Nigeria’s economy will not collapse but continue to experience boom in spite of the International Monetary Fund’s (IMF), says the Federal Inland Revenue Service (FIRS). Chairman of the FIRS Babatunde Fowler stated this on Monday at the opening session of the 140th quarterly meeting of the Joint Tax Board. The IMF and World Bank had reported that any […]
The Corporate Affairs Commission has said customers and other stakeholders will examine issues being encountered in the course of company registration, among others, during its forthcoming forum. The CAC said in a statement that the second Customers’ Forum in the first quarter of the year would take place on Thursday in Ikeja, Lagos. It said
The Nigerian Stock Exchange (NSE) last Friday placed the shares of Prestige Assurance Plc on full suspension to enable the Company’s Registrars update the register of shareholders for the planned share capital reconstruction of the company. This implies that there will not be trading in the shares of the insurance firm for now. Prestige Assurance had last year made an
Capital Reconstruction: NSE Halts Trading in Prestige Assurance Shares Read More »
Financial experts have lamented the country’s tax to GDP ratio, describing it as one of the poorest in Africa. The figure, which stands at just 6 per cent is significantly lower than Ghana and Egypt at 16 percent, Morocco at 22 percent and South Africa at 27 percent. This was revealed at the tax conference,
‘Nigeria’s tax: GDP ratio remains one of the poorest in Africa’ Read More »
Barring any extension, the Voluntary Asset and Income Declaration Scheme (VAIDS) will come to an end on March 31, 2018. VAIDS, an initiative by the Federal Government to allow Nigerians regularise their tax status, started back in July 2017. It is believed that the scheme will give the government access to a sustainable revenue source
Nigerian startups older than 18 months have till March 31 to file tax returns, or else Read More »
The Federal Government received N3.532 trillion as Petroleum Profits Tax and Royalties from oil companies between the third quarter of 2015 to third quarter of 2017, data from the Central Bank of Nigeria (CBN) has revealed. Besides, oil producing states in Nigeria received N103.46 billion as 13 per cent Derivation Fund during the third quarter
Government receives N3.532 trillion as taxes, royalties Read More »
Babatunde Fowler, executive chairman, Federal Inland Revenue Service (FIRS), says the federal government is processing court documents that will allow it sell properties of companies who have been evading taxes. Speaking on Wednesday on The Core, a Channels Television programme hosted by Kadaria Ahmed, Fowler said the N20 billion realised from the voluntary assets and
Fowler: We’ll soon start selling properties of companies who don’t pay tax Read More »
Minister of Finance, Mrs. Kemi Adeosun, has explained that the Voluntary Assets and Income Declaration Scheme (VAIDS) is underpinned by the existing tax laws in the country. She gave the explanation on Thursday evening while speaking on Channels Television’s Core programme. According to the minister, VAIDS is a tax amnesty scheme, which offers people with
With less than a week to the end of the period afforded tax debtors to declare their indebtedness by the Voluntary Assets and Income Declaration Scheme (VAIDS), individual and corporate tax debtors have been approaching federal and state tax authorities to seek information on how to declare their previously unpaid taxes before the window shuts
The Chairman, Federal Inland Revenue Service (FIRS), Tunde Fowler, said the Service recorded four million new taxpayers, including companies and individuals, resulting in N700 billion increase in revenue in 2017. Mr. Fowler said this at the 13th General Assembly of the West African Tax Administration Forum (WATAF) with the theme: “Enhancing the Revenue Potential of
FIRS records four million new taxpayers, N700 billion revenue increase in 2017 – Fowler Read More »
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