Chairman, Federal Inland Revenue Service, Babatunde Fowler, has advised accountants against colluding with tax evaders, warning that they have no power to substitute accounts. Fowler gave the advice on Wednesday at the ongoing 49th Annual Conference of the Institute of Chartered Accountants of Nigeria, where he was the keynote speaker at a panel discussion on […]
Don’t collude with tax evaders, Fowler warns accountants Read More »
In 2017, ASBIR conducted a tax audit on Polaris Bank. Subsequently, the Board issued the Bank with a demand notice accompanied by a tax assessment for payment of outstanding taxes and levies comprising of Withholding Tax (WHT), Pay as You Earn (PAYE), Development Levy, Business Premises Levy as well as interest and penalties for under
Limitation Period And Validity Of Some Taxes And Levies Read More »
ARMED with a twin-argument on the need to raise revenue and match the continental standards, the Federal Government is about to implement a hike in value-added tax rate from five per cent to between 7.2 and 7.5 per cent. First, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the sub-national governments in
Osun State Governor, Adegboyega Oyetola, has solicited the support and cooperation of traditional rulers on the need to mobilise their subjects to pay taxes regularly. He said the call was necessary to help the administration actualise its dreams of boosting the revenue profile of the state. Governor Oyetola spoke, yesterday during the presentation of staff
Oyetola seeks monarchs’ support on tax payment, service delivery Read More »
Last week, the Minister of Finance announced the Federal Executive Council had approved an increase in VAT from 5% to 7.5%. Minister Zainab Shamsuna Ahmed also went further to explain that the government will be engaging with various stakeholders in a bid to get the increased passed into law by the National Assembly. As expected,
This thread exposed everything that’s wrong with Nigeria’s VAT Read More »
The digital transformation of the global economy and the shift towards a user-based digital market that has been primarily driven by the evolution of the internet and the increasing interconnectedness that it facilitates between people and multinational enterprises (MNEs) create significant tax challenges for all jurisdictions and for international taxation. The tax challenges relating to
The Minister of Finance, Budget and National Planning, Zainab Ahmed, proposed that Nigeria’s VAT be increased from 5% to 7.2%. This has caused a lot of counterblast with labour unions and some experts protesting the proposal. What most people do not know is that Nigeria is one of the countries in the world with the
Google is to pay French authorities almost €1billion ($1.7b) to end a long-running investigation into its taxes. No caption The settlement includes a €500m ($NZ862.8m) fine and additional taxes of €465m ($802.4m), but it is less than the tax bill authorities had accused Google of evading. It rounds off a four year investigation that saw
French issue Google with billion dollar tax bill Read More »
Federal Government has given a 30-day window to high profile tax defaulters to regularise their tax status with the Federal Inland Revenue Service (FIRS), failing which they risk forfeiting the tax equivalent directly from their bank accounts to the Federal Government. The FIRS Executive Chairman, Tunde Fowler, dropped the hint on Thursday when he appeared
CENTRE for Social Justice (CSJ) has asked Federal Inland Revenue Service (FIRS) to expand the tax net for the proposed increase in the rate of Value Added Tax (VAT) to meaningfully impact on the economy. “The way forward is to ensure that all persons liable to VAT, collect and remit the same to the appropriate
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