September 24, 2019

Deductibility Of Punitive Payments In Corporate Tax Assessment

Introduction Arguably, the most basic principles in business are minimising cost and maximising profit. Thus, it is not unnatural that businesses would seek to reduce their expenses to the barest minimum. Conversely, the tax authorities have the responsibility of ensuring that businesses pay their taxes in accordance with the tax laws. Businesses sometimes incur punitive […]

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NASS queries decrease in FIRS’ 2019 non-oil tax

National Assembly Joint Committee has raised concern over Federal Inland Revenue Service’s (FIRS) 2019 projected estimate of non oil revenue tax collection of N146.54 billion. The Co-chairman of the committee, Sen. John Enoh and other members of the committee raised the concern at FIRS’s budget defence in Abuja on Monday. The committee sought to know

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ICAN, others to discuss Nigeria’s sustainable development

The Institute of Chartered Accountants of Nigeria has said its forthcoming conference will focus on Nigeria’s growth and sustainable development. ICAN said in a statement that eminent personalities would converge on Abuja next week for its 47th Annual Accountants’ Conference, with the theme ‘Building Nigeria for Sustainable Growth and Development’. It said the theme was

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Fowler’s Foul Play: FIRS Dents Online Payments With VAT

The head of the Federal Inland Revenue Service (FIRS) Mr. Babatunde Fowler and his team has announced plans to apply Value Added Tax (VAT) to online transactions starting from 2020. This has not gone down well with ordinary consumers in the country who think it will dent their choice in online payments. The Federal government’s

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