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Could the creation of the Tax Ombud under the Joint Revenue Board Bill, 2024, be a game-changer for tax dispute resolution in Nigeria? While the Ombud promises fairness and accountability, limitations on its authority raise concerns. Is this a meaningful step forward or just a symbolic gesture? Explore the potential impact on taxpayers and tax authorities.
To address the challenges posed by the multiplicity of taxes, and promote a more harmonized taxation framework, the Nigerian government has introduced a suite of legislative proposals aimed at reforming the country’s tax system. Amongst these, is the Nigeria Tax Bill (the “Bill”), which seeks to consolidate various legal frameworks governing taxation. Whilst we have discussed the Bill’s implications for free zone enterprises in our previous briefing note, this briefing note focuses on the Bill’s impact on the extant Stamp Duties Act (as amended), Cap. S8, LFN, 2004 (“SDA”), by highlighting the salient provisions of the Bill as it relates to the administration of stamp duties in Nigeria.
On May 26, 2023, former president, Muhammadu Buhari signed into law the Arbitration and Mediation Act, 2023 (the Act, or AMA 2023), repealing Nigeria’s 35-year-old Arbitration and Conciliation Act Chapter A.18, Laws of the Federation of Nigeria, 2004 (the ACA 2004). The primary objective of the Act is to establish a unified legal framework for the fair and efficient resolution of commercial disputes through arbitration and mediation while ensuring the application of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention) to awards rendered in Nigeria or any Contracting State arising out of international commercial arbitration.
