by Detail Solicitors | Feb 4, 2021 | Newsletters
INTRODUCTION The Finance Act, 2020 (the Act) was signed into law by President Muhammadu Buhari on 31st December, 2020. The objectives of the Act include reforming Nigerian tax laws to align with global best practices, supporting small businesses in line with the...
by Detail Solicitors | Dec 31, 2020 | Newsletters
Background On November 13, 2020, President Muhammadu Buhari assented to the Banks and Other Financial Institutions Act (BOFIA) (amendment) Bill 2020. This action effectively repeals BOFIA 2004 and enacts BOFIA 2020. The legislation provides a more stringent regulatory...
by Detail Solicitors | Oct 27, 2020 | Newsletters
Background The signing into law of the Companies and Allied Matters Act 2020 (CAMA 2020) in August 2020 by President Muhammadu Buhari is generally believed by various stakeholders to be a positive development for businesses in Nigeria. The government has been keen on...
by Detail Solicitors | Sep 3, 2020 | Newsletters
BACKGROUND The President of the Federal Republic of Nigeria, Muhammadu Buhari, signed into law the Companies and Allied Matters Act, 2020 (the “Act” or “New CAMA”) on the 7th of August, 2020. The Act repeals the Companies and Allied Matters Act, 1990, which had been...
by Detail Solicitors | Jun 29, 2020 | Newsletters
BACKGROUND Value Added Tax (“VAT”) is a consumption tax that is levied at the rate of 7.5% on the supply of all goods and services that are backed by consideration except for those goods and services specifically exempted under the VAT Act as amended. Part I and II of...
by Detail Solicitors | Jun 29, 2020 | Newsletters
Background The President of the Federal Republic of Nigeria, President Muhammadu Buhari, recently presented the Nigerian Tax and Fiscal Law (Amendment) Bill, 2019 (the Finance Bill) to the National Assembly for consideration and passage into law. The Finance Bill has...