VAT management is a solution to the complex process of VAT processing. It ensures that no VAT goes unclaimed while providing complete VAT tax compliance. VAT processing is every tax accountant’s nightmare. It gets worse with a multinational company. The task of researching on global VAT laws, the complex calculations, and the complication which results …
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Nigeria must embark on a comprehensive tax reform to “sustainably increase its non-oil revenue” considered to be among the lowest in ratios to GDP in the world, the International Monetary Fund (IMF) has said. The nation has important development needs “big time” and with its non-oil revenue to GDP at around 3.4 and total tax …
Nigeria Must Increase VAT And Excise Taxes, IMF Insists Read More »
The Federal Inland Revenue Service (FIRS) has taken its tax drive and enlightenment services to the 30th Enugu International Trade Fair, our correspondent reports. An Assistant Director of FIRS. Mrs Beatrice Obi told our correspondent that they were taking advantage of the event to sensitize participants on the need to discharge their civic duties. Obi …
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The Senate, Wednesday resolved to override President Muhammadu Buhari’s veto on the constitution of the Federal Republic of Nigeria, 1999 (fourth Alteration, No.28) Bill, 2018 and Industrial Development (Income Tax Relief) Amendment Bill, 2018 respectively. This development followed the recommendations by Senate Technical Committee on Declined Assents to Bills By Mr. President and Commander-in-Chief of …
Senate Set To Override Buhari on Constitution Alteration, Income Tax Relief Bills Read More »
The Senate has asked the Federal Government to consider increasing taxes on luxury goods and services to boost revenues. The Senate Committee on Finance made the recommendation on Tuesday during a plenary session. The committee also urged relevant agencies to continue exploring ways of generating additional revenues to reduce the government’s fiscal deficit. It said, …
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