Olaniwun Ajayi LP

July 12, 2019

National Lottery (Amendment) Act 2017- Special Tax Regime for Lottery Companies

BACKGROUND The National Assembly of the Federal Republic of Nigeria in 2017 passed the National Lottery Amendment Bill (the Bill) for the amendment of the National Lottery Act 2005 into...

June 17, 2019

Value Added Tax Exemption on Commissions from Stock Exchange Transactions Soon to Cease

The Value Added Tax (“VAT”) exemption currently enjoyed on commissions (a) earned on the traded value of shares; (b) payable to the Securities and Exchange Commission; (c) payable to the...

May 23, 2019

Penalties and Interest to Accrue from the Date of Failure to Remit Taxes

The Tax Appeal Tribunal (TAT) on 14 May 2019, delivered a judgement in the case of Shell Nigeria Exploration and Production Company Limited v. Lagos State Internal Revenue Service (LIRS)...

July 12, 2019

National Lottery (Amendment) Act 2017- Special Tax Regime for Lottery Companies

BACKGROUND The National Assembly of the Federal Republic of Nigeria in 2017 passed the National Lottery Amendment Bill (the Bill) for the amendment of the National Lottery Act 2005 into...

June 17, 2019

Value Added Tax Exemption on Commissions from Stock Exchange Transactions Soon to Cease

The Value Added Tax (“VAT”) exemption currently enjoyed on commissions (a) earned on the traded value of shares; (b) payable to the Securities and Exchange Commission; (c) payable to the...

May 23, 2019

Penalties and Interest to Accrue from the Date of Failure to Remit Taxes

The Tax Appeal Tribunal (TAT) on 14 May 2019, delivered a judgement in the case of Shell Nigeria Exploration and Production Company Limited v. Lagos State Internal Revenue Service (LIRS)...