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  • Legal Issues arising from a Technical Expatriate’s Business in Nigeria

    Legal Issues arising from a Technical Expatriate’s Business in Nigeria

    Published: 12 Oct 2017

    Apart from the oil and gas sector which remains the mainstay of Nigerian economy, the technical knowhow of expatriates are also needed in other budding sectors of the Nigerian economy such as tourism, mining, agriculture, manufacturing, power, real estate, construction, cable television and telecommunication. For expatriates to carry on their businesses in Nigeria some legal issues arises and same...

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  • 7 THINGS TO KNOW ABOUT THE NATIONAL GAS POLICY IN NIGERIA

    7 THINGS TO KNOW ABOUT THE NATIONAL GAS POLICY IN NIGERIA

    Published: 11 Oct 2017

    1. Bespoke Gas legislation There shall be a bespoke legislation that recognizes gas as a fuel and revenue earner in its own right. The bespoke gas legislation shall address: (a) regulation of a dedicated gas industry (including the development of the mid and downstream gas sectors), (b) Pricing (c) licensing of different activities in the gas chain from exploration to final consumption, (d) sep...

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  • Tax evasion – Immunity through voluntary disclosure

    Tax evasion – Immunity through voluntary disclosure

    Published: 09 Oct 2017

    Tax evasion is a crime. Notwithstanding this, it remains possible to submit a voluntary declaration leading to immunity in order to avoid a conviction. Anyone who dodges taxes should anticipate severe penalties. With large sums of money slipping through the state’s fingers every year due to tax evasion, measures to combat tax evasion are constantly being stepped up. Those concerned may be faced ...

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  • Legal Shorts 06.10.17 including FCA speech on investment and asset management regulation

    Legal Shorts 06.10.17 including FCA speech on investment and asset management regulation

    Published: 06 Oct 2017

    Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry. If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.   Claire Cummings 020 7585 1406 claire.cummings@cummingslaw.com www.cummingslaw.com FCA speech on investment and asset management regulation The FCA h...

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  • Insolvency: BGH bolsters creditors‘ rights

    Insolvency: BGH bolsters creditors‘ rights

    Published: 05 Oct 2017

    Good news for creditors of an insolvent business partner: In its ruling of June 22, 2017, the Bundesgerichtshof (BGH), Germany’s Federal Supreme Court, has bolstered their rights when contesting a debtor’s transactions in insolvency proceedings (Az.: IX ZR 111/14). According to insolvency avoidance law, the insolvency administrator can reclaim payments made by the insolvent debtor from the perio...

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  • Make arrangements for inheritance early on in patchwork families

    Make arrangements for inheritance early on in patchwork families

    Published: 03 Oct 2017

    The number of what are referred to as patchwork or blended families is increasing, with these sometimes giving rise to problems in inheritance cases. For this reason, particularly unmarried couples and patchwork families should give thought to preparing a will or contract of inheritance. German succession law continues to be tailored to the traditional family model. Under the rules of intestate ...

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  • AMENDMENT OF THE NLNG ACT: MATTERS ARISING FOR LARGE SCALE INVESTMENTS IN NIGERIA

    AMENDMENT OF THE NLNG ACT: MATTERS ARISING FOR LARGE SCALE INVESTMENTS IN NIGERIA

    Published: 03 Oct 2017

    Introduction  As the Nigerian House of Representatives hinges towards the passage of the amendment of the Nigeria LNG (Fiscal Incentives’, Guarantees and Assurances) Act (the “NLNG Act”), through a legislative instrument currently styled, “A Bill for an Act to amend the Nigeria LNG (Fiscal Incentives, Guarantees and Assurances) Act” (the “Amendment Bill” or the “Bill”) several issues have b...

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  • Pioneer Status and the “First Year Rule”: The Myth and The Reality

    Pioneer Status and the “First Year Rule”: The Myth and The Reality

    Published: 03 Oct 2017

    Introduction On Wednesday, August 2, 2017, the Nigerian Federal Executive Council approved the addition of 27 new industries and products to the list of industries considered pioneer. An industry or product is designated as a pioneer: a.      if the industry or product is not being carried on in Nigeria on a scale suitable to the economic requirements of Nigeria; or ...

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