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Taxation Without Justification?


This question is prompted by the news of the huge tax bill (N248 million, reduced from an initial sum of N1.2 billion) recently slammed by the Tax Appeal Tribunal on a former President of the Nigerian Bar Association, Chief J.B. Daudu, SAN. Reportedly made up of arrears of Withholding Tax and Value Added Tax, for the years 2010 – 2017, the said assessment is virtually unprecedented, at least for a professional – let alone a legal practitioner of Chief Daudu’s stature. Accordingly, few would be surprised if he fights it all the way to the Apex Court.
I believe the news brings to the fore, the taxing powers of the National Assembly under the Constitution. This appears to be straight forward enough, at least if the provisions of Item 59 of the Exclusive Legislative List are anything to go by. Read along with Section 4(3) of the Constitution, they simply state that the National Assembly shall have the exclusive power to legislate on “taxation of profits, incomes and capita ....

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The Tragedy of Sarah Palin

The Tragedy of Sarah Palin
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PIB Passage Will See Changes to Oil Companies' Taxes, Says Ahmed


By Nume Ekeghe
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said the passage of the Petroleum Industry Bill (PIB) currently being considered by the National Assembly will lead to changes to taxation in the industry and generate more funds to the federal government.
She said this yesterday in her welcome address at the virtual public consultation for the Finance Act, 2020.
She also disclosed that economic activities in the country had started recovering gradually, saying the federal government has adopted appropriate counter-cyclical fiscal policies to accelerate economic recovery.
Ahmed explained: “It is important to note that the tradition of enacting annual Finance Bill does not preclude the need for more fundamental legislative reforms to our key taxing statutes. ....

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Finance Act 2020: Highlights Of Latest Developments In Nigeria's Tax Regime - Tax


A. OVERVIEW
President Muhammadu Buhari signed the Finance Act 2020 into law
on December 31, 2020. The new legislation followed hot on the heels
of the Finance Act 2019
1 which amended several tax
statutes. The Finance Act 2020 was enacted in furtherance of the
Federal Government s progressive reform of the business climate
in Nigeria, and the need to constantly restructure the tax system
to align and conform same with international best practices, and
make it respond effectively to the changing socio-economic
landscape.
Specifically, the Finance Act 2020 amended fourteen (14)
principal tax and tax-related legislation. The thrust of the
legislation includes boosting government revenue, preventing base
erosion, streamlining areas of regulatory conflict and clarifying ....

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