The Nigerian lottery and gaming industry has seen a lot of growth and expansion in recent years. This is mostly driven by the growing popularity of the sports betting segment fuelled by the huge followership of premiership football and other similar sporting activities. The number of participants in this industry has been on a steady […]
Should Value Added Tax Apply On Lottery And Gaming Activities In Nigeria? Read More »
All On, which is a seeded company of Shell, has advised Nigeria to initiate and implement a graduated and weighty tax system on the production, assemblage and importation of power generating sets that use diesel and petrol. This, it stated would buoy growth of off-grid renewable energy power sources in the country. All On also
Shell Advises Nigeria to Heavily Tax Petrol, Diesel Generators Read More »
A former president of the Institute of Chartered Accountants of Nigeria (ICAN), Otunba Abdul Lateef Owoyemi, has called on the Central Bank of Nigeria (CBN) to devise strategies to reduce interest rate in the country, adding that the cost of accessing facilities in the country was too high. Speaking on second term given to Mr
Corporate Affairs Commission (CAC) announced this in a statement by available to newsmen in Abuja on Sunday. According to the statement, the decision is to assist Micro, Small and Medium Enterprises (MSMEs) to formalize their businesses which will enable them own corporate account with Banks, have access to loans, grants, and other government interventions. To
CAC extends registration window for small businesses by 90 days Read More »
The Executive chairman, Federal Inland Revenue Services leader (FIRS), Babatunde Fowler, has described tax education as a key factor to reducing the incessant tax controversies between the government and tax payers in Nigeria. This was even as he called on individuals and corporate bodies to always consult tax experts for professional guidance in every issue
Tax education, panacea to incessant tax controversies –Fowler Read More »
Julius Berger Nigeria Plc financial report for 2018 has shown an impressive performance in its revenue generation, taxes and returns to shareholders. Details of the company’s outing announced by the financial director, Mr. Martin Brack, showed that the Group’s revenue in 2018 increased by 37 per cent and profit – before- tax rose by 173
Julius Berger Records 173% Increase In Profit Before Tax Read More »
Seventy-five Kenyan tax agency staff were arrested on Friday on suspicion of abetting tax evasion and bribery, the latest effort by authorities in the East African country to fight corruption. The staff have not been charged and are being questioned, the Kenya Revenue Authority (KRA) said in a statement. “Investigations into the rackets have been
The FIRS is comfortably the largest revenue collection agency, responsible for petroleum profit tax (PPT) and the most important non-oil taxes. The revenue generation of the FGN can be judged on its performance. Its collection increased by 22% in 2017 and 32% in 2018 but remains short of budget and, more significantly, the level to
Private sector Think-Tank, Nigeria Economic Summit Group (NESG) is set to unveil the findings of its nationwide survey on tax perception and drive government-citizen engagement for sustainable fiscal reforms through the launch of its “Better Tax” initiative. Better Tax, scheduled for launch in Lagos on May 15, is a service of the NESG’s Fiscal Policy
NESG Engages Stakeholders For Better Tax Initiative Read More »
The power to levy tax in Nigeria, being a federation, is shared between the Federal, State and Local governments. To avoid double taxation, the tax system spells out which government unit (federal, state or local) has the power to levy tax on specific persons and matters. The Federal Inland Revenue Service Establishment Act 2007 provides
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