Cost of buying goods online may surge next year as the Federal Inland Revenue Service (FIRS) perfects plans to start charging 5 percent Value Added Tax (VAT) on online transactions. Mr Tunde Fowler, the Chairman, FIRS, gave the hint during an interview in his office in Abuja last week. The Chairman said payments for online […]
The Ekiti State House of Assembly on Tuesday, passed a new bill that would guide tax policy and revenue generation. The Speaker, Funminiyi Afuye, who passed the bill through a voice vote, commended the House Committee on Finance and Appropriation for a “good job.” He said, “Ekiti needs to look inwards at this challenging time
Capital market stakeholders have condemned the federal government directive to return Valued Added Tax (VAT), on all stock market transactions, saying the action is disincentive to investment. Already, dealing member firms of the Nigerian Stock Exchange (NSE), have been directed to charge VAT on all commissions applicable to market transactions effective July 25.A notice to
Stakeholders kick against VAT on equities transactions Read More »
The Federal Inland Revenue Service (FIRS), has taken the Midwestern Oil and Gas Company Limited to a Federal High Court, Lagos over failure to pay the outstanding tax liability due to the Federal government in the sum of $97,086,985. In an affidavit sworn to by a legal practitioner from the law firm of DAC legal
A tax expert and partner with Price water Cooper (PwC), Taiwo Oyedele, has said the current tax regime in Nigeria does not encourage informal businesses aspiring to formalize their operations. Oyedele spoke during a panel discussion at the Special Policy Dialogue Colloquium, entitled “Policy Change – The Enabler of Sustainable Growth”, organized by the Financial
How current tax regime discourages informal businesses in Nigeria – PwC expert Read More »
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