Taxation globally is seen as a way of mobilising and supporting a nation’s financial resources. In this vein many nations have been taking the initiative to ensure that the tax administration is efficiently operated. The Nigerian tax system is beset by myriad of challenges, such as non-availability of tax statistics, inability to prioritize tax effort, […]
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The Minister for Budget and National Planning, Udoma Udo Udoma and the Executive Chairman of the FIRS, Babatunde Fowler hinted during an interactive session with the National Assembly on Tuesday 19 March 2019 that VAT rate is likely to go up to enable government fund the new minimum wage of N30,000 per month approved by
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Mr Tunde Fowler, the Executive Chairman, Federal Inland Revenue Service, FIRS on Tuesday called for an increase in the number of Nigerians and companies paying VAT and not a 50 per cent increase in VAT rate. The FIRS Executive Chairman called for a reduction in Companies Income Tax (CIT) rate for small businesses so as
Fowler Calls For Increase In VAT Collection in Nigeria Read More »
Anderson Tax Wednesday launched its review on Transfer Pricing (TP) Development in Africa, in Lagos. The 45-page report was aimed at providing tax payers and investors with the required insight into TP in Sub-Sahara African countries, particularly Nigeria. Addressing journalists, the Chairman, Anderson Tax Africa, Mr. Seyi Bickersteth, said the “report presents our findings from
The Manufacturers Association of Nigeria (MAN) on Thursday said the proposed VAT rate incremement was unfriendly to the manufacturing sector. The Director-General of the association, Mr Segun Ajayi-Kadir, made the remarks in Lagos, in spite of the rebuttal from the Federal Inland Revenue Service (FIRS) on the issue. Ajayi-Kadir also said the proposed VAT increment
Section 41 of the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended) requires all individuals to submit their individual tax returns (Form A) with the relevant tax authority. This return is for all income earned from all sources in the preceding year and it is due for submission by 31 March of
Deadline For Filing Of Annual Employees’ Tax Returns (Form A) Read More »
The Executive Secretary of the Economic Commission for Africa, Vera Songwe, has called on countries on the continent to improve their fiscal policies, as well as expand their tax base, so they have resources to fund their development projects. Songwe made this call at the 38th meeting of the Committee of Experts of the Conference
Plans are underway by the Federal Government to increase Value Added Tax, VAT, by up to 50 per cent (from current 5 per cent to 7.5 per cent), a move that would stoke-up inflationary pressure in the economy. The move is coming as a measure to raise funds for the implementation of the new minimum
If resources from tax revenue are properly harnessed, Delta state could sustain itself, the State Coordinator Tax Justice and Good Governance, Mrs Bridget Anyafulu, has said. Anyafulu stated this on Thursday while presenting a report on “Taxation in the Informal Sector in Delta State,’’ at a meeting of the Platform in Asaba. According to the
Delta Can Sustain Itself With Money From Taxation — Barr Anyafulu Read More »
PwC Nigeria has said the deployment of technology will help Nigeria to reduce tax compliance costs in order to encourage more people to pay taxes. The Head of Tax, PwC Nigeria, Mr Taiwo Oyedele, spoke on Tuesday in Lagos on the sidelines of the firm’s Tax Academy, with the theme ‘Technology and tax: Navigating tax
Nigeria needs to reduce tax compliance costs – PwC Read More »
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