A tax expert, Taiwo Oyedele, has urged the Federal Government to review its Value Added Tax (VAT) law and better policing of its borders to improve its VAT collections. Oyedele, Head of Tax and Corporate Advisory Services, PricewaterhouseCoopers (PwC), West Africa, gave the advice in an interview with the News Agency of Nigeria (NAN) on […]
Talk about being born with a silver spoon in your mouth: the royal baby of Prince Harry and Meghan Markle will have a particularly glittery one. And US tax authorities will be keen to know how much that utensil is worth. That’s because the baby will have dual nationality: British because of his father and
The Federal Government, through the Federal Inland Revenue Service, plans to generate N4.3tn from petroleum profit tax and N1.7tn through the Value Added Tax in 2019, The amount is part of the N8.8tn tax revenue needed by the government to finance the 2019 budget. Details of how the revenue would be generated are contained in
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has disclosed the agency’s plans to charge Value Added Tax (VAT) on gaming activities, as well as automate VAT collection from lottery operators in Nigeria. Are value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each
Stakeholders Decry FIRS Plan to Commence VAT Collection on Gambling and Lottery games Read More »
The Federal Inland Revenue Service (FIRS) says it is determined to recover all revenue accruable to the Nigerian government. The Executive Chairman, FIRS, Mr Babatunde Fowler, made this known in an address at the ongoing 30th Enugu International Trade Fair, in Enugu state. To achieve the objective, Fowler said it had already listed companies and
We will recover all revenues accruable to government – FIRS Read More »
The Institute of Chartered Accountants of Nigeria has called on the Federal Government to address some of the gaps identified in the implementation of the ease of doing business reforms. Specifically, it called on the Federal Inland Revenue Service to address the challenges being experienced in its technology infrastructure to make it easier for taxpayers
ICAN urges FIRS to upgrade electronic tax filing system Read More »
VAT management is a solution to the complex process of VAT processing. It ensures that no VAT goes unclaimed while providing complete VAT tax compliance. VAT processing is every tax accountant’s nightmare. It gets worse with a multinational company. The task of researching on global VAT laws, the complex calculations, and the complication which results
Increase VAT Gains through Efficient VAT Management Read More »
Nigeria must embark on a comprehensive tax reform to “sustainably increase its non-oil revenue” considered to be among the lowest in ratios to GDP in the world, the International Monetary Fund (IMF) has said. The nation has important development needs “big time” and with its non-oil revenue to GDP at around 3.4 and total tax
Nigeria Must Increase VAT And Excise Taxes, IMF Insists Read More »
The Federal Inland Revenue Service (FIRS) has taken its tax drive and enlightenment services to the 30th Enugu International Trade Fair, our correspondent reports. An Assistant Director of FIRS. Mrs Beatrice Obi told our correspondent that they were taking advantage of the event to sensitize participants on the need to discharge their civic duties. Obi
FIRS takes tax education to Enugu International Trade Fair. Read More »
The Senate, Wednesday resolved to override President Muhammadu Buhari’s veto on the constitution of the Federal Republic of Nigeria, 1999 (fourth Alteration, No.28) Bill, 2018 and Industrial Development (Income Tax Relief) Amendment Bill, 2018 respectively. This development followed the recommendations by Senate Technical Committee on Declined Assents to Bills By Mr. President and Commander-in-Chief of
Senate Set To Override Buhari on Constitution Alteration, Income Tax Relief Bills Read More »
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