The SECURE Act has changed the way that advisors will have to talk about taxes with IRA and qualified plan beneficiaries. Before, these beneficiaries had their whole lives to remove that money. Now, they have to do it 10 years, and those more concentrated distributions from IRAs and other qualified plans could throw them into …
Postmortem Tax Planning For IRA Distributions After The SECURE Act Read More »
The Peoples Democratic Party (PDP) has alleged that the country is at a crossroad and sliding into bankruptcy due to the inept leadership of the All Progressives Congress (APC)-controlled Federal Government. The National Chairman, Uche Secondus, stated this at the opening of an emergency National Executive Committee (NEC) meeting of the opposition party, in Abuja, …
The Nigerian Labour Congress (NLC) has directed its state chapters to go on strike if any state government fails to implement the N30,000 new national minimum wage. NLC President, Mr. Ayuba Wabba, said the organised labour had given each state council the template on the new wage and the consequential adjustment. He stressed that no …
Government’s efforts to raise additional revenue, optimally fund the 2020 Budget, bridge the increase in the minimum wage payroll, introduce some much-needed tax amendments and reforms to encourage businesses, and other fiscal strategic objectives, have led to the passing into Law of the Finance Act, 2019. The passage of the Finance Act continues to generate …
New Finance Act with its Tax Amendments – Legal Alert Read More »
Kano State Zonal Office of the Economic and Financial Crimes Commission (EFCC) has arrested the former speaker and now minority leader of Kano State House of Assembly, Isiyaku Ali Danja, over alleged abuse of office and misappropriation of N1.5 billion meant for payment of tax liabilities to the Federal Inland Revenue Service (FIRS). Danja got …
EFCC Arrests Ex-Kano Assembly Speaker over N1.5bn Fraud Read More »
Former Director-General, Budget Office, Mr Bode Agusto, has weighed in on tax evasion and default in payment that has been reported in the media space in recent times. According to him, 200,000 wealthy Nigerians are the biggest tax evaders in the country. While speaking during the 17th Annual Aret Adams Memorial Lecture in Lagos, with the …
Agusto says tax evaders are wealthy people in Nigeria Read More »
The Federal Inland Revenue Service, FIRS, has tasked businesses and companies on registering with the service to obtain the mandatory Tax Identification Number, TIN, before the April 12, 2020 deadline. A public notice signed on Monday by the FIRS Chairman, Muhammed Nami, said such number so obtained should be displayed on all documents supporting business …
Taxpayers must get their TIN before April 12 deadline – FIRS Read More »
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 …
Senate probes withholding tax revenues on bank deposits Read More »
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 …
Fuel Company Loses €1.3m Challenge Over Tax Bill Read More »
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