A law firm, SimmonsCooper Partners, alleged by a newspaper report to be associated with or involved in a N100 billion tax evasion scandal with Alpha Beta Consulting Limited, has refuted the allegations and given the newspaper 72 hours to retract the accusation or face legal actions for defamation and malicious falsehood. The report alleged the […]
Manufacturers and providers of goods and services under the aegis of Nigeria Employers’ Consultative Association (NECA) wednesday expressed their opposition to the plans by the federal government to increase taxation, including the value added tax (VAT). NECA also called on the federal government to address the nation’s infrastructure deficit before the take-off of the African
Manufacturers Oppose FG’s Planned Increase in Taxation and VAT Read More »
Chairman of the Joint Tax Board (JTB), Mr. Babatunde Fowler, has stated that the Tax Identification Number (TIN) Registration System and Consolidated National Taxpayers Database introduced by the JTB will improve the efficiency and output of the entire tax administration process and provide convenience to taxpayers and tax authorities. (From Left): Mr. Tunde Fowler, Chairman,
Fowler Lists Benefits Of New JTB TIN Registration System Read More »
The Joint Tax Board (JTB) Chairman, Mr. Tunde Fowler, on Thursday, expressed optimism that 45 million Nigerians would be within the taxpayers’ net before the end of the third quarter of 2019. Fowler disclosed this at the inauguration ceremony of the new South West Regional National Taxpayer Identification Number (TIN) registration system and consolidated national
JTB targets 45m taxpayers by September 2019 – Fowler Read More »
The Federal Inland Revenue Service has said that the Federal Government has cleared N33.13bn outstanding PAYE tax liabilities owed by Federal Ministries, Departments and Agencies to states from 2002 to 2016, in the South-West region. The chairman, Joint Tax Board, Mr Babatunde Fowler, disclosed this on Thursday when he inaugurated the new National Taxpayer Identification
OXFAM, an International Non-Government Organisation, has advised the Nigerian Government to review its policy on tax incentives currently costing the country a revenue loss of over N580 billion annually. The Country Director, OXFAM Nigeria, Constant Tchona, gave the advice on Wednesday in Abuja at the public presentation of the Fair Tax Monitor Index Report and
Nigeria loses billions in local, foreign tax evasions – Oxfam Read More »
Hearing in a N1.2 billion tax error claims filed by Joseph Daudu, SAN, at the Tax Appeal Tribunal was stalled on Wednesday due to the petitioner’s ill health. Mr Daudu, who is challenging alleged N1.2 billion error in his taxation, sent an affidavit for a motion for an adjournment in order for him to be
N1.2bn tax error claim: Ex-NBA president’s suit stalled due to ill health Read More »
Background Section 19 of the Companies Income Tax Act (CITA) imposes tax at 30% on a company where it declares and pays dividends in excess of its total profit. The relevant total profit is the profit of the year from which the dividend was declared and not the profit of the year in which the
Tax Appeal Tribunal Rules That Excess Dividend Is Liable To Tax At 30%. Read More »
Nigerian Association of Small and Medium Enterprises (NASME) has partnered with Oxfam International to bring about 180 Micro, Small and Medium Enterprises (MSMEs) in the tax net, in order to aid the redistribution of wealth in the country. According to the president and Chairman of Council, NASME, Segun Agboade, the move was to also help
NASME, Oxfam partner to regularise MSMEs into tax net Read More »
The Lagos State Internal Revenue Service (LIRS), on Wednesday, shut down the premises of Debonairs Pizza and thirteen other companies (including several hospitality firms), over alleged failure to fulfill tax obligations. According to the Director of Legal Services for the Lagos State tax agency, Mr Seyi Alade, the exercise was initially suspended, but will now
LIRS shuts Debonairs Pizza, 13 other companies over unpaid taxes Read More »
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