The Tax Appeal Tribunal, South East Zone, has declared that gratuities payable to pensioners are tax exempted under the Personal Income Tax Act (PITA). The tribunal made the declaration while delivering judgment in appeal brought before it by Nigerian Breweries PLC in 2017, challenging the decision of the Abia State Board of Internal Revenue for […]
President Muhammadu Buhari has given the 36 state governments a mandate to increase revenues in their respective States. Buhari also urged the governors to raise the Value Added Tax (VAT) without necessarily disrupting economic activities. Buhari, who spoke at the Presidential Villa in Abuja when he inaugurated the National Economic Council (NEC) for its 2019-2023
As part of efforts to strategically sanitize and coordinate the tax system of the third tier of Government in Uyo, the Chairman of Uyo Local Government Council, Elder Imoh Okon, on Wednesday, June 18, took to Akpan Andem Market to interact with Market Women. The Chairman, Uyo Local Government Council, Elder Imoh Okon, with traders.
Uyo Local Government Move to Strengthen Tax System Read More »
Rivers State Internal Revenue Service (RIRS) has set July 1, 2019 as a final plan and rollout date for the rollout of the state’s much-talked about informal sector tax drive. The state has also completed tax delineation of the state into tax zones. The executive chairman of the RIRS, Adoage Norteh, who broke the news
Rivers sets July 1 rollout date for informal tax drive Read More »
The Chartered Institute of Taxation of Nigeria, CITN, has berated firms and government agencies for tax default. Ikemefuna Ede, President, CITN, expressed concern over an audit report indicting the National Assembly and some government agencies over tax default. Speaking during the annual general meeting of the institute, Ede said the development was “worrisome” and contradicted
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The Tax Appeal Tribunal, sitting in Abuja on Wednesday, reversed N29.2 million Federal Inland Revenue Service’s (FIRS) imposed as value added tax on Infinity Trust Mortgage Bank. The bank had challenged FIRS’s imposition of the amount at the tribunal challenging the demand notice. The tribunal chairman, Alice Iriogbe, delivering judgment, held that FIRS failed to
The Rivers State Internal Revenue Service has warned professionals and artisans operating in the state to avoid mistaking their professional fees and dues for state taxes and levies. RIRS Chairman, Mr Adoage Norteh, who issued this warning during a two-day interactive session with professionals and artisans in Port Harcourt, the capital, explained that professional fees
Don’t mistake professional dues for tax, RIRS warns Read More »
The Tax Appeal Tribunal, South East Zone yesterday ruled that gratuities are tax exempted under the Personal Income Tax Act (PITA). Nigerian Breweries PLC in 2017 filed an appeal before the tribunal challenging the decision of the Abia State Board Internal Revenue to tax gratuities paid to its employees, contending that the Abia government erred
The Institute of Chartered Accountants of Nigeria has again accredited the Accounting/ Accountancy programme of Moshood Abiola Polytechnic, Abeokuta (MAPOLY). ICAN certificate dated 10th May, 2019 which was presented to the Rector of the Polytechnic, Dr. Samson Adeola Odedina, certified that MAPOLY has fulfilled all the requirements by the Institute for the accreditation of Accounting
ICAN accredits Mapoly’s Accountancy programme for another 3 years Read More »
Tax credits are much welcome, and often invaluable additions to any organization’s finances. A tax credit is the amount of money that taxpayers can subtract from their taxes. They differ from tax deductions and exemptions in that while they reduce the amount of your organization’s taxable income, tax credits reduce the actual amount that you
Five Ways To Get Better Tax Credit For Your Organization Read More »
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