Inner Konsult

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Kogi State and Its Oppressive Tax Policy

 July 15th, 2019  | Nigerian Tax

All over the world, taxation is the means of funding government businesses. The fiscal and monetary policies of any government are essentially the use of taxation in combination with other policies to regulate the economy. But taxation policy of government is not only to raise funds, it is also to grow the economy. Taxation canRead More


FIRS indicts First Bank in N25bn damages suit

 July 15th, 2019  | Nigerian Tax

In a Statement of Defence filed before a Federal High Court, Abuja, FIRS said that it received from First Bank a compact disc containing evidence that the indigenous company received a cash flow of over 6.8 million dollar. Executive Chairman of Nigeria’s Federal Inland Revenue Service (FIRS), Mr Tunde Fowler Executive Chairman of Nigeria’s FederalRead More


Multiple taxation hinders investment in telecom sector – NCC

 July 15th, 2019  | Nigerian Tax

The Nigerian Communications Commission (NCC) has said multiple taxation and regulation of the telecoms industry discourage investments and deny government of long-term revenues as well as destroy the foundations for future growth. The Executive Commissioner (Stakeholder Management) of the NCC, Sunday Dare, disclosed this on Thursday during the South-East edition of the NCC Stakeholders’ ParliamentRead More


Absence of witness stalls MTN’s tax suit against AGF

 July 15th, 2019  | Nigerian Tax

The absence of a witness for the Attorney General of the Federation   on Wednesday forced the Federal High Court in  Lagos to adjourn till October  for hearing of    a  suit filed by MTN Nigeria Communication Limited  against  the AGF over N242bn  and $1.3bn import duties and withholding tax assessments. The telecommunications company, in the suitRead More


We realised N93bn from VAIDS, N66bn paid up – FIRS

 July 15th, 2019  | Nigerian Tax

The Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has said the Voluntary Assets and Income Declaration Scheme (VAIDS) generated N93 billion at the end of the exercise. Fowler, who disclosed this while speaking with Daily Trust, yesterday on the side-line of an official assignment in Lagos, said: “We realised a little overRead More


From July, you will start paying VAT for stock exchange transactions

 July 12th, 2019  | Tax

Investors and dealing members will begin to pay value-added tax for transactions carried out on the Nigerian Stock Exchange (NSE). This is due to the expiration of the Value-Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order of 2014. During her tenure as coordinating minister for the economy and minister of finance, Ngozi Okonjo-IwealaRead More


Fg increase VAT by 2020 ex finance minister.

 July 12th, 2019  | Tax

Mrs Zainab Ahmed, former minister of finance, says the federal govt is planning to increase VAT from the current five percent to 7.5 percent by 2020 – The development comes amidst reports that the government is seeking to shore up falling revenue – Ahmed said the government had developed a strategic revenue growth initiative whichRead More


Deadline For Filing Income Tax And Transfer Pricing Returns

 July 12th, 2019  | Nigerian Tax

The deadline for filing of income tax and transfer pricing (TP) returns with Federal Inland Revenue Service (FIRS) is fast approaching for corporate taxpayers whose financial year-end is 31 December. The Companies Income Tax Act (CITA) and Income Tax (Transfer Pricing) Regulations 2018 (the TP Regulations) require corporate taxpayers to file annual companies income taxRead More


Dame Simplice elected 14th President of CITN

 July 12th, 2019  | Nigerian Tax

The Chartered Institute of Taxation of Nigeria has elected new officers to steer the affairs of the th Institute for the next two years. Following the successful conduct of the 27 Annual General Meeting of the Institute, the leadership baton of the Institute was officially passed on to Dame. Gladys Olajumoke Moyosoreoluwa Ayinke Simplice, byRead More


MAN Urges FG to Halt 50% Increase in VAT

 July 12th, 2019  | Nigerian Tax

The Manufacturers Association of Nigeria has called on the Federal Government to jettison the idea of increasing the Value Added Tax by 50 per cent. MAN President, Mansur Ahmed, made this call on Wednesday, during the 35th Annual General Meeting of the Rivers/Bayelsa Branch of the association, held in Port Harcourt. Ahmed explained that theRead More


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