Today, the 20th of March, 2024. At the SBL NBA Eastern Zonal Conference, Chukwuka Ikwuazom SAN, a panelist, explores the intricacies of Nigeria’s tax legislation, with a particular emphasis on analyzing the operations of the Tax Appeal Tribunal and highlighting legal opportunities for lawyers.
His insights provided conference attendees with valuable information and perspectives on navigating the complexities of tax legislation and pursuing career paths in the legal field.
According to the Learned Silk,
“Tax is one of the most lucrative area of practice. Everything about tax is Law. No other profession is better placed in tax practice than lawyers. The phobia of computation shouldn’t deter lawyers from embracing tax practice”.
“Advocacy, Advisory and Compliance are various aspects of opportunities for lawyers in tax practice”.
“Lawyers can assist taxpayers to engage with tax authorities to settle disputes without resorting to litigation”
“Lawyers can advise clients on how to minimize their tax burdens within the ambit of the law”. He stated.
Moreover, Ikwuazom examined the functioning of the Nigerian Tax Appeal Tribunal (TAT), tasked with resolving disputes related to taxation issues. Its functions encompass reviewing appeals against tax authority decisions, offering a venue for taxpayers to contest tax assessments, and upholding equity and adherence to tax regulations.
Concerning legal prospects for lawyers specializing in tax law in Nigeria, Ikwuazom underscored various paths elucidated concisely as follows:
- Tax Litigation: Lawyers can represent clients before the Tax Appeal Tribunal or regular courts in tax disputes, offering legal expertise in navigating complex tax laws and regulations.
- Tax Advisory Services: Lawyers can provide legal advice to individuals and businesses on tax planning, compliance, and structuring transactions to minimize tax liabilities while staying within the bounds of the law.
- Tax Compliance and Due Diligence: Lawyers can assist clients in ensuring compliance with tax laws and regulations, conducting due diligence reviews to identify potential tax risks and liabilities.
- Tax Policy and Advocacy: Lawyers can engage in advocacy and lobbying efforts to influence tax policy and legislation, representing the interests of clients and shaping the legal and regulatory environment.
- Transactional Tax Planning: Lawyers can advise clients on the tax implications of various transactions, such as mergers and acquisitions, restructuring, and international tax planning, helping them optimize tax outcomes.
Overall, the field of tax law in Nigeria offers diverse opportunities for lawyers to specialize and provide valuable legal services to clients in navigating the complexities of the tax system.
Other panelists, including Hon Chukwuemeka Eze (Chairman Tax Appeal Tribunal Enugun Zone) and Dr. Jude Odinkonigbo (Senior Lecturer at University of Nigeria, Nsukka), also contributed insights similar to those presented by Ikwuazom.
NB: The reproduction or utilization of this material and other digital content on this website, whether in full or in part, without explicit written permission from E-Lawyer Nigeria, is strictly forbidden.
Stay updated to Legal News by joining our WhatsApp Channel via the link below :
https://chat.whatsapp.com/LNpsDvKGE8FGcUSjlendBx
