The Federal Inland Revenue Service (FIRS) recently issued Letters of Substitution, pursuant to Section 49 of the Companies Income Tax Act (CITA) 2004 and Section 31 of the Federal Inland Revenue Service Establishment Act (FIRSEA) 2007, to banks in Nigeria (“the Substitution Banks” or “SBs”), appointing them as tax collecting agents for certain listed customers […]
Prince Adetokunbo Kayode, President of Abuja Chamber of Commerce and Industry (ACCI), has called for urgent tax reforms to save Small and Medium Enterprises (SMEs) from stifling demands for tax even before they make profit. Kayode who stated this while speaking with newsmen in Abuja, explained that the practice of mandatory requirement for tax clearance
Kayode Calls For Urgent Tax Reforms To Save SMEs In Nigeria Read More »
The Society of Women in Taxation, Lagos State Chapter, says it is committed to promoting tax knowledge to women in society. In a statement on Monday, SWIT said it would be educating women during its upcoming tax forum for corporate and professional women in Lagos with the theme, ‘Building a new Nigerian tax culture through
The Federal Inland Revenue Service is to dispose of the properties of 52 companies over tax debts valued at about N3.4bn. Investigations by our correspondent in Abuja showed that already, the Legal Department of the Service had begun the process to sell the properties in a bid to effectively implement the initiative. It was learnt
N3.4bn tax debt: FIRS to sell properties of 52 firms Read More »
LAGOS – To ensure the industry overcome its current challenges, the Association of Bureaux de Change Operators of Nigeria (ABCON),yesterday emphasized the need for the Central Bank of Nigeria(CBN) to exempt bureau de change operators from payment of Value Added Tax (VAT). The association’s president, Alhaji Aminu Gwadabe, stated this in his speech at the
Summary On 11 December 2018, the Court of Appeal (COA or the Court), in the case between Best Children International Schools Limited (BCIS Limited or the Company) vs Federal Inland Revenue Service (FIRS), held that the Company is liable to Companies Income Tax (CIT), regardless of its claim to be an educational institution. The Court
COURT OF APPEAL RULES ON THE TAXABILITY OF AN EDUCATIONAL INSTITUTION Read More »
The Federal High Court (FHC) sitting in Abuja recently gave a judgement in favour of Theodak Nigeria Limited (TNL or “the Company” or “the plaintiff”) in its lawsuit against the Federal Inland Revenue Service (FIRS or “the defendant”). The issue for determination was whether the FIRS had statutory power to deem the value of the
Federal High Court Rules Against Income Tax Assessment Based on the Value of a Property Read More »
The Chairman of the Federal Inland Revenue Service, Babtunde Fowler, says with the tax policies put in place by the Federal Government, citizens will soon reap the benefits of paying tax. Fowler gave the assurance when he addressed State House correspondents after he briefed the Federal Executive Council on activities of FIRS on Wednesday at
Citizens To Reap Benefits Of Tax Payment – Fowler Read More »
Federal Inland Revenue Services (FIRS), Wednesday said it will publish the list of tax defaulters mid July following the commencement of compilation of data on tax defaulters, as the deadline given for the Voluntary Assets Income Declaration Scheme (VAIDS) policy expired on June 30. Chairman of the FIRS, Babatunde Fowler, gave this indications after a session with the
VAIDS: FIRS to publish list of defaulters, mid July Read More »
As the June 30, 2018 deadline for the Voluntary Asset and Income Declaration Scheme (VAIDS) inches closer, those in the Micro, Small and Medium Enterprises (MSMEs) sector of the economy have been urged to take advantage of the scheme to regularise their taxes in order to avoid prosecution. President of Nigerian Association of Small and
VAIDS: NASME Chief Urges Small Business Owners to Avoid Tax Prosecution Read More »
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