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Tax Dispute Resolution In Nigeria: Challenges And Practical Steps

 April 24th, 2019  | Nigerian Tax

Introduction In August 2018, taxpayers were awakened to sudden freezing of their bank accounts for alleged non-payment of taxes and this marked the beginning of an “account- freezing” operation by the Federal Inland Revenue Service (FIRS). Many taxpayers who contemplated challenging the powers of the tax authority to direct the freezing of their bank accountsRead More



Testing the Waters for Possible VAT Hike

 April 23rd, 2019  | Nigerian Tax

As federal government continues to contemplate ways to cover its increasing recurrent expenditure, the effect of tax burden on the citizens must be considered, writes Obinna Chima. The federal government recently gauged the willingness of citizens to accept an increase in Value Added Tax (VAT) in its quest to shore up its revenue. Even thoughRead More



Okocha to resolve tax evasion case

 April 23rd, 2019  | Tax

Ex-Super Eagles’ captain, Austin Jay Jay Okocha has resolved his tax evasion case with the Lagos State Internal Revenue Board with indications rife that the suit may be struck out today when it comes up for hearing. Reports have it that the former footballer has reached an amicable settlement of the case with the authoritiesRead More


FG moots idea of raising N6tn from petroleum tax, VAT

 April 23rd, 2019  | Nigerian Tax

The Federal Government, through the Federal Inland Revenue Service, plans to generate N4.3tn from petroleum profit tax and N1.7tn through the Value Added Tax in 2019, The amount is part of the N8.8tn tax revenue needed by the government to finance the 2019 budget. Details of how the revenue would be generated are contained inRead More


FG Must Review VAT Law – Tax Expert

 April 23rd, 2019  | Nigerian Tax

A tax expert, Taiwo Oyedele, has urged the Federal Government to review its Value Added Tax (VAT) law and better policing of its borders to improve its VAT collections. Oyedele, Head of Tax and Corporate Advisory Services, PricewaterhouseCoopers (PwC), West Africa, gave the advice in an interview with the News Agency of Nigeria (NAN) onRead More


Tax man will be all over the British royal baby

 April 17th, 2019  | Nigerian Tax

Talk about being born with a silver spoon in your mouth: the royal baby of Prince Harry and Meghan Markle will have a particularly glittery one. And US tax authorities will be keen to know how much that utensil is worth. That’s because the baby will have dual nationality: British because of his father andRead More


FG to raise N6tn from petroleum tax, VAT

 April 17th, 2019  | Nigerian Tax

The Federal Government, through the Federal Inland Revenue Service, plans to generate N4.3tn from petroleum profit tax and N1.7tn through the Value Added Tax in 2019, The amount is part of the N8.8tn tax revenue needed by the government to finance the 2019 budget. Details of how the revenue would be generated are contained inRead More



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