Tax payment is compulsory for every business owner in Nigeria as well as employed Nigerian citizens. However, it is impossible to pay your tax or open a corporate bank account without your tax identification number (TIN). So, in this article, we will take you through the process of how to get TIN in Nigeria either […]
The Federal Inland Revenue Service (FIRS) may generate as much as N1.3 trillion in a quarter from Value Added Tax (VAT) on all online transactions, based on the projection of the levy being kept at the present five per cent base. Executive Chairman of FIRS, Mr. Tunde Fowler, said yesterday at the African Tax Administration
A global attempt by more than 120 countries to find a way to more fairly tax global internet giants is moving ahead despite individual countries’ deciding to impose their own tax, says the head of the international organization leading the project. Angel Gurria, secretary general of the Paris-based Organization for Economic Cooperation and Development, said
Global approach to digital tax is still on track Read More »
In the last month or so, several professional associations from across India have raised issues with the finance minister about the manner in which certain procedures, including online systems, followed by the tax department are causing difficulties for common taxpayers, instead of making life easier for taxpayers. At times, the systems cause insurmountable difficulties at
Common taxpayers suffered this tax filing season due to frequent changes Read More »
Summary On 14 August 2019, the Federal Inland Revenue Service (FIRS) issued a Public Notice (PN) on deduction of tax at source from compensations paid to agents by principal companies. The PN directs companies to deduct and remit Withholding Tax (WHT) and Value Added Tax (VAT) on compensations such as commissions and rebates, which are
FIRS Issues Public Notice On Taxability Of Certain Compensation Payments Read More »
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