The Federal Inland Revenue Service (FIRS) has announced the implementation of the National E-lnvoicing Regime, a component of the Electronic Fiscal System (EFS). This initiative, specifically the FIRS Merchant-Buyer Solution, represents a significant procedural change in tax administration for eligible entities. You can access the full publication by clicking here.
The Securities and Exchange Commission (SEC) Nigeria has once again demonstrated its stance in fostering transparency, accountability, and ethical governance in Nigeria’s corporate space. In a recent circular published on its website on Thursday 29 June 2025, the Commission raised serious concerns over a growing corporate governance anomaly—the internal rotation of directorship roles, particularly the […]
The Corporate Affairs Commission (CAC), in a move aimed at updating its statutory fee structure, has released a new schedule of fees for services rendered to business entities registered in Nigeria, effective August 1, 2025. This revision affects both routine and strategic filings, including annual returns, increase of share capital, post-incorporation changes, and requests for […]
Introduction: Tax disputes in Nigeria often revolving around legal interpretations. The recent Federal High Court (FHC or the Court) judgment on January 27, 2025, in FIRS v. MTN Nigeria Communications PLC is no different, and it addresses the enforcement of Value Added Tax (VAT) penalties and interest. The case questions whether the Tax Appeal Tribunal […]
Sustainability has become a central focus across all aspects of human life, with corporations playing a pivotal role in its implementation. In today’s world, consumers are increasingly conscious of the impact of their purchases-not just the products or services themselves, but also how they are produced and by whom. You can access the full publication […]
The Federal Inland Revenue Service (FIRS) has by a public notice issued on October 3, 2024, advised that The Deduction of Tax at Source Withholding (WHT) Regulations, 2024 recently published in the Federal Government Gazette takes effect from January 1, 2025. This briefing brings this latest development to light with annotations on what this means […]
In today’s dynamic business environment, having strong financial reporting systems is essential. It is in recognizing this that regulators like the Securities and Exchange Commission (SEC) and the Financial Reporting Council (FRC) now require entities under their oversight to conduct annual assessments of their Internal Control over Financial Reporting (ICFR) function. This measure ensures the […]
IN CASE YOU MISSED IT On Tuesday, July 30, 2024, the Federal High Court sitting in Abuja delivered a judgment stating that the Corporate Affairs Commission (CAC) lacks the authority to prevent companies incorporated prior to the enactment of the Companies and Allied Matters Act (CAMA) 2020 from transitioning to single-shareholder statuses. The FHC determined […]
The Corporate Affairs Commission (CAC) recently issued a public notice indicating its intention to strike off defunct or dormant companies from its register. This action is grounded in the powers vested in the CAC under Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020. Specifically, the Commission aims to […]
I n this briefing, we examine the Finance Act Amendment Bill of 2024, a legislative proposal that aims to introduce new sections to the Finance Act of 2023. This Bill introduces a new “windfall tax” provisions designed to specifically impact commercial banks. Our analysis will explore the specific amendments proposed, their broader economic implications, and […]