The Nigeria's Court of Appeal has upheld an earlier judgment of the Federal High Court and the Body of Appeal Commissioners regarding the restriction of capital allowance that may be claimed by a company that is not fully engaged in agro-allied or manufacturing activities.
The judgment also sustained the existing decision of the court on "Excess Dividend Tax" on the basis that the dividends in question were paid out of profits which had not been taxed.
Read our alert and a copy of the judgment for details.
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