Property owners in highbrow areas across the country are now targets of federal and state governments tax agencies determined to stop tax evaders. Presidency sources told PREMIUM TIMES on Monday in Abuja that government searchlight was now beamed on this class of property owners seen as the worst tax offenders. The source who requested not […]
Tax evasion: Nigerian govt to target property owners in highbrow areas Read More »
The federal government has said it has identified a new batch of over 130,000 high net worth individuals and companies with potential tax underpayments. They were uncovered via the data mining efforts of the Ministry of Finance’s Project Lighthouse. The Minister of Finance, Mrs. Kemi Adeosun, made the disclosure yesterday while appearing on the ‘Good
Tax Offenders: FG Identifies 130,000 High Net Worth Individuals, Companies Read More »
I recently came across two female entrepreneurs at a profile interview and we got into a conversation about taxes. I found it interesting that they were quick to say they were good with their taxes but didn’t have a clear understanding of Value Added Tax (VAT) and how they should be remitted. I once didn’t
Capital market experts, at the weekend renewed calls for the Federal Government to review the nation’s tax system, and reduce excessive taxes especially on listed firms, and encourage more investment into the market. Besides, they stressed the need to address Nigeria’s security challenges, and economic instability to guarantee safety of investment. The stakeholders, who spoke
‘How to increase, sustain investors’ participation in capital market’ Read More »
The Federal Inland Revenue Service (FIRS), has mandated its staff to halt the implementation of the sections of the controversial tax law that has brought untold hardship to insurers. The Partner & Head, Tax, Regulatory & People Services, Wole Obayomi, disclosed this at the recent Voluntary Assets Declaration (VAID) Scheme awareness Public Lecture organised by the
FIRS Halts Implementation of Controversial Insurers Tax Law Read More »
The insurance industry is one of the specialised businesses having a peculiar business model and corresponding distinct tax considerations in Nigeria. The core business of insurers/insurance companies, simply put, is to provide cover to another party (insured), against possible financial loss within a specified period. In return, the insured pays an insurance premium at the
The Minister of Finance , Mrs Kemi Adeosun has called on tax invaders or those who have not declared their income or pay taxes accordingly to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) or face prosecution at its expiration on 31 March, 2018. She stated this during the Stakeholder Interactive Session
We’ll Disgrace Tax Evaders After March 31 – Adeosun Read More »
The federal government is ready to prosecute, name and shame tax evaders that fail to utilize the tax amnesty programme, the Voluntary Assets and Income Declaration Scheme (VAIDS), to regularize their tax profiles, the Minister of Finance, Kemi Adeosun, declared yesterday. She also disclosed that the federal government would strictly adhere to the confidentiality of
As VAIDS Winds Down, FG Prepares to Shame, Prosecute Tax Offenders from April 1 Read More »
Corporations and businesses may see their taxes increase by 0.5 percent if assent is given to the Competition and Consumer Protection Bill submitted by the National Assembly to the presidency. business a.m gathered from the Nigeria Employers Consultative Association (NECA) that there is an inclusion of a tax provision of 0.5 percent on companies to
Corporate taxes to increase by 0.5% as competition bill goes for assent Read More »
Nigeria’s tax to GDP ratio at six percent is definitely very low when compared to its peers. According to available statistics, Ghana, the nation’s West African neighbour’s ratio at 15 percent cast a pall on Nigeria as the dominant economy in the sub-region. Again, South Africa’s at 24 percent also puts doubts on Nigeria being
Nigeria’s tax drive and burden of responsibility and accountability Read More »
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