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Investigation

FIRS, EFCC partner to track tax defaulters as VAIDS ends

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The Federal Inland Revenue Service (FIRS) and the Economic and Financial Crimes Commission (EFCC) have agreed their to track both individuals and organisations who refuse to pay the right taxes. The partnership will beam searchlights on defaulting taxpayers who also refused to rely on the Federal Government’s tax amnesty programme: Voluntary Assets and Income Declaration …

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CAC restates commitment to ease business registration process

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The Corporate Affairs Commission (CAC) says it is committed to improving the country’s ease of doing business to drive economic rebound and growth. Lady Azuka Azinge, Acting Registrar-General, CAC, made the assertion during CAC Quarterly Customers’ Forum on Wednesday in Lagos. She said that the commission’s goal was to enable more businesses, especially for the …

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FIRS, Customs, NNPC Receive N191.34bn For Revenue Generation Cost

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Three revenue generating agencies of the federal government: Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Nigerian National Petroleum Resources (through the Department of Petroleum Resources) have all received cumulative sum of over N191.34 billion as cost of revenue collection in the last 14-months. The FIRS got N100.642 billion out of the whole …

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A Case For A More Robust Approach To Boosting Nigeria’s Tax Revenues

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No doubt, Nigeria is blessed with abundance of natural and human resources. Nigeria has a population of about 186 million people. Of this number, about 77 million were employed as at 2015 according to the National Bureau of Statistics (NBS). Furthermore, as released by the Joint Tax Board (JTB), only about 10 million people, out …

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A legal view of corporate taxation in Nigeria

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A company incorporated under the Companies and Allied Matters Act, cap C20 LFN 2004 is accorded a distinct legal personality from its members. Whilst such a company pays tax on all its taxable profits, each member or shareholder pays tax on whatever accrued to him/her by way of dividend. It must be noted however at …

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‘Nigeria’s tax: GDP ratio remains one of the poorest in Africa’

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Financial experts have lamented the country’s tax to GDP ratio, describing it as one of the poorest in Africa. The figure, which stands at just 6 per cent is significantly lower than Ghana and Egypt at 16 percent, Morocco at 22 percent and South Africa at 27 percent. This was revealed at the tax conference, …

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Government receives N3.532 trillion as taxes, royalties

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The Federal Government received N3.532 trillion as Petroleum Profits Tax and Royalties from oil companies between the third quarter of 2015 to third quarter of 2017, data from the Central Bank of Nigeria (CBN) has revealed. Besides, oil producing states in Nigeria received N103.46 billion as 13 per cent Derivation Fund during the third quarter …

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Tax Laws Support VAIDS – Minister Of Finance

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Minister of Finance, Mrs. Kemi Adeosun, has explained that the Voluntary Assets and Income Declaration Scheme (VAIDS) is underpinned by the existing tax laws in the country. She gave the explanation on Thursday evening while speaking on Channels Television’s Core programme. According to the minister, VAIDS is a tax amnesty scheme, which offers people with …

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Nigeria must imbibe ‘tax me, I task you’ culture.

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In the midst of a theoretically over economic recession, primarily caused by plunging oil prices and a history of incompetence, Nigeria turned to debt and bond instruments to finance a portion of its 2017 budget (and later 2018), a development that has not been able to sustain the extremely ambitious and highly controversial 7 trillion …

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Audit report changes are having a positive impact

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Recent changes to international standards for audit reports have improved the quality of information that’s available to investors, and had a positive impact on wider elements of financial reporting, including governance and corporate reporting, according to a new report from the Association of Chartered Certified Accountants. The ACCA report, Key audit matters: unlocking the secrets of …

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