Mr. Kola Babarinde is a consummate tax practitioner who has passed through the rigours of learning and career development to attain the Fellowship of the Chartered Institute of Taxation of Nigeria (CITN). He is the Chairman of the 21st Yearly Tax Conference of CITN, which kicked off today, in Abuja. In this interview with Assistant […]
A member of the OPS has warned that more manufacturers might be in the process of shutting down, if government fails to address the problem of multiple taxation, poor infrastructure and the proposed increase in value added tax (VAT). Managing director of NISPO Porcelain Company Limited, Mr. Afam Ukatu, stated this in his goodwill message
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When you are starting out as a business owner, banking charges might be the furthest thing from your mind — until they start to add up! Get ahead of the game with these cost-saving tips, before you even open your business bank account. Take control of your business finances today by choosing the most useful
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The Federal Inland Revenue Service is seeking the support of the Central Bank of Nigeria to track payment of Value Added Tax made electronically by foreign entities that are not registered in Nigeria. The agency said this in a document detailing its strategic revenue growth initiatives for 2019 to 2021 which was submitted to the
For their five-year operation, about 55 life and non-life insurance companies in Nigeria have paid N36.5 billion taxes to the federal government through the Federal Inland Revenue Service (FIRS). Taxes were paid by the companies between 2013 and 2017 financial year end. The underwriters generated N100.4 billion as Profit Before Tax (PBT) and were left
About four months ago, President, Muhammadu Buhari presented a total of N8.83 trillion as the proposed budget for the fiscal year 2019 to a joint session of the National Assembly. Close to N7trillion of that figure, representing 79 per cent of the total, is expected to be financed by government from different revenue resources major
The Edo State Internal Revenue Service has commenced aggressive tax enforcement exercise to collect revenue owed the state government. In a statement signed by its Executive Chairman and Chief Executive Officer (CEO), Mr Igbinidu Inneh, the tax agency advised members of the public to take note of the commencement of the exercise and make sure
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The Bishop of Ife Diocese, Anglican Communion, Ile-Ife, Osun State, Rt. Rev. Olubunmi Akinlade, has urged the Federal Government to drop the idea of increasing the rate of Value Added Tax by 50 per cent. The bishop said increasing the VAT from its current five per cent to 7.5 per cent would have multiplier economic
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The executive chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler has set for the agency a target of N750 billion to be recovered from 55,000 defaulting taxpayers. The money is what millionaire tax debtors are owing and the effort to recover it is coming at a time the government is unveiling plans
Nigeria is seen generating $13 billion in additional tax revenue if she could digitalise her identification programmes. This is according to a new McKinsey Global Institute report, which claims that high adoption of digital ID with the right principles can help unlock 3 percent economic value equivalent of GDP in advanced economies and as much
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