30 April 2015
The session was led by a 5-man panel, which included 3 Partners from Templars – Dipo Komolafe (Tax Advisory), Adewale Atake (Dispute Resolution) and Chike Obianwu (Finance), along with Ajimola Olomola, KPMG Partner, Tax Regulatory & People Services; and Dr. Abiola Sanni, an advocate of the Supreme Court of Nigeria and Associate Professor of Law with specialty in Tax Law at University of Lagos.
The panellists began the session by explaining the background of the Pioneer Status grants and analysing current developments by the Nigerian Investment Promotion Commission (NIPC) and Federal Inland Revenue Service (FIRS) to rescind on benefits of the tax holiday. The entire attendants of the session were given an opportunity to discuss the effects of these developments to businesses and investor confidence, as well as appropriate methods for dealing with the issues.
The session collectively examined the scope of powers of the NIPC in light of the provisions of the Industrial Development Income Tax Relief Act (IDITRA), and if proper procedures for inclusion of pioneer industries under the IDITRA had been followed. Also scrutinized was the extent to which affected businesses could seek legal recourse under the doctrine of legitimate expectation, and how retroactive application of the Pioneer status withdrawals measures up against the legal requirement for administrative bodies to be fair and reasonable.
Templars routinely organises sessions on topical issues with relevant industry professionals to unearth prevailing challenges in the Nigerian business environment, and reflect on practical ways to remedy them.