Tax compliance is a labour-intensive and time-consuming process, often involving a lot of paper work and professionals, thereby driving up costs. The tax payer would ordinarily collate, prepare, and submit their returns, also calculating and deducting their allowable where applicable, while the tax authorities verify, cleanse, and validate the returns before the process is completed. This process drives up costs and needlessly consumes the time of the taxpayers and the authorities. There’s also the unending battle between taxpayers and authorities in interpreting and applying tax laws, leading to indecision and risks of audits and even litigation.
The Petroleum Industry Act (The Act), 2021 (PIA) seeks to introduce far-reaching reforms in the Nigerian Oil and Gas Industry aimed at establishing good governance, best practices, and the ease of doing business by clarifying roles and responsibilities of officials and institutions, enabling frontier exploration, improving environmental compliance, and transforming the Nigerian National Petroleum Corporation (NNPC) into a commercially viable enterprise.
Software licensing allows a Licensee to legally use software, the usage of which would otherwise have been a copyright breach. A software license grants usage rights to an end-user and defines the scope and extent to which an end-user can deploy the software of an owner subject to consideration.
The SEC would provide a FinTechs Assessment Form, to be filled by Fintechs ahead of time, from which the SEC would determine which platform/model falls in which phase.
The fundamental reason behind securitization is the need for institutions to derive value from the assets on their balance sheet. These assets could be residential mortgages, corporate loans, debt instruments, among others.
Some of the factors that necessitate securitization include:
“If a person charged with murder or any other offence which the law prescribes the death penalty pleads guilty to it, a plea of not guilty is to be recorded by the Court on his behalf and the case heard as if he had pleaded not guilty. In any other circumstance, his actual plea is to be recorded”.
The Nigerian Constitution, 1999: The constitution, being the principal instrument of law in Nigeria only provides a blanket provision regarding mining. Section 44(3) provides thus: “Notwithstanding the foregoing provisions of this section, the entire property in and control of all minerals, mineral oils and natural gas in under or upon the territorial waters and the Exclusive Economic Zone of Nigeria shall vest in the Government of the Federation and shall be managed in such manner as may be prescribed by the National Assembly.”
Note however, that a superior court in Nigeria will not enforce any award under this Act if at the time of the application for its enforcement there exist an appeal in any court on the award for purposes of setting it aside or if it has wholly been satisfied or it could not be enforced by execution in the country of the original court.