Nigerian Institute of Advanced Legal Studies Academic Directorate Journals
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An overview of the provisions of the finance act 2023
No full textThe Finance Act 2023 is focused on revenue generation, tax equity, incentives reform, tax administration and economic development etc. but the question is, what are the potential implications of its amendments for tax payers in Nigeria? The paper reviewed the Finance Act 2023 and argued that the amendments of several laws which reduced tax incentives, extended the tax net and increased penalties and tax rates etc. places the burden of increased tax payment with corresponding responsibility for efficient tax administration. Tax reform pursuit to meet rapid changes in the commercial environment and persistent low tax to Gross Domestic Product (GDP) ratio as required under the National Tax Policy, 2017 must be aligned to global best practices to prevent tax retardation of tax payers’ revenues and economic activities. Thus, the Federal Inland Revenue Service (FIRS) in cooperation and collaboration with other relevant regulatory agencies like the Ministry of Finance, Federal Aviation Authority of Nigeria (FAAN), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Customs Service (NCS) etc. owe the responsibility to provide guidance and further clarifications for the implementation of the amendments so that necessary stakeholder engagement, equity and fairness in application of incentives, avoidance of multiple taxation, transparency and accountability are achieved for ease of compliance and ultimate revenue yields
The challenges of generative artificial intelligence to administer internet taxation of online transactions in Nigeria
No full textE-commerce has become the new way of buying and selling all sorts of goods and services as well as ways in which governments the world over carry on activities wherein Nigeria is adjusting to that reality. This research is driven by the reality such as e-governance, e-commerce, e-learning, generative Artificial Intelligence (AI1), and Augmented Reality (AR) 2which present the government with a great opportunity to leverage the Internet or Cyberspace yet online commercial activities are not taxed thus losing huge revenue, this necessitated the need to administer, block leakages and generate huge revenue that abounds in the cyberspace to argument the paucity of resources Nigerian government hitherto generated from the fossil fuel in providing basic amenities to Nigerians through the use of technology. Especially given the volatility of the fossil fuel market aside from being an exhaustible commodity made oil revenue not sustainable. This further reinforces the need to put in place a virile digital economy wherein e-commerce transactions will digitally be subject to tax in Nigeria. This research is conducted using the doctrinal approach which is library based. It is found that tax administration especially under the brick-and-mortar regime remains a huge challenge riddled with a lot of inadequacies hence the need to deploy tech tools and or Apps like Generative AIs which are gradually becoming more and more acceptable and reliable as the days go by in the administration of online taxes even as generative AIs companies in the US are yielding to regulation against their earlier stand of self-regulation. The fact is that generative AIs like Chat GTP, Chat Box, and The Robot Wife by Elon Musk and his company are fast becoming part of our daily lives hence the need to deploy technology in online tax administration giving its undeniable advantages, such as high tax revenue yield, effective blockage of tax loopholes. The research recommends the use of AIs like “dashtrackom” a hypothetical digital tax office to administer tax on cyberspace
Appraisal of contemporary legislations relating to corporate transparency in Nigeria
No full textCorporate transparency is the new norm that depicts the degree to which a corporation's actions are observable by outsiders. In the corporate world, the novel global order encourages moving away from organisational outcomes of board and characteristics to greater focus on board processes and functions particularly transparency. This trend has concentrated on the need to develop a culture of accountability and engagement since open culture of cooperation and transparency is healthy and ensures good governance practices. Recognising that improving transparency and accountability are critical factors that make or mar corporate governance, this paper deployed the doctrinal research method to examine current Nigerian legislations and regulations like the CAMA, 2020; Companies Regulations, 2012; the Criminal Code Act, 1916; the Administration of Criminal Justice Act, 2015; the EFCC Act, 2004; and the ICPC Act, 2000 and their respective but cumulative impacts on the topical phenomenon of corporate transparency. To ensure that multifarious sharp practices amongst business operators in Nigeria are eradicated or reduced to the barest minimum and by so doing rekindle investors’ confidence in doing business, it was suggested among other things that anti-graft agencies should be more proactive and professional in discharging their legal and policy mandates as they relate to material information disclosure, clarity, and accuracy by corporations
Defining the mandate: an analysis of the petroleum industry act provisions on decommissioning of oil and gas installations in Nigeria
No full textThe Petroleum industry is critical to the economic development of Nigeria as well as decommissioning of oil and gas installation. As a result, Under the Petroleum Industry Act (PIA) 2021, there is need to identify the actual regulator to the process of decommissioning of Oil and Gas Installations under the Act. The Act creates two regulatory bodies namely Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) which now appears to pose a problem of who the actual regulator is because of their overlapping mandates. The aim of this article is to examine the Act and to determine which body has the obligation to effectively regulate the entire process of decommissioning of oil and gas installations in Nigeria. The Article finds that the Act failed to specify who the actual regulator is and this could lead to regulatory problems such as conflicts and overlap, which would eventually cause hitches to the process of decommissioning. Consequently, the undefined mandate in relation to which body should regulate the decommissioning process may allow the operators to run free from their obligations to comply with the abandonment programme effectively in accordance with environmental global best practices. It is recommended that the Minister of Petroleum Resources under s3(1)(a) of the PIA 2021 issues a policy statement stating who the actual regulator is to avoid regulatory conflicts and overlap and also enable operators identify the actual regulator to work with to ensure a successful decommissioning of oil and gas in the country
