COVID 19 AND THE STATUTE OF LIMITATIONS: A CALL FOR THE IMMEDIATE SUSPENSION OF STATUTE OF LIMITATIONS
The outbreak of the Coronavirus (Covid 19) has led to a government ordered lockdown in almost all countries in the world. By this, most governments have ordered their citizens and other residents in the state to sit-at-home while the government take frantic measures to contain the spread of the virus. In Nigeria, the Federal Government […]
I DON’T HAVE A FORCE MAJEURE CLAUSE IN MY CONTRACT. SHOULD I BE WORRIED?
Introduction The recent world outbreak of the Coronavirus (Covid – 19) has led to a lockdown in almost all major cities the world. This lockdown is necessitated by the need to contain the spread of the coronavirus and ensure that scares medical resources can be efficiently channeled towards the treatment of persons that have been […]
CONTRACTING DURING THE COVID-19 PANDEMIC – VALIDITY OF E – CONTRACTS AND E-SIGNATURES UNDER NIGERIAN LAW
One of the main implications of the COVID-19 pandemic is the significant alteration of the way business is conducted. The possibility of transmission of the virus during face-to-face meetings and through contact with infected surfaces (such as stationery, tables, chairs, doorknobs etc.) has made physical closing of deals and execution of contracts less attractive. Given […]
LEGAL SNIPPET
On 13th January, 2020, President Muhammadu Buhari signed the 2019 Finance Bill into Law. The said Finance Bill contains a lot of changes to our tax laws. According to the Presidency, the aim of the Bill is to increase the revenue generation capacity of the Federal Government. One of the peculiar additions to the Bill […]
CHALLENGES WITH IMPLEMENTATION OF ZERO TAXATION FOR SMALL COMPANIES
Section 7 of the Finance Act, 2019 provides that small companies are exempted from paying corporation tax. The Finance Act further defined small companies as companies that earn a gross turnover of N25, 000, 000.00 or less. This provision amended the erstwhile section 23(1) (o) of the Companies Income tax Act (CITA) and replaced it […]
Treatment of VAT on completed transactions before 1st February 2020
Section 36 of the recently passed Finance Act, 2019 introduced an amendment to section 4 of the Value Added Tax (VAT Act). The said amendment stipulates as follows: “Section 4 is hereby amended by substituting 5 per cent with 7.5 per cent”. The implication of this amendment is that the erstwhile VAT rate of 5% […]