The Manufacturers Association of Nigeria has called on the Federal Government to jettison the idea of increasing the Value Added Tax by 50 per cent. MAN President, Mansur Ahmed, made this call on Wednesday, during the 35th Annual General Meeting of the Rivers/Bayelsa Branch of the association, held in Port Harcourt. Ahmed explained that the […]
A total of 42 tax-related disputes worth N288.1bn have been resolved by the Tax Appeal Tribunal within a period of eight months. The Coordinating Secretary of TAT, Mr Mohammed Abubakar, gave the figure in Abuja at the opening session of a two-day retreat on effective and efficient tax dispute resolution in Nigeria. Apart from the
More than one year after the pronouncement for Value Added Tax to be removed from air transport, the Federal Government has failed to implement the order. Findings by our correspondent showed that domestic airlines still pay VAT, charged as five per cent on every flight ticket sold and remitted to the Federal Government. The Media
A former Minister of Finance, Mrs. Zainab Ahmed, yesterday said the federal government was planning to increase the rate of value-added tax (VAT) to 7.5 per cent from the current five per cent by 2020. This is as the government seeks to shore up falling revenue, according to Bloomberg. Speaking at the Bloomberg Emerging &
The Tax Appeal Tribunal, South East Zone, has said that gratuities are tax exempted under the Personal Income Tax Act. The tribunal made the declaration while delivering judgement in the appeal Nigerian Breweries Plc brought against Abia State Board of Internal Revenue, challenging the decision of the Board to tax gratuities paid to its employees.
The Lagos State Internal Revenue Service (LIRS) on 30 May 2019 issued a Notice informing the public of the new Tax Identification Number (TIN) which will be issued to every individual, registered business and incorporated companies. The issuance of the new TIN follows the deployment of a new tax administration system by the LIRS called
LIRS To Issue New Tax Identification Numbers To Taxpayers Read More »
In line with its commitment to deepen the capacity and growth of businesses in Nigeria, particularly the Small and Medium Scale Enterprises (SMEs), First City Monument Bank (FCMB) will on June 26, 2019 host a seminar on tax matters in Lagos. The seminar, tagged, ‘’Tax Enforcement and Implications on Businesses in Nigeria’’, is aimed at
FCMB holds seminar on tax matters to foster SMEs growth Read More »
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has stated that it has so far recovered the sum of N57.7 billion from Deposit Money Banks (DMBs) in its ongoing monitoring and verification exercise on tax collections by the financial institutions. The banks had been contracted by both the Federal Inland Revenue Service (FIRS) and the
TAX: RMAFC Recovers N57.7bn from Commercial Banks Read More »
The Nigeria Employers Consultative Association (NECA) has called on state governments to engage in an aggressive taxpayer enlightenment as well as expansion of their tax net to increase their Internally Generated Revenue (IGR). The call was made following President Muhammadu Buhari’s advice to State Governments to increase Value Added Tax (VAT) in an attempt to
Expand tax net, not VAT, to increase IGR, NECA tells governments Read More »
Rivers State Internal Revenue Service (RIRS) has set July 1, 2019 as a final plan and rollout date for the rollout of the state’s much-talked about informal sector tax drive. The state has also completed tax delineation of the state into tax zones. The executive chairman of the RIRS, Adoage Norteh, who broke the news
Rivers sets July 1 rollout date for informal tax drive Read More »
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