Author: Lawbreed Limited

Following reports on Thursday that the Federal Inland Revenue Services, FIRS, directed all bank account holders to complete a certification form, the Federal Government has stated that the new procedure is not for all bank customers. In a statement on Twitter, the Federal Government said: “We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly” FIRS Clarification The agency said the form is pursuant to the Income Tax (Common Reporting Standard)…

This is to clarify the publication for financial institutions account holders in Nigeria to complete the self-certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfillment of Automatic Exchange of Information Requirements. The Self Certification form is basically to be administered on Reportable persons holding accounts in Financial institutions that are regarded as “Reportable Financial Institutions” under the CRS. Reportable persons are often non-residents and other persons who have residence for tax purposes in more than one jurisdiction or Country. Financial Institutions are expected to administer the Self Certification form on such account…

STATEMENT BY NBA PRESIDENT ON THE PURPORTED AMENDMENT OF THE RULES OF PROFESSIONAL CONDUCT FOR LEGAL PRACTITIONERS 2007 I have seen and read Statutory Instrument No. 15 of 2020 (the “Instrument”), making the rounds on social media and which purports to amend certain provisions of the 2007 Rules of Professional Conduct for Legal Practitioners (RPC). Since the Instrument was released, I have received numerous calls and messages from lawyers across the country seeking clarification and guidance on the purport of the Instrument. By virtue of the Instrument, the following provisions of the RPC are to be deemed deleted: a) Rule…

Director-General Nigerian Copyright Commission (NCC), Mr. John Asein, has called on stakeholders in the book sector to work towards the formulation and adoption of a national book policy that will address emerging issues in the sector. He stated that the COVID-19 pandemic presented practitioners in the book industry with the opportunity to redesign their business models, stressing that it was imperative for all those concerned to go back to the drawing board and address the new realities of today in order to guarantee a better tomorrow. He spoke at a copyright webinar organised by the commission as part of the…

By M.T. Abdulrazaq The argument behind the removal of the fuel subsidy is simple. It is that the barrels of crude oil for domestic consumption which is not even part of the OPEC quota should be bought at the international market price and the “bridging payment” between the international price and what ought to be the “domestic pricing” to allow for the sale of petrol or premium motor spirit at a lower price called “subsidy” should be removed. Two tax principles are embedded in this argument. The first principle is that of discounts. The taxation of discounts in Nigeria is…

By Taiwo Oyedele The Black’s Law Dictionary defines a tax as a charge, usually monetary, imposed by the government on persons, entities, transactions, or property to yield public revenue. Most broadly, the term embraces all governmental impositions on persons, property, privileges, occupation, and enjoyment of the people, and includes duties, imposts, and excises. On the other hand, a levy in this context is defined by the Webster Dictionary as an amount of money that must be paid and that is collected by a government or other authority. If the above broad definitions are anything to go by, then one can…

For government’s chief tax collector, paying taxes to sustain the machinery of state is an age -long practice that had contributed to the development of many nations which he would like Nigerians to emulate especially now that the COVID-19 pandemic has disrupted revenues from crude oil sales. Executive Chairman of Federal Inland Revenue Service (FIRS), Muhammad Nami, who at a recent media interaction lamented the negative impact of the COVID-19 pandemic on government’s revenue sources disclosed that the FIRS alone accounted for 70 per cent of the amount shared while other revenue generating agencies collectively contributed the remaining 30 per…

The Nigerian government has secured a judgement of a British court to suspend an unfavourable ruling over the P&ID scandal. A Commercial Court in the United Kingdom, Friday, granted Nigeria’s appeal for a stay of execution of the award of $8.9 billion (about N3.2 trillion) in favour of P&ID, a controversial British firm that secured a gas contract in Nigeria. On Friday, the Royal Courts of Justice Strand, London, WC2A 2LL presided over by Justice Sir Ross Cranston said following a review of written submissions by the Nigerian government after the arbitral award, which contained “new evidence” concerning the matter…

First let me thank my dear brother, Mustapha Ogunsakin, CEO of Gavel International for the kind invitation to participate in this important conversation on the questions around the reporting of virtual court proceedings. Reporting of court proceedings is a crucial exercise of the right to fair hearing, a cornerstone of which is that hearings must be held in public. How that right will be given full expression when court proceedings are within the encrypted confines of virtual platforms is really the subject of our conversion today. The Attorneys General of Lagos and Ekiti States deserve our commendation for bringing the…

The Lagos State executive council has approved the publication of list of application for Governor’s consent in a National Newspaper and the Land’s Bureau website twice a month. This is contained in a Memo signed by Mrs. Olufumilayo Awe Director Land Services sighted by TheNigeriaLawyer (TNL). “It is hereby notified for general information and immediate compliance that the State Executive Council has approved the publication of list of application for Governor’s Consent in a National Newspaper and the Land’s Bureau website twice a month.” the memo reads The memo further provides that the publication will replace the former requirement…