Withholding tax is an advance payment of income tax – Companies Income Tax (CIT) and Personal Income Tax (PIT). Withholding tax is deducted at source when payments are made to companies or individuals. Tax withheld from payments to a company or an individual is a tax credit or withholding tax credit, which is used to […]
Plateau state Internal Revenue Service has announced that it has recovered from the Federal Ministries, Departments and Agencies (MDAs) outstanding Tax Liabilities through the joint collaborating efforts of joint tax board to the tune of N2.6 billion being part payment of their tax liabilities to the state. Arlat Dashe Dasogot, Executive Chairman of the state
The board of telecommunications giant- MTN Nigeria Communications Plc, on Friday, hinted the Nigerian Stock Exchange (NSE) of its pending “technical disagreement” with the Federal Inland Revenue Service (FIRS) on whether it ought to pay corporate tax on a N330bn (about $1.1bn) fine. The matter, according to a statement by Uto Ukpanah, its company secretary,
MTNN Drags FIRS To Tribunal, Says N1.7tr Tax Paid Since 2001 Read More »
The Oyo State government has expressed its determination not to increase tax on small and medium scale enterprises (SMEs) in its drive to increase its revenue base. The Chairman, Oyo State Board of Internal Revenue (BIR) John Adeleke, who made the disclosure while speaking with journalists in Ibadan weekend, also said the government would rather
Oyo will not Increase Tax to Improve IGR, Says Revenue Board Chairman Read More »
Individuals and business owners who make profits from businesses, but refuse to pay taxes, are criminals and economic saboteurs, the Chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler, has said. The FIRS Chairman was reacting to insinuations that the FIRS’ decision to place a lien on peoples’ accounts for refusing to take advantage
Tax evaders are criminals, economic saboteurs – FIRS Chairman Read More »
Nigeria is planning to deduct 5% VAT for every online transaction via bank cards from next year. The burgeoning digital economy includes e-commerce where Jumia and Konga are playing. We also have the tech space with Flutterwave, Cowrywise, Piggybank, and others. Tunde Fowler, Chairman of Federal Inland Revenue Service (FIRS), confirmed this in an exclusive
MTN Nigeria Communications LTD has been accused by Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), of deducting tax from the N330 billion fine it paid to the Nigerian Communications Commission (NCC). The penalty was imposed in 2015 over SIM card registration infractions. Fowler maintained that fines and penalties for regulatory infractions are
MTN Deducted Tax From 2015 Fine, Claims Nigeria Tax Agency Read More »
Intel-owned Altera Corp. received more industry backing as some of the biggest names in tech and tax urged the Ninth Circuit to review a cross-border tax case with potentially billions of dollars at stake. In multiple briefs, the giants urged the U.S. Court of Appeals for the Ninth Circuit to hold an en banc rehearing
Google, Facebook, Apple Weigh in on Altera Tax Case Read More »
The Islamic Movement in Nigeria is not registered with the Corporate Affairs Commission and is, therefore, not recognised as a legal entity neither is it a juristic body, A search on the CAC portal showed that the IMN does not exist on the commission’s database. Also, its other names – Muslim Brotherhood and Ikhwan al-Muslimin
To widen its corporate horizon, the Chartered Institute of Taxation of Nigeria (CITN), has renewed its vision and mission statement, with the hope to pursue the actualisation of both with more vigour. The body added that it is also planning to be a leading Institute in training world-class tax professionals. It explained that the planned
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