The Nigerian Investment Promotion Commission has rejected the application of 15 companies seeking pioneer status under the Industrial Development Income Tax Act. The pioneer status is an incentive from the Federal Government which exempts companies from income tax. It is also known as tax holiday and generally regarded as industrial investment device. This means the […]
FG denies Guinness, Dangote, 13 others tax relief Read More »
The federal government shouldn’t increase Value Added Tax (VAT) just because Nigeria has the lowest VAT rate in the world as its economic conditions are not the same with countries with high VAT, the Association of National Accountants of Nigeria (ANAN) has said. The president of ANAN Prof. Muhammad Akaro Mainoma who spoke at the
Ms Leilana Fartha, UN Special Rapporteur on the Rights to Adequate Housing, on Monday urged the Federal Government to impose vacant home taxes with a view to addressing housing challenges in the country. Fartha at a news conference in Abuja expressed concern over the human rights crisis presented by poor living conditions in Nigeria’s informal
The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, has said there is no going back on the federal government’s determination to increase public revenue through intensified tax collection. This is coming as the Tax Leader, PwC, Mr. Taiwo Oyedele, has raised the alarm that Nigeria’s tax system contains 354 different taxes, stressing that
No Going Back on Aggressive Tax Drive, FG Insists Read More »
The Federal Inland Revenue Service (FIRS) recently released the Income Tax (Common Reporting Standard) Regulations (The Regulations). The Regulations seek to give effect to various international conventions, treaties and guidelines between Nigeria and other contracting States with respect to mutual administrative assistance, automatic exchange of financial account information and compliance with common reporting standards and
FIRS Releases The Income Tax (Common Reporting Standard) Regulations 2019 Read More »
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