On 2nd October 2024, the Deduction of Tax at Source (Withholding) Regulations 2024 (the Regulations), issued by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, were published in the official gazette. The Regulations took effect from 1st January 2025.
The Nigerian music industry is laced with stories of exploitation and conflict between artists and record labels. It has now become expedient for artistes and entertainers to take a holistic view of what legal protections are available to them and save themselves from countless disputes. The point is that the array of
In Nigeria, the execution of an aircraft or engine sale agreement will attract stamp duties at an ad valorem rate of 1.5%. The gains realised from the sale will be subject to capital gains tax. Capital gains tax at the rate of 10% arises on gains accruing to domestic parties upon the sale of
A fundamental function of the government is to promote the prosperity of its people by implementing policies and programs that facilitate economic growth and development. The economic model of every state is uniquely designed to ensure that individuals have access to finance either through the state (the socialist model) or private individuals (the capitalist model).
Navigating Class Actions in Nigeria: Challenges, Developments and Future Prospects
A 2021 report by the International Survey on Revenue Administration reveals that only about 16.7% of the Nigerian economically active population pay tax1. The informal sector is estimated at 65% of the gross domestic product (GDP)2 and according to SMB Intelligence, the reason for the low tax-to-GDP ratio in Nigeria is because of the large size of the country’s informal economy.3
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Streamsowers & Köhn’s Ibukun Konu sheds some light on how the recent passing of revolutionary new legislation looks set to generate a boost in the use of renewable energy in Nigeria’s future.
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