Internal auditors are getting more involved in technology initiatives like cybersecurity and data analytics, according to several new reports. One of the reports, from PricewaterhouseCoopers, found that 75 percent of companies who use internal audit technology will see a return on investment, but only 14 percent of internal audit functions are advanced in their adoption […]
Property owners in highbrow areas across the country are now targets of federal and state governments tax agencies determined to stop tax evaders. Presidency sources told PREMIUM TIMES on Monday in Abuja that government searchlight was now beamed on this class of property owners seen as the worst tax offenders. The source who requested not
Tax evasion: Nigerian govt to target property owners in highbrow areas Read More »
The federal government has said it has identified a new batch of over 130,000 high net worth individuals and companies with potential tax underpayments. They were uncovered via the data mining efforts of the Ministry of Finance’s Project Lighthouse. The Minister of Finance, Mrs. Kemi Adeosun, made the disclosure yesterday while appearing on the ‘Good
Tax Offenders: FG Identifies 130,000 High Net Worth Individuals, Companies Read More »
As part of the federal government’s drive for ease of doing business in Nigeria, the corporate affairs commission (CAC) has concluded plans to end physical submission of application forms for new registration of companies, business names and incorporated trustees in twenty-one (21) state offices. According to the CAC; “In order to ensure efficient service delivery
Ease of doing business: CAC set to end Physical Applications for business Registrations Read More »
I recently came across two female entrepreneurs at a profile interview and we got into a conversation about taxes. I found it interesting that they were quick to say they were good with their taxes but didn’t have a clear understanding of Value Added Tax (VAT) and how they should be remitted. I once didn’t
Capital market experts, at the weekend renewed calls for the Federal Government to review the nation’s tax system, and reduce excessive taxes especially on listed firms, and encourage more investment into the market. Besides, they stressed the need to address Nigeria’s security challenges, and economic instability to guarantee safety of investment. The stakeholders, who spoke
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The federal government last week ordered complete audit of Dana airline, following its recent involvement in non-fatal accidents. Senior Special Assistant on Media and publicity, to President Muhammadu Buhari, Garba Shehu, said the audit will cover the personnel and assets of the airline. About a fortnight ago, a Dana airplane overshot the runway in Port Harcourt,skidding into the
The Imam of Abuja National Mosque, Dr Kabir Muhammad, has advised faith-based organisations in the country to respect constituted authorities by registering with the Corporate Affairs Commission (CAC). Muhammad said this would enable them to operate within the ambit of the law. He gave the advice at the closing of the Second Edition of Qur’anic
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The Federal Inland Revenue Service (FIRS), has mandated its staff to halt the implementation of the sections of the controversial tax law that has brought untold hardship to insurers. The Partner & Head, Tax, Regulatory & People Services, Wole Obayomi, disclosed this at the recent Voluntary Assets Declaration (VAID) Scheme awareness Public Lecture organised by the
FIRS Halts Implementation of Controversial Insurers Tax Law Read More »
The insurance industry is one of the specialised businesses having a peculiar business model and corresponding distinct tax considerations in Nigeria. The core business of insurers/insurance companies, simply put, is to provide cover to another party (insured), against possible financial loss within a specified period. In return, the insured pays an insurance premium at the
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