The Director, Entrepreneurship and Skills Development Centre at the University of Lagos, Prof Sunday Adebisi, has urged the Federal Government to give start-ups a five-year tax holiday to enable them to survive. He gave this advice on Thursday while presenting a paper titled, ‘Entrepreneurship Mindset, a Solution to the Unemployment Rate in Nigeria’, during the […]
Online companies like Facebook, Google and Netflix have managed to have an edge over how business is done and Africa has been getting the short end of the stick. Is it now time to create an even playing field that gives traditional businesses a chance? In November last year, South Africa broadened its value added
Introduction The European Union has added further impetus to its objective of providing greater transparency with regard to harmful tax practices through an amendment to EU Directive 2011/16/EU. The amendment builds on the Common Reporting Standard, which allows for the automatic exchange of information on financial accounts held by non-tax residents at an international level
EU directive on administrative cooperation in field of taxation amended Read More »
The Federal Inland Revenue Service (FIRS) issued a Public Notice today, 14 August 2019, directing taxpayers, particularly companies in the Fast Moving Consumer Goods sector, to deduct and remit withholding tax and value added tax on the “compensation” due to their distributors, dealers and agents. The FIRS defines “compensation” to include commission, rebates, etc., granted
Okwudili Ijezie is the Managing Partner/CEO, Okwudili Ijezie &Co. In this interview with Kehinde Olatunji, he urged the Federal Government to drop the idea of increasing the VAT rate until the economy of the country is in good shape. He lamented that many businesses are merely struggling to remain afloat and the increase if effected,
‘Economy not in good shape to increase VAT rate’ Read More »
The Corporate Affairs Commission, CAC, has announced on Monday that it has extended the 50 percent reduction in registration fee for business names in Nigeria. The programme launched under CAC’s Business Incentive Strategy allows intending business owners to pay N5, 000 less of the original fee. However, the discount window will end on Friday, August
The Federal Inland Revenue Service (FIRS) says all companies must remit value-added tax and withholding tax by the 21st day of every month. According to a statement signed by Babatunde Fowler, the FIRS chairman, some companies have been found not to deduct these taxes at source. VAT is a consumption tax placed on a product
FIRS: VAT, withholding tax must be remitted on the 21st of every month Read More »
The Benue state Board of Internal Revenue Service (BIRS) Sunday said it will clamp down on illegal tax collectors. BIRS also stated that it has arrested one Aga Peter for impersonating as a staff of the revenue Board. Chairman of the board, Andrew Ayaban in a statement issued Sunday said the suspect, Mr Peter was
Much has been written about the need for African countries to collect more tax revenue from citizens and businesses. The IMF has been imploring sub-Saharan countries, particularly over the last decade, to focus on expanding and diversifying their tax bases. Some countries have taken heed of the advice. Yet most haven’t moved beyond lip service.
More African countries are looking to tax mobile money transactions Read More »
Tobacco-Free Club (TFC), University of Abuja chapter, has called on the Federal Government to increase tobacco tax to 70 per cent of the commodity’s retail price. Mr Izang Lawrence, former President of the Club, made the call on Monday at a campaign to enlighten Nigerians on the national tobacco control act of 2015, in Abuja.
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