I stumbled upon this case...
United Capital Trustee v FIRS, very interesting...
In summary, United Capital (UC) paid dividends to parent coy in excess of total profits. FIRS thus invoked Sec 19 of Corporate Income Tax Law to claim tax on that excess distribution.
please read.
United Capital Trustee v FIRS, very interesting...
In summary, United Capital (UC) paid dividends to parent coy in excess of total profits. FIRS thus invoked Sec 19 of Corporate Income Tax Law to claim tax on that excess distribution.
please read.
UC in their defense said they relied on an "exemption order" issued by the President of Nigeria called the Companies Income Tax (Exemption of Bonds and Short Term Government Securities) order 2011
UC and FIRS went to the tax appeal tribunal, this tax even followed a review of books from 2011 to 2016.
The Tribunal held that "Executive Orders are inferior to the Corporate Income Tax Law...."
Interesting
The Tribunal held that "Executive Orders are inferior to the Corporate Income Tax Law...."
Interesting
I am not a lawyer, but I find it interesting that a presidential Executive Order is termed "inferior".
My assumption was that the point of Executive Order was to "unblock" issues created by legislation and jurisdiction?
My assumption was that the point of Executive Order was to "unblock" issues created by legislation and jurisdiction?
so what's the point?
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