President Muhammadu Buhari on Friday in Abuja pledged that the Federal Government would look into the issue of illegal tax collections to encourage more private sector businesses to thrive in the country. The president made the pledge when he received the leadership of the Amalgamated Union of Foodstuff and Cattle Dealers Association of Nigeria (AUFCDN) […]
THE Lagos Inland Revenue Service, LIRS has directed employers to deduct Capital Gain Tax (CGT) from employee’s termination of service payments, which is 10 percent of the terminal benefits of employees. According to LIRS, such compensations are subjected to taxation in line with section 6(a) of the CGT Act, although it is exempted from taxation
LIRS directs employers to deduct 10% tax from termination benefits. Read More »
a. Introduction The Federal Inland Revenue Service (FIRS) has published the Income Tax (Country-by-Country Reporting) Regulations, 2018 (CbCR Regulations). The CbCR Regulations was made public on 19 June 2018 and have an effective date of 1 January 2018. The Country-by-Country reporting is a response to evidence-based research on the direct consequence of harmful tax practices
FEDERAL INLAND REVENUE SERVICE COUNTRY-BY-COUNTRY REPORTING REGULATIONS Read More »
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As the June 30, 2018 deadline for the Voluntary Asset and Income Declaration Scheme (VAIDS) inches closer, those in the Micro, Small and Medium Enterprises (MSMEs) sector of the economy have been urged to take advantage of the scheme to regularise their taxes in order to avoid prosecution. President of Nigerian Association of Small and
VAIDS: NASME Chief Urges Small Business Owners to Avoid Tax Prosecution Read More »
The Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, has assured Nigerians that his agency to contribute more than N4 trillion to revenue projections in the 2018 Budget of the federal government which was signed by the president last week. President Mohammadu Buhari signed an annual budget with an expenditure profile of N9.12 trillion
FIRS Targets N5trn Tax Revenues In 2018 – Fowler Read More »
The Chairman of the Federal Inland Revenue Service, Tunde Fowler, has said that of the N9.3 trillion 2018 federal budget, FIRS intakes will account for N4 trillion. Fowler also said the service is on course to achieve its target of N5 trillion from taxes in the 2018 fiscal year. Disclosing this in an interview on
FIRS Will Contribute Over N4t To 2018 Budget – Fowler Read More »
Oil magnate and socialite, Dapo Abiodun, has cause to smile again months after he lost his son, Olu in very mysterious circumstances. Dapo, who is the chairman of Corporate Affairs Commission, was recently conferred with a honourary doctorate degree in Finance by the Ekiti State University, Ado Ekiti during the 23rd convocation ceremony of the
Dapo Abiodun smiles again, bags doctor of finance degree Read More »
Daily Trust reported last week that about 50 federal agencies are presently being run by acting Chief Executive Officers [CEOs] months or years after their substantive heads either retired or were sacked. This situation does not portray government in good light, coming as it does eight months after President Muhammadu Buhari announced that he will
The Nigerian Insurers Association (NIA) has secured a tax refund of over N1 billion in the year 2017. Besides, the umbrella body of all the operating insurance companies across the country, received a total contribution of over N500 million within the period under review. The immediate past Chairman of the association, Eddie Efekoha, disclosed the
NIA generates over N1.5b from tax refunds, contributions Read More »
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