The Chartered Institute of Taxation of Nigeria, CITN, has berated firms and government agencies for tax default. Ikemefuna Ede, President, CITN, expressed concern over an audit report indicting the National Assembly and some government agencies over tax default. Speaking during the annual general meeting of the institute, Ede said the development was “worrisome” and contradicted […]
CITN slams firms, govt agencies over tax default Read More »
The Rivers State Internal Revenue Service has warned professionals and artisans operating in the state to avoid mistaking their professional fees and dues for state taxes and levies. RIRS Chairman, Mr Adoage Norteh, who issued this warning during a two-day interactive session with professionals and artisans in Port Harcourt, the capital, explained that professional fees
Don’t mistake professional dues for tax, RIRS warns Read More »
The Tax Appeal Tribunal, South East Zone yesterday ruled that gratuities are tax exempted under the Personal Income Tax Act (PITA). Nigerian Breweries PLC in 2017 filed an appeal before the tribunal challenging the decision of the Abia State Board Internal Revenue to tax gratuities paid to its employees, contending that the Abia government erred
President Muhammadu Buhari on Thursday asked the governors of the 36 states to raise their internally generated revenues and the Value Added Tax in the next four years. The President said this was to help the states to meet the challenges of providing infrastructure and the funding needed to provide equipment for fighting insecurity. However,
TAX: NECA, NACCIMA, LCCI fume as Buhari asks govs to raise IGR Read More »
In line with its commitment to deepen the capacity and growth of businesses in Nigeria, particularly Small and Medium Scale Enterprises (SMEs), First City Monument Bank (FCMB) will next week in Lagos, host a seminar on tax matters. The seminar, tagged, “Tax Enforcement and Implications on Businesses in Nigeria,” is aimed at equipping entrepreneurs with
Tax: FCMB Restates Commitment to Growth of Businesses Read More »
The Chartered Institute of Taxation of Nigeria (CITN), has said the non-remittance of taxes by some Federal Government agencies is frustrating efforts in enforcing compliance from individuals and corporate organisations. CITN, which argued that the development is worrisome, accused such agencies of not showing good example in compliance processes. The Institute is particularly worried about
‘Non-remittance of taxes by MDAs frustrates compliance’ Read More »
The Tax Appeal Tribunal sitting in Abuja on Wednesday fixed June 19, to deliver judgment in an appeal of N29. 2 million remittance on Value Added Tax (VAT) filed by Infinity Trust Mortgage Bank. The bank is challenging the Federal Inland Revenue Service (FIRS) for imposing the amount. The tribunal headed by Alice Iriogbe fixed
N29.2m VAT penalty: Tribunal fixes judgement for June 19 Read More »
To widen its corporate horizon, the Chartered Institute of Taxation of Nigeria (CITN), has renewed its vision and mission statement, with the hope to pursue the actualisation of both with more vigour. The body added that it is also planning to be a leading Institute in training world-class tax professionals. It explained that the planned
State gaming regulators have called for a better understanding of their operations, unity of processes and licensing, especially from the lens of the National Lottery Regulatory Commission (NLRC).Under the aegis of Association of State Gaming Regulators in Nigeria (ASGRN), the body also kicked against plans by the Federal Inland Revenue Service (FIRS) to introduce Value
State gaming regulators kick against VAT, explain operations Read More »
As the Federal Inland Revenue Service (FIRS) prepares to impose Value Added Tax (VAT) on online transactions, the questions on many lips is how can it work in Nigeria? “What Nigeria (FIRS) needs to do is to first study digital economy; What does it mean? In which different areas do we have it? What are
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