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 »
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 »
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 »
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