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Business Stakeholders Commend Cac Over Ease Of Doing Business

 May 24th, 2019  | CAC- Corporate Affairs

The Small – scale Consultative Forum, Abuja branch, has commended the Corporate Affairs Commission (CAC) and its acting registrar-general, Lady Azuka Azinge, for what it called the life-touching reforms she has so far introduced in the commission since assuming office in 2017. The body in a communiqué released to journalists and signed by Mr KomolafeRead More

Fowler’s FIRS tax revolution

 May 24th, 2019  | Nigerian Tax

AS the first term of President Muhammadu Buhari winds up within the next nine days, it is understandable that Nigerians are looking back at the passing four years to see if (and where) the “change” the ruling All Progressives Congress, APC, promised showed up beyond mere propaganda. While the regime’s performance in the economic sectorRead More

FAAC queries N26.7bn shortfall in FIRS’ revenue remittances

 May 24th, 2019  | Nigerian Tax

The Federation Accounts Allocation Committee (FAAC) has queried revenue shortfall of about N26.7 billion cby the Federal Inland Revenue Service (FIRS). The amount is in variance to the balance in the Central Bank of Nigeria (CBN’s) coffers. The difference in the figure spread across revenue channels under the purview of FIRS. These include the PetroleumRead More

Telecom Operators Seek Executive Order to Stop Multiple Taxes

 May 24th, 2019  | Nigerian Tax

Stakeholders in the telecommunication industry are calling on the Federal Government to give an executive order that will stop state and local governments from imposing multiple and punitive levies on infrastructure. They said the issue of multiple taxes had defied all level of engagements held with the state governments, lingered for too long and limitingRead More

VAT: Airlines count losses over Customs implementation delay

 May 23rd, 2019  | Tax

Nigerian airlines have expressed their misgivings over  Nigerian Customs Service (NCS) delay to implement President Muhammadu Buhari’s Executive Order on the removal of Value Added Tax (VAT) from all forms of shared transportation taxes paid by local operating in the country. This comes as the Minister of State for Aviation, Mr. Hadi Sirika, announced thatRead More

Stakeholders Oppose FIRS Bid To Tax Online Transactions

 May 23rd, 2019  | Nigerian Tax

Stakeholders have rejected plans by the Federal Inland Revenue Service (FIRS) to tax online transactions, saying it will amount to double taxation. Chairman of FIRS, Mr Babatunde Fowler, yesterday, while speaking in New York, told the News Agency of Nigeria (NAN) that the agency will soon begin collection of Value Added Tax (VAT) on onlineRead More

CITN begins distribution of stamp, seals for tax returns to members

 May 23rd, 2019  | Accounting, Tax

The Chartered Institute of Taxation of Nigeria (CITN) has begun the distribution of its stamp and seal to its certified members, just few months after it emerged that tax returns without the institute’s authentications would be rejected. The presentation marks the full kick off of the implementation of the new directive that all tax returnsRead More

FIRS posts N1.5tn revenue in Q1 of 2019, Fowler says

 May 23rd, 2019  | Nigerian Tax

The Federal Inland Revenue Service generated N1.5 trillion revenue in the first quarter of 2019, according to its Chairman, Mr Babatunde Fowler. Fowler disclosed this to the News Agency of Nigeria in New York at the weekend. He said the amount included revenue from non-oil taxes that were 11 per cent higher than what theRead More

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