Inner Konsult

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Businesses to improve as FG cuts tax for SMEs

 June 13th, 2018  | Tax

Last week, the Minister of Finance, Mrs Kemi Adeosun, disclosed that the Federal Government is proposing an amendment to the Company Income Tax aimed at reducing the Right of Tax on Micro, Small and Medium Enterprises (SMEs) from 20 to 15 per cent. She said the proposal, when approved, would also promote Micro, Small andRead More


VAIDS: Avoid Last Minute Rush—FIRS Boss Begs Nigerians

 June 12th, 2018  | National News, Tax

  Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, has urged Nigerians to quickly regularise their tax payment before the tax amnesty period closes on Saturday, June 30, 2018. On July 1, 2017, the federal government opened a grace period for citizens to voluntarily regularise their tax payment without punishment. It calledRead More


Financial expert proffers solutions to tax fraud in Nigeria

 June 11th, 2018  | Nigerian Tax, Tax

A financial adviser and business mentor, Mr. Abikure Tega, has said that the easiest and most efficient way to address issues of fraud in the country’s taxation system is through the block-chain technology. Tega, Chief Executive of Kurecion Foundation, who spoke at a training programme at the weekend organised by his outfit, said the efficacyRead More


Stock Exchange makes N3.8 billion record high profit

 June 11th, 2018  | Tax

Trading floor of NSE, Lagos The emergence of the Nigerian Stock Exchange (NSE) as the third best performing stock in the world last year has impacted on its performance for the 2017 financial year, resulting to an operating surplus after tax or Profit After Tax (PAT) of N3.79 billion. The NSE made this known atRead More


Nigeria relaxes tax policies to reduce burden on citizens

 June 11th, 2018  | Nigerian Tax, Tax

The new policies entail VAT exemption for life insurance, public transportation, residential buildings, etc; while taxes on SMEs will now be reduced from 20 to 15%. The new policies entail VAT exemption for life insurance, public transportation, residential buildings, etc; while taxes on SMEs will also be reduced from 20 to 15%. Kemi Adeosun, Nigeria’sRead More


Risk management in tax administration: Sn examination of VAIDS, WHT and VAT

 June 11th, 2018  | Investigation, Nigerian Tax, Tax

Recently, the Federal Government of Nigeria introduced the voluntary assets and income declaration scheme (VAIDS), encouraging Nigerians to declare their tax liabilities in exchange for amnesty. Most Nigerians have a perception of tax as part of several official legislations used by public officials to proverbially rob Peter to pay Paul. Moreover, they view taxation withRead More


June 2018 FGN Savings Bonds Offer for Subscription

 June 8th, 2018  | Nigerian Tax, Tax

Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest ratesRead More


Personal Income Tax in Nigeria: All You Need to Know

 June 8th, 2018  | Tax

The Personal Income Tax (PIT) is the most common tax type in the country. Interestingly, many taxpayers don’t understand the way this tax is deducted and as a result, there are often questions about it.   #1 What is PIT? The origin of the PIT can be traced to the Personal Income Tax Act NoRead More


FEC approves tax laws reform report

 June 8th, 2018  | Tax

The Federal Executive Council on Wednesday approved the report of the National Tax Policy Implementation Committee on Tax Laws Reform.   The Minister of Finance, Kemi Adeosun, disclosed this to State House correspondents after the council meeting presided over by President Muhammmadu Buhari. She recalled that the FEC had, last February, approved the revised NationalRead More


VAIDS: FIRS rakes in N30bn as deadline ends June 14

 June 8th, 2018  | Tax

The Chairman, Federal inland Revenue Service (FIRS) Mr Tunde Fowler has said the Voluntary Assets and Income Declaration Scheme (VAIDS) policy has raked in about N300billion from previous tax defaulters. Speaking yesterday in Abuja while declaring open, the official presentation of VAIDS certificates to chairmen of states’ tax revenue authority, Fowler said the N30bn recoveredRead More


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