The Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has again reiterated that the payment of VAT on VATable online transactions is required by the law. But while this is true by all means, Nigerians have continued to express their misgivings to this development. There are many reasons why Nigerians have continued […]
Online VAT maybe “the law”, but Nigerians are not having it Read More »
The popular Abakpa Market in Abakaliki, the Ebonyi State capital, was shut down on Wednesday, following the alleged death of an apprentice. The victim was said to have been beaten to death by persons suspected to be thugs who reportedly accompanied government officials to the market to enforce payment of tax on behalf of the
Tax payment is compulsory for every business owner in Nigeria as well as employed Nigerian citizens. However, it is impossible to pay your tax or open a corporate bank account without your tax identification number (TIN). So, in this article, we will take you through the process of how to get TIN in Nigeria either
The Federal Inland Revenue Service (FIRS) may generate as much as N1.3 trillion in a quarter from Value Added Tax (VAT) on all online transactions, based on the projection of the levy being kept at the present five per cent base. Executive Chairman of FIRS, Mr. Tunde Fowler, said yesterday at the African Tax Administration
A global attempt by more than 120 countries to find a way to more fairly tax global internet giants is moving ahead despite individual countries’ deciding to impose their own tax, says the head of the international organization leading the project. Angel Gurria, secretary general of the Paris-based Organization for Economic Cooperation and Development, said
Global approach to digital tax is still on track Read More »
In the last month or so, several professional associations from across India have raised issues with the finance minister about the manner in which certain procedures, including online systems, followed by the tax department are causing difficulties for common taxpayers, instead of making life easier for taxpayers. At times, the systems cause insurmountable difficulties at
Common taxpayers suffered this tax filing season due to frequent changes Read More »
Summary On 14 August 2019, the Federal Inland Revenue Service (FIRS) issued a Public Notice (PN) on deduction of tax at source from compensations paid to agents by principal companies. The PN directs companies to deduct and remit Withholding Tax (WHT) and Value Added Tax (VAT) on compensations such as commissions and rebates, which are
FIRS Issues Public Notice On Taxability Of Certain Compensation Payments Read More »
The Federal Inland Revenue Service (FIRS) and other African countries’ tax agencies are strategising to ensure owners of infrastructure investments in the continent are properly taxed, especially in the aspect of Value Added Tax (VAT). Over a trillion dollars is slated for investment towards infrastructure development over the next 10 years in the continent. Speaking
The Federal Government generated N311.94bn between April and June; statistics provided by the National Bureau of Statistics have shown. In the first quarter of the year, January to March, the country generated N289.04bn through VAT. NBS revealed that N269.79bn was generated in Q2 2018 representing 7.92 per cent increase Quarter-on-Quarter and 16.95 per cent increase
The Federal Inland Revenue Service (FIRS) says it will begin to impose Value Added Tax (VAT) on online transactions, both domestic and international, from January 2020. The chairman of FIRS, Tunde Fowler, disclosed this at the African Tax Administration Forum (ATAF) Technical Workshop on VAT on Monday in Abuja. Mr Fowler said many countries had
FIRS sets date for start of online transaction VAT Read More »
©2023.Innerkonsult ltd. All Rights Reserved.
Powered by INNER KONSULT LTD
