About 55 life and non-life underwriting companies in the country have paid N36.5 billion as tax to the government through the Federal Inland Revenue Service (FIRS) in the last five years.The Guardian reliably gathered that between 2013 and 2017 financial years, these underwriters generated N100.4 billion as Profit Before Tax (PBT) and were left with […]
How insurers’ N37 billion tax affects industry growth Read More »
In 2017, the World Economic Forum (WEF) ranked Nigeria 125 out of 137 countries in its Global Competitiveness Report. The WEF survey found that Nigeria’s potential for structural change was impeded by inadequate investment in infrastructure, technology, higher education and innovation. Nigeria has long depended on oil as its economic mainstay with paltry attempts at
10 ways taxes come to your rescue that you probably take for granted: Shelter If you were raised or currently reside in public housing, you may have reason to thank the taxes you or others have generated for the relative freedom you enjoy from exorbitant rent. After all, you have no reason to contend with
It has been revealed that the number of taxpayers in Nigeria, which was at 10 million in 2015, is about to hit 45 million in 2019. Executive Secretary of the Joint Tax Board (JTB), Oseni Elamah, made this disclosure in Abuja on Monday, while presenting a report on the new Taxpayer Identification Number (TIN) Registration
From 10m in 2015, taxpayers in Nigeria to hit 45m in 2019 Read More »
The Rivers State Internal Revenue Service (RIRS) has unveiled a new tax for the informal sector, promising to be fair in its collection. The RIRS Chairman, Mr Adoage Norteh, made the disclosure at a news briefing in Port Harcourt on Monday. The chairman said that members of the public would begin to pay for every
The Central Bank of Nigeria (CBN) and the Federal Inland Revenue Service (FIRS) have taken opposing positions on revenue remittances by the latter to the Federation Account domiciled with the apex bank. Their disagreement emanates from a shortfall in revenue generated from Petroleum Profit Tax (PPT), Value Added Tax (VAT) and Company Income Tax (CIT),
CBN, FIRS Differ Over N26.7bn Remittances To Federation Account Read More »
Nigerian workers always posit that “their take-home pay does not take them home.” Such is the tale of the Nigerian worker – who lives miserly because he earns poorly. The Federal government of Nigeria has now remarkably increased workers’ minimum wage. The government has hinted that it will increase Value Added Tax (VAT) to fund
If the country is to reduce unemployment and stimulate economic growth, the federal government has been advised to take bold steps which includes raising the Value Added Tax (VAT). Proshare, an online financial information service hub, stated this in a report titled: ‘Proshare Confidential,’ obtained yesterday.While the report stressed that in times of slow growth,
Chairman of Heirs Holdings, Mr Tony Elumelu, hinted that the Nigerian government can generate more revenue, up to $40 billion from tax. He said government must executive reaching tax reforms, while the National Assembly must urgently pass the Executive Tax bill into law for the country to experience economic transformation. Mr Elumelu, who was a
How Nigeria Can Raise Additional $40bn from Tax—Elumelu Read More »
If you approach the presence of the boss of the Federal Inland Revenue Service, Babatunde Fowler, be prepared to be bathed in a rain of glee. Joy unrestrained oozes from the former Lagos tax don like an opened dam, watering the surrounding, drought-weary land. These days, the stars have aligned for Fowler as everything he
Fulfillment of A Tax Man…. Tunde Fowler in Good Mood Read More »
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