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 »
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
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