As a remedial measure, VAIDS has a lot of positives. First, the awareness of the need to pay tax is becoming more pronounced. A lot of Nigerians that were totally disconnected from the tax system are starting to hear about it. With the advocacy in the media, it is drumming home the need to develop […]
Quoted companies and capital market operators are anxious about the modus operandi and implications of the compliance tax audit for the Voluntary Assets and Income Declaration Scheme (VAIDS) by the Securities and Exchange Commission (SEC). SEC had in a circular indicated that it would audit public limited liability companies (Plcs) and capital market operators to ascertain their
Firms fret over capital market’s VAIDS’ tax audit Read More »
Cadbury Nigeria Plc yesterday released its financial statements for the year ended December 31, 2017 with a profit after tax of N350 million. The company in its result for the period under review on the Nigerian Stock Exchange (NSE) showed that profit after tax bounced back to N299 million from a loss after tax of
As the deadline for voluntary tax compliance draws near, Sijibomi Bickersteth says the policy offers the country a huge chance to build a credible tax database and ensure a more sustainable and reliable revenue source for development By 31 March, the nine-month window provided by the Voluntary Assets and Income Declaration Scheme (VAIDS) for tax
In the midst of a theoretically over economic recession, primarily caused by plunging oil prices and a history of incompetence, Nigeria turned to debt and bond instruments to finance a portion of its 2017 budget (and later 2018), a development that has not been able to sustain the extremely ambitious and highly controversial 7 trillion
Nigeria must imbibe ‘tax me, I task you’ culture. Read More »
The decision of the Federal High Court (FHC) in VODACOM BUSINESS NIGERIA LIMITED V. FEDERAL INLAND REVENUE SERVICE, handed down on the cusp of the New Year 2018, has understandably continued to generate a lot of controversy and angst. The FHC in that case, upheld the decision of the Tax Appeal Tribunal, making it the
Court Affirms Reverse Charge Mechanism In VAT: Matters Arising Read More »
The Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has warned individuals and corporate entities, who refuse to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) that the agency had voted a bigger sum of money for legal fees in its 2018 budget. Fowler made the disclosure in a
Fowler: FIRS Has Resources to Prosecute Tax Debtors after VAIDS Read More »
As the sun gradually sets on the Voluntary Assets and Income Declaration Scheme (VAIDS/Scheme), the Minister of Finance has reiterated government’s resolve to stick to the March 31st, 2018 deadline. The Minister, who stated this at the VAIDS Stakeholders Symposium held in Kaduna State on March 1st, 2018, further added that “the federal government has
Nigeria: VAIDS: The Clock Ticks! Last Updated: 15 March 2018 Read More »
Recent changes to international standards for audit reports have improved the quality of information that’s available to investors, and had a positive impact on wider elements of financial reporting, including governance and corporate reporting, according to a new report from the Association of Chartered Certified Accountants. The ACCA report, Key audit matters: unlocking the secrets of
Audit report changes are having a positive impact Read More »
The Lagos State Internal Revenue Service (LIRS) has deployed an electronic payment remittance platform aimed at increasing monthly consumption tax revenue to N1 billion. Executive Chairman of LIRS, Mr. Ayodele Subair, disclosed this while speaking to journalists on the launch of the platform last week. He stated: “This remittance system is aimed to help in
LIRS targets N1bn monthly consumption tax with ePayment Read More »
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