Famsville Solicitors

FIRS lacks the powers to impose turnover assessment on the value of properties

In the recently decided case of Theodak Nigeria Limited (Theodak) v. Federal Inland Revenue Service, the Federal High Court held that the Federal Inland Revenue Service (FIRS) acted ultravires the powers granted to it by the Companies Income Tax (CIT) Act by imposing a turnover assessment on Theodak relying on the value of its property. FIRS argued that Section 65 of CITA vested it with powers to exercise Best of Judgment (BOJ) assessment and its move to subject 20% of the value of Theodak Plaza was a “Best of Judgment Assessment” since Theodak failed to file returns for 2015. FIRS also argued that the action before the court was incompetent as Theodak failed to object to the assessment within 30 days, making the assessment final and conclusive.

The Federal High Court held that the FIRS lacks the powers to impose turnover assessments on the properties of taxpayers even when such taxpayers have failed to file their Annual returns except such company is in the business of selling property and fails to file its annual returns. The Federal High Court sitting at Abuja also held that the wording of Section 69(1) CITA “If anybody disputes the assessment, it may apply to the board by notice of objection in writing…” is to the effect that application to the Board is not mandatory but discretionary.

Ridwan named Legal influencer for TMT- Africa and Middle-East in the Lexology Content Marketing Awards for Q4 2018

We are proud to announce that our Ridwan Oloyede, has been recognised as the Legal influencer for TMT- Africa and Middle-East in the Lexology Content Marketing Awards for Q4 2018. The winner is awarded for constantly producing useful, insightful legal content for Lexology subscribers.

According to Edward Costelloe, Managing Director, Lexology, “the quality of content that you produce keeps our platform the most powerful in the market.”

Ridwan was selected using a bespoke automated process to analyse Lexology readership data.

THE FEDERAL MINISTRY OF INTERIOR (FMI) ANNOUNCE INCREMENT OF CERPAC FEES

Background
Nigeria’s Minister of Interior, RTD Lt-Gen Abdulrahman Bello Dambazau through the Federal Ministry of Interior on 11th December, 2018 issued a new directive to increase the fee on Combined Expatriates and Resident Permit and Aliens Card (CERPAC) from $1,000 to $2000.
The CERPAC is a document that allows a non-Nigerian to reside in Nigeria and carry out an approved activity as specified in the permit, or to accompany a resident or citizen of Nigeria as a dependent. The card is widely used by expatriates resident or working in Nigeria.

Famsville announces Damilola Osinuga as a Partner

Famsville is pleased to announce the admission of Damilola Osinuga into the partnership with effect from January 1, 2019. Damilola will lead the firm’s Dispute Resolution, Maritime and Transport and Private Wealth Services practice groups. Prior to joining Famsville, Damilola has worked on significant local and multi-jurisdictional transactions spanning shipping, aviation, and finance.

He specialises in transportation and commercial litigation and has litigated on an extensive range of issues, including that pertaining to maritime, banking and finance, contracts, insolvency, commercial law transactions and general litigation both at trial and appellate levels. Damilola has advised several clients on the structuring of private wealth services. He has over the years gained invaluable experience working at the forefront of international maritime transactions valued at millions of United States Dollars, and involving a syndicate of international counsel.

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