Advertising agencies have been advised to evolve their operations by becoming solution providers, comply with all regulatory and tax policies and take cognizance of events in the economy in order to survive the tough business environment of the country. This was the view expressed by speakers at the 2020 Business Outlook Seminar of the Association […]

The Nigerian Senate has directed its joint Committees on Banking, Insurance and other Financial Institutions, as well as that of Finance, to investigate non remittance of taxes on bank deposits and dividends payments for enhanced State governments’ internally generated revenue, IGR. It also mandated the committees to ensure that all withholding tax revenues on both

A fuel distribution company has lost its challenge against a tax bill of over €1.3 million from Revenue over its failure to keep proper records of sales of large volumes of marked diesel to a customer suspected of involvement in fuel laundering. The Tax Appeals Commission has ruled that the unnamed company is liable to

The Federal Inland Revenue Service (FIRS or the Service) has recently issued three Public Notices to taxpayers with respect to the tax status of dormant companies, implementation of the new Value Added Tax (VAT) rate under the Finance Act, 2019 (Finance Act) and the remittance of Stamp Duties under the Finance Act. We have provided below, the details

The Federal Inland Revenue Service (FIRS) is to receive N1.738,481,875.33 from Prime Plastichem Nigeria Limited (PPNL) going by the ruling of the Tax Appeal Tribunal, Lagos Zone. The tribunal upheld the additional tax liability of N1.738,481,875.33 slammed on the firm by the federal tax body was in order as should be paid as the correct

Tax preparation is complex and often confusing, even when you’re filing individual income tax as an employee with a single source of income. When you’re a first-time entrepreneur, however, the complexity increases exponentially.  With so many income tax forms published by the Internal Revenue Service, and so much riding on getting your tax returns right, it’s

About 40% of people who receive Social Security benefits pay taxes on that income. While that comes as a surprise to many, there are ways to bring down the rate at which you are taxed. Here’s how to know whether 50% or 85% of your benefits are taxed, and how you can keep more of