Bridging gender gaps for food security through effective laws in Nigeria
No full textFood is crucial to man‖s survival and the economic development of any nation. Research indicates that women make up about 60% of the world‖s population. Women play key roles in processing, distribution, marketing of food and ensuring its availability in homes. Despite these roles, women make up majority of people who are food insecure in most developing countries, including Nigeria. They do not have sufficient access to productive working tools like their male counterparts. For instance, they have limited access to land, fertilizers, improved seed varieties, mechanized farming tools and agricultural loan facilities. Also, female headed households are more likely to suffer from food insecurity compared to male headed households. Several research efforts are seen in the area of food security. However, little efforts have emphasized gender inclusiveness as a veritable tool for food security. Using analytical method of research, this paper examines the role of law as an effective mechanism for achieving food security and gender equality in Nigeria. In the final analysis, this paper suggests effective laws, enforcement mechanisms and increased inclusion of women in policy decisions for food security in the country
Electronic money transfer levy: a review
No full textThe introduction of mobile telephone in Nigeria, its rapid growth, adoption and the identification of person to person payments is a practical strategy for financial inclusion of the unbanked. Electronic money is a novel innovation in the financial sector compared to what was obtainable in years back when Stamp Duty Act was promulgated. It is the movement of funds from one account to another to effect a financial transaction. It is defined as consisting of several technologies all requiring the processing and transmission of information for a financial service
Comparative issues with net zero transition in Nigeria and South Africa
No full textThe quest of the state actors to remedy the danger of carbon emission has necessitated global actions to promote harmonious earth. The two largest economies in Africa have associated with this pressing global benefic actions of the Conference of Parties on Climate Change, however within the bound of their scarce resources. This paper assesses the economic outlooks of net zero transition in Nigeria and South Africa. It traverses the developmental policy actions of these two Africa's largest economies in attaining net zero mandate. Further, inherent bumps/challenges in the net zero transition in South Africa and Nigeria are succinctly examined. This paper asserts that the governments of Nigeria and South Africa are under obligations to actualize net zero ratification within their resource prospects following the suggested recommendations
Ensuring increased tax revenue for accelerated national development: the role of the lawyer
No full textTax revenue is seen as one of the main sources of revenue for most countries, hence the need to ensure sustained inflows to governments. The revenues are need to assist governments in their development efforts such as infrastructure development, which includes construction of roads, bridges, ports and harbours; provision of hospitals and educational facilities; providing good drinking water and constant and stable electricity, maintaining law and order, among others. It is for this reason that, in Ghana, as in most countries, the Constitution seeks to ensure that citizens honour their tax obligations. It is also worth noting that tax a creature of statute, as legislation imposes a tax and citizens need to comply with the provisions of such tax laws. Considering that law permeates all facets of the imposition, collection and administration of taxes, the role of the lawyer in all these endeavours cannot be gainsaid. More pronounced is also the role of the lawyer in matters of tax disputes, tax objections and the resolution of tax disputes before the courts of law. This paper examines the need to ensure an increased tax revenue to assist countries, with a focus on Ghana, to enable the government meet its funding needs to meet its obligations to citizens. It also examines the role of the lawyer in the mix of the requirement for ensuring increased tax revenue for accelerated national development and representation of taxpayers. The paper establishes that the lawyer is well-positioned and well equipped to play this meaningful role
Review of the insolvency regulations 2022
No full textThe Insolvency Regulations were made by the Corporate Affairs Commission pursuant to Section 867 of the Companies and Allied Matters Act, 2020 (CAMA 2020). The Regulations which is cited as “Insolvency Regulations 2022” repealed Clause 24 of the Company Regulation 2021 and are inapplicable to the rules of court relating to insolvency applications made by the Chief Judge of the Federal High Court or any court vested with jurisdiction to hear cases arising out of CAMA 2020. The Regulations sets out the timelines and requirements needed to undertake Insolvency processes which are in line with contemporary business and global insolvency practices. The Insolvency Regulations 2022 provide a legal framework for asset recovery or realization; an avenue where Creditors can contribute to the resolution of the financial problems that a business is experiencing as well as helping businesses to effectively manage deterioration or negative impact of the value of their assets. The doctrinal method of legal research was adopted in this paper. The paper finds that the extant new law introduced novel provisions that are in line with international insolvency regulatory best practices. The paper concludes by stating that the Insolvency Regulations 2022 clarify compliance requirements for insolvency practitioners and provide a comprehensive governance and procedural framework for insolvency practice in Nigeria
Utilising customary law and traditional knowledge of indigenous communities in biodiversity conservation in Nigeria
No full textNigeria is experiencing a national biodiversity crisis with large scale deforestation, traffic in endangered species and desertification on the rise. This necessitates devising innovative measures to reverse the trend of loss of biodiversity