Recently, the Tax Appeal Tribunal (TAT) sitting at Lagos held that a taxpayer can object via online means to FIRS tax assessments. This decision was made in Earth Moving International Limited v FIRS. FIRS assessed Earth Moving International Limited (Earth Moving), to tax of over Twenty-Five Million Naira. Earth Moving objected to this tax assessment […]
THE TAX APPEAL TRIBUNAL ALLOWS ONLINE OBJECTION TO TAX ASSESSMENT Read More »
There are growing concerns by housing professionals on the possibility of fresh housing crisis in the country should the proposed Value Added Tax (VAT) by the federal government be implemented in 2020. Although government has stated that the process of increasing the VAT rate would involve extensive consultations with state governments and local government authorities,
Built sector in apprehension over proposed VAT rate Read More »
Nigerians may have to pay 9 percent service tax for using communication service if the Communication Tax Bill before the Senate is passed by the two chambers and approved by President Muhammadu Buhari. The new Bill entitled ‘Communication Tax Bill, 2019 (SB.12)’ was sponsored by Senator Ali Ndume, Chairman of the Senate Committee on Army.
Senate to Reject VAT Increase, Proposes 9% Communication Tax Read More »
Benue Internal Revenue Service (BIRS), in collaboration with the operatives of the Operation Whirlstroke operating in SANKERA axis of Benue State have cleared all routes in the federal constituency of illegal check points. The operation which also had the leadership of the amalgamated traders union as part of the team, saw to the sanitation of
Nigerian Army, BIRS Remove Illegal Tax Points In SANKERA Read More »
The big pot of water half buried at the middle of Malam Bizi’s expansive compound has served the family and guests for about two decades, providing cool water for drink especially during the dry season in northeast Maiduguri, known for its hotness in dry season. But something unusual is happening to the mud pot. It
The electricity Distribution Companies (DisCos) have dismissed the claim by an official of PriceWaterhouse Coopers (PwC) that they don’t pay taxes because they record losses. A statement by the Executive Director, Research and Advocacy at the Association of Nigerian Electricity Distributors (ANED), Barr. Sunday Oduntan, on Thursday said the DisCos were reacting to the comment
The federal government recently increased the value added tax (VAT) from 5% to 7.5%.The increase has continued to generate mixed reactions. The organised labour and some economic experts have condemned the move in strong terms and described the increase as untimely, aimed at inflicting more pains on poverty-ravaged Nigerians. The NLC stated that the increase
The Federal Government has urged General Electric to refund N360 million and two million dollars excess withholding tax (WHT) deducted from Arco Petrochemicals Engineering Company Limited, through its business dealings with General Electric (GE) International Operations Nigeria. This was part of outcome of the negotiations between FIRS officials, General Electric, ARCO and the Trade Union
Illegal Tax deductions: FIRS to refund $2m, others to General Electric Read More »
The Nigerian Investment Promotion Commission has rejected the application of 15 companies seeking pioneer status under the Industrial Development Income Tax Act. The pioneer status is an incentive from the Federal Government which exempts companies from income tax. It is also known as tax holiday and generally regarded as industrial investment device. This means the
FG denies Guinness, Dangote, 13 others tax relief Read More »
The Nigerian Economic Summit Group has emphasised the need for the government to reduce the number of taxes levied on businesses in the country. The NESG said out of about 3,000 forms of taxes operational across the country from the federal to the local government level, only four of them generated 96 per cent of
NESG advocates reduction in taxes, competitive economy Read More »
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