The Central Bank of Nigeria (CBN) and the Federal Inland Revenue Service (FIRS) have taken opposing positions on revenue remittances by the latter to the Federation Account domiciled with the apex bank. Their disagreement emanates from a shortfall in revenue generated from Petroleum Profit Tax (PPT), Value Added Tax (VAT) and Company Income Tax (CIT), […]
CBN, FIRS Differ Over N26.7bn Remittances To Federation Account Read More »
Nigerian workers always posit that “their take-home pay does not take them home.” Such is the tale of the Nigerian worker – who lives miserly because he earns poorly. The Federal government of Nigeria has now remarkably increased workers’ minimum wage. The government has hinted that it will increase Value Added Tax (VAT) to fund
If the country is to reduce unemployment and stimulate economic growth, the federal government has been advised to take bold steps which includes raising the Value Added Tax (VAT). Proshare, an online financial information service hub, stated this in a report titled: ‘Proshare Confidential,’ obtained yesterday.While the report stressed that in times of slow growth,
Chairman of Heirs Holdings, Mr Tony Elumelu, hinted that the Nigerian government can generate more revenue, up to $40 billion from tax. He said government must executive reaching tax reforms, while the National Assembly must urgently pass the Executive Tax bill into law for the country to experience economic transformation. Mr Elumelu, who was a
How Nigeria Can Raise Additional $40bn from Tax—Elumelu Read More »
THE Tax Appeal Tribunal sitting in Abuja, on Wednesday, fixed May 14 for definite hearing in a suit filed by a company, “M FIFTEEN” Consultants against the Federal Inland Revenue Service (FIRS). The company also dragged the FIRS, before the Tax Appeal Tribunal sitting in Abuja over alleged double taxation. Also joined in the suit
Tribunal fixes May 14 for definite hearing in suit filed against FIRS Read More »
The Chairman and founder of Heirs Holdings, Tony Elumelu, has said that an average business concern in Nigeria pays 48 taxes. He noted that with this trend Nigeria would be unable to keep its investors and entrepreneurs if the issue of multiple taxation was not abolished. He said this in Abuja on Thursday while delivering
Average Nigerian business pays 48 taxes, says Elumelu Read More »
The Nigeria Labour Congress (NLC) President, Ayuba Wabba, has warned the Federal Government against any attempt or means to increase the Value Added Tax (VAT). Wabba, represented by NLC Deputy National President and President of Nigeria Union of Teachers (NUT), Dr. Nasiru Idris and Ibrahim Walama, stated this yesterday at the 11th state delegates’ congresses
The Society of Women in Taxation (SWIT), yesterday, raised concern that 70 per cent of the N5.2 trillion taxes collected in 2018, came from Lagos State alone. The development, which shows a lopsided tax base, is also an indication that the long four-year tax reforms and campaign have less impact in the remaining 35 states
Lagos alone contributed 70% of Nigeria’s N5.2tr tax revenue Read More »
Sovereign Trust Insurance Plc said its profit before tax rose by 167 per cent to N540m in 2018 financial period from the N202m in year 2017. A statement from the underwriting firm said that despite the challenging economic environment that characterised operations of most businesses in the country in 2018, the gross premium written in
Sovereign Trust’s profit before tax rose by 167% Read More »
The Federal Inland Revenue Service is seeking the support of the Central Bank of Nigeria to track payment of Value Added Tax made electronically by foreign entities that are not registered in Nigeria. The agency said this in a document detailing its strategic revenue growth initiatives for 2019 to 2021 which was submitted to the
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