residue of The Saviours Life, the said right of Eternal life subject to the provisions of the Holy Scriptures.

IN WITNESS  OF WHICH the parties executed this deed after the Death of Christ in the Manner he was killed ( crucifixion ) the day and year first above written. 

SIGNED, SEALED AND DELIVERED 

By the within Name Saviour 

In the presence of:

Name: Angel Gabriel 

Address: No 2 God Road, Heaven. 

Occupation: Fighting Forces of Evil. 

Signature................. 

NOTE if you still a sinner you would need a Sinners Jurat.

Example: God Forgive Me Of My Sins and Accept Me In Jesus Name.  Amen 🙏🏼.

Merry Christmas...

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Standard Bank $30 Million fine - the issues by Babatunde Akinyanju

On Monday 30th November 2015, in a crowded courtroom at the High Court in London, legal history was made when a senior judge ordered ICBC Standard Bank Plc to pay US$30 million to avoid a criminal conviction following a US$600 million bribery scandal in Tanzania.

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ENHANCING QUALITY OF LEGAL PRACTICE IN NIGERIA: HOW G. ELIAS GOT ISO CERTIFICATION

Credits - Esqlaw.net

Editor's note: Interview by Lere Fashola as originally posted on www.esqlaw.net 

 

Your firm is relatively small in terms of number of employees or partners yet it leads the pack in most of the highly sophisticated finance transactions? Is there a deliberate decision to keep it small? 

No, we have no decision to be or not be any particular size in absolute terms. The decision is to have enough lawyers to be able to service our clients superlatively in the practices and sectors that we choose to be in at any given time. We have always had enough lawyers for that. Size is perhaps also relative to the beholder. With more than 30 lawyers today, there are observers who would say that we are not small.

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APPRAISAL OF THE NIPC PIONEER STATUS INCENTIVE REGULATIONS 2014 by Micheal Dugeri

credits-www.google.com

Government in Nigeria has developed a package of incentives for various sectors of the economy as a way of promoting commerce and industry. One of such investment incentives is the Industrial Development (Income Tax Relief) Act, Cap 17, LFN, 2004 (“IDITRA”), which grants tax holidays to companies in industries that meet the conditions of being designated Pioneer industries. Pioneer Status companies are exempted from paying tax on their profits under the Companies Income Tax Act, for a stated period of time. This is usually for a period of three years at the first instance commencing on the production day.

 Section 1 IDITRA provides that the President may declare any industry as a pioneer industry and its products pioneer products, where he is satisfied that:

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ENTERTAINMENT AND POLITICS: STRANGE BED-FELLOWS by Kayode Omosehin

Politics in Nigeria is taking a new dimension as power has changed hands from one political party to another. The new party is leaving no stone unturned in its efforts to sustain/succeed itself in power. The entertainment industry is the main focus to achieve the desired drive to control federal power in 2019 and beyond. The entertainment industry secured not less than 42% of the efforts that led to the emergence of the new political class in the last general elections. Most political rallies could not have been merrier and fun-filled except with super stars performing live on stage to a depressed population who saw it as a free ticket out of boredom and depression. Political rallies were music fiesta most times. 

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SUCCEEDING AS A 21ST CENTURY YOUNG LAWYER IN NIGERIA by Senator Ihenyen

Credits-www.linkedin.com

Editor's note: As posted on www.linkedin.com

In Nigeria, thousands of young lawyers are unemployed. Each year, at least up to 3,000 new wigs will join their colleagues in the labor market. Add to this growing number another army of young lawyers who are underemployed.

Most underemployed lawyers remain so for years. Underemployment does not only affect productivity but also professionalism. It is only a matter of time for many of these unemployed and underemployed lawyers to lose confidence in themselves and the legal profession.

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CRIMINAL LIABILITY FOR SPREADING AIDS

Photo Credits- www.nakedlaw.avvo.com

As we look back to the celebration of the World’s AIDS day on 1/12/2015 and as we sympathize with Charlie Sheen who recently disclosed his HIV status, there is an issue which I believe must be very instructional to us. 

What happens if a person who is infected with HIV has unprotected sexual intercourse with another without disclosing his/her status. Should this act be considered as a crime? 

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POLICE ACTING AS DEBT RECOVERY AGENTS

Photo credits - www.informationng.com

Have you noticed that the Police are our default go –to – persons whenever we have anyone of the myriad of issues we deal with on a daily basis. One act which I find most absurd is when we make them our debt collectors, this means the police in a way serve as contract enforcers, which I believe is not right.  A friend once recounted his experience with the police to me and explained how he had entered into a contract which did not work out so well, thus finding himself liable to his partner to the tune of a few millions.

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