Guaranty Trust Bank (GTBank) Plc has announced improved performance for the year ended December 31, 2018 and recommended a final dividend payment of 245 kobo per share. The bank recorded gross earnings for the year grew by 3.7 per cent to N434.7billion, from N419.2billion reported in 2017. Its net interest income fell from N246.663 billion […]
GTBank Posts N434bn Earnings, Profit after Tax of N185bn Read More »
Telecommunication companies (Telcos) have expressed concerns over recent move by various states ministry of environment to impose environmental impact assessment (EIA) levy on their operations across the country. They described the development as another form of multiple taxation that would impede the growth of the sector. To this end, the operators under the aegis of
Telcos Cry Out over Multiple Taxes, Seek Tariff Review Read More »
While competitive enough to bolster the country’s appeal to foreign investors and skilled expats, Nigeria’s tax system is also tasked with the responsibility of providing the government with enough resources to finance the country’s development – company tax and petroleum royalties in fact account for the primary source of government revenue. Here is an overview
Federal Inland Revenue Service (FIRS) has recently been issuing Notice of Refusal to Amend (NORA) assessments issued in respect of on-going tax audit exercises. This is notwithstanding that taxpayers have objected such assessment notices or that some of the issues raised by FIRS have been resolved/documented at reconciliation meetings. In letters issued to some taxpayers,
Nigeria: FIRS Seeks To Close Prolonged Tax Audits Using NORAs Read More »
The Institute of Chartered Accountants of Nigeria (ICAN) on Tuesday commended the laudable achievements of the Federal Government under the Federal Ministry of Finance in the last three and half years, saying it has blocked leakages and set the tone for improved revenue generation to finance government’s economic development agenda. ICAN President, Alhaji Razak Adeleke
ICAN seeks collaboration with finance ministry on training Read More »
The Federal Government’s intention to generate almost double of the amount realised last year in tax revenue may set it on collision path with the Organised Private Sector (OPS). The concern for a possible friction stems from the nation’s current economic situation, poor infrastructure, and difficulties in accessing funds among others, which members of the
Wider tax net, not rate increase’ll raise government revenue –Olawale, NECA DG Read More »
The Federal Inland Revenue Service (FIRS) has disclosed that a total of N12.62 trillion was generated as revenue from 2016 to 2018. This was revealed in a document made available to newsmen by the Head of Communications and Servicom Department of the agency, Wahab Gbadamosi. N3.3 trillion was generated in 2016, N4.02 trillion in 2017
N12.6tn generated as tax under Buhari, FIRS says Read More »
On 13 January, 2016, the International Accounting Standard Board (IASB) announced the issuance of a new accounting standard: International Financial Reporting Standard (IFRS) 16, on leases, which took effect on 1 January 2019. The new standard has changed the basis of accounting for leases which was in force for more than thirty years. While IFRS
Nigeria: Has The New Lease Rule Come To Change The Tax Space? Read More »
The year 2018 was not the best of years for the stock market but the economy grew at its fastest pace since the recession in 2016 after real gross domestic product in 2018 expanded at 1.9 percent. Companies like Zenith Bank and Dangote who have released their 2018 results have seen strong profit growth in
Tax: These three companies are on course to deliver lower profits for FY2018, here’s why Read More »
A High Court in Lagos, has reportedly ordered that actress Monalisa Chinda, should be arrested for failing to pay income tax over a 6-year period. In a report by The Nation News on Sunday, March 3, 2019, it was alleged that the actress had failed to obey a request asking her to show up in
Court reportedly asks Monalisa Chinda to be arrested for tax evasion Read More »
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