The Federal Inland Revenue Service (FIRS or the Service) has recently issued three Public Notices to taxpayers with respect to the tax status of dormant companies, implementation of the new Value Added Tax (VAT) rate under the Finance Act, 2019 (Finance Act) and the remittance of Stamp Duties under the Finance Act. We have provided below, the details …
The Federal Inland Revenue Service (FIRS) is to receive N1.738,481,875.33 from Prime Plastichem Nigeria Limited (PPNL) going by the ruling of the Tax Appeal Tribunal, Lagos Zone. The tribunal upheld the additional tax liability of N1.738,481,875.33 slammed on the firm by the federal tax body was in order as should be paid as the correct …
Tax evasion: Tribunal orders firm to pay FIRS N1.7 billion Read More »
Tax preparation is complex and often confusing, even when you’re filing individual income tax as an employee with a single source of income. When you’re a first-time entrepreneur, however, the complexity increases exponentially. With so many income tax forms published by the Internal Revenue Service, and so much riding on getting your tax returns right, it’s …
W-9s and Four Other Business Tax Forms Entrepreneurs Need to Know About Read More »
About 40% of people who receive Social Security benefits pay taxes on that income. While that comes as a surprise to many, there are ways to bring down the rate at which you are taxed. Here’s how to know whether 50% or 85% of your benefits are taxed, and how you can keep more of …
Here’s how to reduce the taxes on your Social Security benefits Read More »
1. Get your benefitsIf you’ll soon be turning 65, make sure you have applied to receive your Old Age Security and, if you haven’t done so already, consider applying to Canadian Pension Plan (CPP). The default age to claim CPP pension benefits is 65, but you can choose to begin receiving your pension benefits as …
The code is 65: Tax Tips for Seniors(See Details) Read More »
I recently spoke with a prospective client who was adamant that he would not have to pay taxes in retirement. He read and printed an online article which indicated, “You will not owe these taxes in retirement.” That myth was reinforced when his employer’s human resources associate person told him that he would not have …
It’s not just accountants who are busy this tax season, it’s online hackers too – and they’re preying on both individuals and small businesses. This is “not from the ‘mob’ or street criminals,” writes Jess Coburn, a data protection expert, in CPA Practice Advisor. “These criminals are likely sitting behind a desk, glued to computer monitors, …
This tax season, don’t let your business provide a payday for hackers Read More »
Abuja – The Akwa Development Union, Abuja branch has expressed displeasure over acclaimed delay by Nigerian Bar Association (NBA) to treat a criminal petition it filed against an Abuja-based Legal Practitioner, Taiye Ahmed. Chief Chris Ndibe, President of the union expressed the displeasure while speaking with News Agency of Nigeria (NAN) on Thursday in Abuja. …
Group kicks over NBA delay in hearing criminal petition against a lawyer Read More »
The Central Bank of Nigeria (CBN) on Thursday said it had returned over N60 billion excess charges deducted by banks from the account of customers back to them. The apex bank said it received 13,000 complaints from customers over illegal charges being imposed on their accounts by banks. Therefore, the CBN’s Consumer Protection Department commenced …
Taxpayers who have slipped into willful or inadvertent dormancy have been charged to resume their payment of relevant federal taxes to avoid paying the steep penalties for tax default contained in the 2019 Finance Act. Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, offered this advice in Lagos on Thursday as he concluded his …
Kickstart your payments now, FIRS Boss, Nami, tells dormant taxpayers Read More »
©2023.Innerkonsult ltd. All Rights Reserved.
Powered by INNER KONSULT LTD
