Lawyers/Law Firms are Taxable Persons Liable to Pay VAT — Conclusions from Al-Masser vs. FIRS

Articles, BUSINESS, Judiciary, Legal Opinions

“Taxable person” includes an individual or body of individuals, family, corporations sole, trustee or executor or a person who carries out in a place an economic activity, a person exploiting tangible and intangible property for the purpose of obtaining income therefrom by way of trade or business or a person or agency of Government acting in that capacity.

In delivering its judgment, the Court of Appeal held that a lawyer or firm of lawyers in private practice provides legal services for a fee, and so are taxable persons bound by sections 1, 2, 14(1), 15(1) and 46 of the VAT Act to pay VAT to the FIRS for legal services they provide. In the words of the Court of Appeal,…

Safeguarding Mergers And Acquisition Deals From Common Mistakes

Articles, Legal Opinions

By Mary-Cynthia Okundaye and Yvonne Ezekiel Olisa Agbakoba Legal (OAL) Mergers and acquisitions (M&A) can be a powerful tool for businesses looking to expand their operations, enter new markets, and achieve economies of scale. However, M&A transactions are complex and involve significant risks and challenges. These challenges could be due to a variety of factors, including strategic, financial, and…

Nigeria’s Floating Exchange Rate Regime – Potential Tax Implications & Management Strategies For Businesses

Articles, Legal Opinions

Over time, the Central Bank of Nigeria (CBN) has adopted different exchange rate systems, such as controlled, floating, and managed float, alongside intermittent interventions, all aimed at achieving extended market stability. The controlled exchange rate system is that in which the central bank determines a fixed exchange rate, while floating exchange rate system allows the determination of the rate by market forces. Meanwhile, the managed float exchange rate system allows the influence of demand and supply to determine the exchange rate but also allows occasional involvement by the central bank to manage persistent fluctuations.

Access To The Internet Be Designated A Fundamental Human Right

Articles, Legal Opinions

The UN noted that access to the internet needed to be anchored in a human rights-based approach, and that the internet should be open, accessible, and nurtured by multi-stakeholder participation. In this regard, it is safe to say that the UN’s action in ensuring that access to the internet right is a fundamental human right is hinged on several factors anchored on several other rights. This was shown in the recent wave of demonstrations and protests across west, central and northern Africa. The Black Lives Movement, #EndSars movement, elections in Brazil, Kenya, Nigeria, and Lesotho which were greatly influenced by social media and the internet, demonstrate the need to facilitate access to the internet for all persons.

The Tripartite Identity of Y.C. MAIKYAU, SAN and Its Impacts on Nigerian Bar Association

Ethics, Legal Opinions, NBA, POLITICS

It seems Maikyau has allowed his 2nd identity as the APC Lawyer to influence or impart negatively on his 3rd identity as NBA President. When you see news items like “NBA President Y.C. Maikyau, SAN thanked  President Tinubu for appointing Lateef Fagbemi, SAN as the AGF” you begin to wonder if the Constitution permits appointment of a Medical Doctor as an AGF, hence the appreciation for the favour done NBA by the President.