Filing PAYE returns for employers is a routine task, occurring annually in the initial month. According to Section 81 of the Personal Income Tax Act (PITA), employers are obligated to submit yearly returns that encompass the income disbursed to their employees, along with the PAYE deductions remitted to the relevant tax authorities on behalf of […]
In an effort to bolster tax revenue in Nigeria, the Federal Government is set to implement rigorous enforcement measures to ensure compliance with existing tax laws. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), revealed the government’s ambitious plan to elevate the tax-to-Gross Domestic Product (GDP) ratio to 18 percent by 2026. Speaking
The Industrial Training Fund Act (ITFA) became effective on October 8, 1971. Its purpose was to establish the Industrial Training Fund (ITF) to promote and encourage skill acquisition in Nigerian industry or commerce. This aimed to create a pool of trained indigenous manpower to meet the economy’s needs. The Act mandated the Council to provide
Understanding and Adapting to the Industrial Training Fund (Amendment) Act 2011. Read More »
Introduction As the business landscape in Nigeria continues to evolve, embracing technological advancements has become imperative for staying competitive and efficient. Outsourcing, a practice that has been transforming industries for decades, is undergoing a digital makeover with the integration of automation and artificial intelligence (AI). This article explores how Nigerian companies can leverage outsourcing in
Outsourcing in the Digital Age: Harnessing Automation and AI for Nigerian Companies Read More »
The Technical Committee of the National Tax Policy Implementation Committee will present a Finance Bill and Policy Note to Nigeria’s Minister of Finance and Budget Planning as the committee ends its work soon. At the second sitting of the committee in Abuja, the Deputy Chairman of the technical committee, Dr. Bode Oyetunde said that the
Finance Bill coming, says National Tax Policy Committee Read More »
Private sector Think-Tank, Nigeria Economic Summit Group (NESG) is set to unveil the findings of its nationwide survey on tax perception and drive government-citizen engagement for sustainable fiscal reforms through the launch of its “Better Tax” initiative. Better Tax, scheduled for launch in Lagos on May 15, is a service of the NESG’s Fiscal Policy
NESG Engages Stakeholders For Better Tax Initiative Read More »
The Federal Inland Revenue Service has intensified its drive to recover outstanding tax liabilities from taxpayers in default of tax obligations. To this end, FIRS has been writing to taxpayers’ bankers, appointing the banks as collecting agents, to collect outstanding tax liabilities from the taxpayers’ bank account balances. This is referred to as tax substitution.
Legal questions on banks’ appointment as FIRS collecting agents Read More »
For Nigeria to attract more foreign investments, government must minimise tax uncertainties, by ensuring that it plans tax reforms such that the content and timing is clearly communicated to tax payers, while maintaining the high investment returns. This would enable the country to be continually identified by business leaders as an investment destination and the
‘Why Nigeria must reduce tax uncertainties, retain high returns’ Read More »
The House of Representatives has approved the sum of N30,000 as the new national minimum wage. The approval followed the adoption of the report by the ad hoc committee set up on the New Minimum Wage Bill presented to the National Assembly by President Muhammadu Buhari on Thursday. Passing the bill for the third reading
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