Check out our Latest News!
In Part 1 of this write-up, we focused on the emergence of e-commerce as well as the relationship of e-commerce to cybercrimes. In Part 2 of our series E-COMMERCE, CYBERCRIME, CYBERSECURITY AND CYBERSECURITY LEVY – NIGERIA PERSPECTIVE, we shall focus on Nigeria’s legal framework for cybersecurity as well as the cybersecurity levy which will soon...
The Central Bank of Nigeria (CBN) in a circular PSM/DIR/PUB/017/004 dated May 6, 2024 directed all commercial, merchant, non-interest and payment service banks, other financial institutions, mobile money operators and payment service providers to deduct from all electronic transactions a levy of 0.5% (0.005) equivalent to a half percent of the amount of the electronic...
In our previous pointers to 2024 and beyond possible tax changes we commented on the Presidential Fiscal Policy and Tax Reforms Committee (the “Committee”) established on 8 August 2023 by President Bola Ahmed Tinubu’s government. The Committee, headed by Mr Taiwo Oyedele, and comprised of experts and stakeholders from the private and public sectors, has...
In a judgement delivered on March 14, 2024, The South-South Zone of the Tax Appeal Tribunal holden in Benin ordered Speciality Drilling Fluids to pay Bayelsa State Board of Internal Revenue the sum of N288,000,000.00 (Two Hundred and Eighty-Eight Million Naira only) assessed tax liability for the years, 2019 to 2021 in accordance with the...
Based on established legal cases, before a Tax Authority can successfully defend a Best of Judgement (BOJ) assessment, it must prove the following:1 There is an existence of a trigger for BOJ – See the case of Mobile Oil Nig Ltd V Federal Board of Internal Revenue (2011) 5 TLRN 167 at pages 207 and...
There are comments circulating the Nigerian space that the Federal Government want to compel all business owners, entertainers, content creators including all those making money through TikTok, YouTube, and other social media to register their businesses and pay tax accordingly. This is raising concerns. There is even a conspiracy theory that this is part of...
