The Oyo State Government on Tuesday said it had concluded plans to collect tax from the informal sector tax with the use of mobile apps and Automated Teller Machine cards. The government also stated that the annual collection of tax, especially among traders, markets and artisans, would take immediate effect. The Executive Chairman, Oyo State […]

The introduction of withholding tax (WHT) provisions in the Nigerian tax laws in 1977, imposed on taxpayers the obligation to deduct tax at source on payments for qualifying transactions. The tax deducted are to be remitted to the relevant tax authority within a statutory timeline, with penalty and interest charges imposed on defaulting taxpayers. However,

News of the query issued to Mr Tunde Fowler, the FIRS(Federal Inland Revenue Service) boss, has once again put the issue of tax in the country in the spotlight. The importance of taxation to a country’s development cannot be overemphasized, especially as without tax revenues the civil service will be grounded, and we know what

More than 81 percent of taxable adults and businesses in Nigeria do not pay their income taxes due to low tax moral in the country, the Nigeria Governors’ Forum (NGF) has learnt.  This was disclosed in a presentation made by Research Director of the Fiscal Policy Roundtable of the Nigeria Economic Summit Group, NESG, Tayo

The Federal Inland Revenue Service (FIRS) is empowered to assess and collect established tax liabilities from entities. The tax laws also empowered the tax authority to charge and collected administrative penalties such late returns penalty, penalty late payment, etc. Tax Authorities do not have powers to impose taxes, only a court of law can impose

National Assembly Joint Committee has raised concern over Federal Inland Revenue Service’s (FIRS) 2019 projected estimate of non oil revenue tax collection of N146.54 billion. The Co-chairman of the committee, Sen. John Enoh and other members of the committee raised the concern at FIRS’s budget defence in Abuja on Monday. The committee sought to know

Many fleets, businesses, transit agencies and school districts eagerly await the beginning of the September congressional work period, the next opportunity for Congress to extend the expired Alternative Fuels Tax Credit. Preserving our environment must be a national priority, and investment in proven on-road technology depends on maintaining cost efficiency. The credit on the sale

Online rental giant Airbnb has renewed calls for capital gains tax reform to better promote a “fair go”, in an appeal to the Morrison government’s commitment to aspiration. Airbnb said expats living overseas are allowed to rent out properties full time for years, but Airbnb hosts risked losing the capital gains tax exemption that applies

HMRC opened investigations into almost one in four of the 22,000 estates on which IHT was due in the 2018-2019 tax year, according to a freedom of information request submitted by wealth advisors Quilter. Some 5,537 IHT returns were investigated in the tax year. The number of investigations has grown by 7.8% following the introduction