Participants at a high-level session on tobacco tax earmarking convened by the Nigeria Tobacco Control Alliance (NTCA) and the Federal Ministry of Health have highlighted the importance of the establishment of Tobacco Control Fund for successful implementation of tobacco control policies in the country. The meeting, held in Abuja on Wednesday, was attended by senior […]
Stakeholders Advocate Tax Earmarking For Tobacco Control Read More »
Businesses operating in Nigeria’s internet space are preparing to add value-added tax (VAT) to their cost of doing business. Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS) recently announced that the service will extend its tax net by charging 5% VAT on online transactions. Since its inception, the Muhammadu Buhari-led administration has
Businesses that may be affected by FIRS’ new VAT policy Read More »
If you or a loved one has disabilities or special needs, you know that the costs related to care can be substantial. The good news is, you may be able to reduce these costs by maximizing the tax strategies available to you. Below I’ve outlined four main areas to focus on when assessing your tax
Tax payment is compulsory for every business owner in Nigeria as well as employed Nigerian citizens. However, it is impossible to pay your tax or open a corporate bank account without your tax identification number (TIN). So, in this article, we will take you through the process of how to get TIN in Nigeria either
A global attempt by more than 120 countries to find a way to more fairly tax global internet giants is moving ahead despite individual countries’ deciding to impose their own tax, says the head of the international organization leading the project. Angel Gurria, secretary general of the Paris-based Organization for Economic Cooperation and Development, said
Global approach to digital tax is still on track Read More »
The Federal Inland Revenue Service (FIRS) and other African countries’ tax agencies are strategising to ensure owners of infrastructure investments in the continent are properly taxed, especially in the aspect of Value Added Tax (VAT). Over a trillion dollars is slated for investment towards infrastructure development over the next 10 years in the continent. Speaking
The Federal Government generated N311.94bn between April and June; statistics provided by the National Bureau of Statistics have shown. In the first quarter of the year, January to March, the country generated N289.04bn through VAT. NBS revealed that N269.79bn was generated in Q2 2018 representing 7.92 per cent increase Quarter-on-Quarter and 16.95 per cent increase
The people of Jericho held Zacchaeus, the corrupt chief tax collector, in low esteem. The biblical story had it that when Jesus was passing through Jericho, the very short Zacchaeus had to climb a tree to catch a glimpse of him. People grumbled and looked at him with scorn. If they had their way, they
Multiple tax collectors, defaulters and auditors Read More »
The Federal Inland Revenue Service (FIRS) has said that it would start charging Value Added Tax on online transactions, both domestic and international, with effective from January 2020. The Executive Chairman of FIRS, Mr Tunde Fowler, disclosed this at the African Tax Administration Forum Technical Workshop on VAT on Monday in Abuja. Fowler said that
FIRS charges VAT on online transactions January 2020 —Fowler Read More »
Once you have submitted your income tax return to SARS, you will be issued with an ITA34 – your notice of assessment – for the relevant year of assessment. At the top of your assessment you will be given two important dates, that are often overlooked, although these dates are of vital importance to you
Understand your income tax assessments and your tax debt Read More »
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