Nigeria is planning to deduct 5% VAT for every online transaction via bank cards from next year. The burgeoning digital economy includes e-commerce where Jumia and Konga are playing. We also have the tech space with Flutterwave, Cowrywise, Piggybank, and others. Tunde Fowler, Chairman of Federal Inland Revenue Service (FIRS), confirmed this in an exclusive […]
MTN Nigeria Communications LTD has been accused by Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), of deducting tax from the N330 billion fine it paid to the Nigerian Communications Commission (NCC). The penalty was imposed in 2015 over SIM card registration infractions. Fowler maintained that fines and penalties for regulatory infractions are
MTN Deducted Tax From 2015 Fine, Claims Nigeria Tax Agency Read More »
Intel-owned Altera Corp. received more industry backing as some of the biggest names in tech and tax urged the Ninth Circuit to review a cross-border tax case with potentially billions of dollars at stake. In multiple briefs, the giants urged the U.S. Court of Appeals for the Ninth Circuit to hold an en banc rehearing
Google, Facebook, Apple Weigh in on Altera Tax Case Read More »
MTN Nigeria, on Friday, admitted to a technical disagreement between it and the Federal Inland Revenue Service on how the 2015 fine should be treated for tax purposes. Mr Onome Okwah, Manager, Public Relations and Protocol, Corporate Affairs/Corporate Relations, MTN, disclosed this in a statement in Lagos. According to him, the organisation’s attention has been
HMRC plans to introduce new rules for taxpayers and intermediaries on cross-border tax planning, and which might affect British residents’ who buy overseas properties. Thinking of buying a holiday home in the Dordogne? The taxman needs to know HMRC plans to introduce new rules for taxpayers and intermediaries on cross-border tax planning, and which might
In less than a week after the reinstatement of Value-Added Tax (VAT) collection on stock market transactions in Nigeria, reports have shown that investors could pay as much as N2.5 billion yearly in additional costs on trading. The five-year VAT exemption on stock exchange transactions expired on July 24, 2019. Thus, investors and dealing members
VAT payment takes it toll on stock market transactions in Nigeria Read More »
HMRC’s attempts to claw back taxes from people who used tax-planning schemes that they thought were legal have caused “widespread anxiety and distrust”, MPs have warned. MPs have previously claimed that the “loan charge” introduced to recover taxes on income that had effectively been disguised as loans has driven several people to take their own
HMRC tax crackdown that ‘drove people to suicide’ criticised by MPs Read More »
The Association of Issuing Houses of Nigeria (AIHN) has called on the federal government to extend the exemption of Value Added Tax (VAT) on capital market transactions which expired recently. This is even as the association announced that its 2019 annual general meeting (AGM) and second edition of its annual dinner and award night will
AIHN Urges FG to Renew VAT Exemption Grant on Capital Market Read More »
The Ministry of Finance has confirmed that it is continuing to implement Value Added Tax in compliance with the GCC Unified Agreement, which requires its implementation by all GCC members. The ministry said in a statement, “The government is working on completing the legislative procedures to issue the VAT law, pointing out that the General
France has approved a digital services tax despite threats of retaliation by the U.S., which targets American tech giants. The 3 percent levy will apply to revenue from digital services earned in France by firms with over $845 million worldwide. U.S. President Donald Trump ordered an investigation into the tax, a step that could lead
French parliament approves tax on digital tech giants Read More »
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