Cost of buying goods online may surge next year as the Federal Inland Revenue Service (FIRS) perfects plans to start charging 5 percent Value Added Tax (VAT) on online transactions. Mr Tunde Fowler, the Chairman, FIRS, gave the hint during an interview in his office in Abuja last week. The Chairman said payments for online […]
The Ekiti State House of Assembly on Tuesday, passed a new bill that would guide tax policy and revenue generation. The Speaker, Funminiyi Afuye, who passed the bill through a voice vote, commended the House Committee on Finance and Appropriation for a “good job.” He said, “Ekiti needs to look inwards at this challenging time
Following the expiration of the five-year Value-Added Tax (VAT) exemption on Stock Exchange transactions, it has been revealed that investors may lose as much as N2.5 billion yearly as additional costs on transactions. Reports said stakeholders in the Nigerian capital market have been expressing concerns on the matter just as the non-reversal of VAT payment
Investors may lose N2.5 billion annually to VAT enforcement – Reports Read More »
Shareholders under the aegis of Ibadan Zone Shareholders Association (IBZSA) have added their voices to calls on the federal government to extend the exemption of Value Added Tax (VAT) charges on transactions on the Nigerian Stock Exchange (NSE), pending when the economy and market fully recovers. The five-year exemption on brokerage commission and transactions fees
More Shareholders Want VAT Charges Exemption Extended Read More »
Dr. Cyril Ikemefuna Nwobodo Ede the immediate President of the Chartered Institute of Taxation of Nigeria (CITN) For us to be truly seen as making a determined push to diversify the economy away from taxes, what we require is a sustained effort towards investing in critical infrastructure such as power and transportation which impacts greatly
Diversification’ll enhance tax administration –Ede, ex-CITN president Read More »
Investors and dealers are now required to pay Value-Added Tax (VAT) for transactions carried out on the Nigerian Stock Exchange (NSE), following the expiration of a five-year exemption. The previous order on exemption of the tax was enforced by former Finance Minister, Ngozi Okonjo-Iweala. During her tenure, the minister exempted VAT deductions from commissions earned
Fowler made this known on Thursday during a speech at the south-west flag-off ceremony of the new Tax Identification Number (TIN) Registration System and Consolidated National Taxpayers Database. The website, which was first launched in Abuja on July 1, allows users to register and get their tax identification numbers (TIN) online. According to the JTB
Tax transactions to be conducted online- Tunde Fowler Read More »
An aggressive tax drive through tech-driven process will wean federating States from overdependence on federal allocations, Lagos State Governor, Mr. Babajide Sanwo-Olu, has said. Lagos, Sanwo-Olu said, understood the challenges associated with overdependence on federal handouts early enough, prompting the State to pursue an inclusive revenue generation push to achieve financial autonomy and reduce its
Effective tax drive key to states’ financial independence Read More »
The Rivers State Internal Revenue Service has dismissed claims in some quarters that the state government is planning to tax churches. The Chairman, RIRS, Adoage Norteh, told journalists in Port Harcourt on Thursday that the government had never contemplated collecting taxes from churches. Norteh explained that though he was of the view that workers, who
No plan to tax churches, Rivers revenue agency insists Read More »
Dame Gladys Simplice, Isaac Adedayo, Samuel Agbeluyi and Innocent Ohagwa have emerged in the new leadership team of the Chartered Institute of Taxation of Nigeria (CITN) with the mandate to pilot its affairs for the next two years. In a statement made available to Next Level in Lagos, the institute said while Simplice would be
Simplice, Adedayo, others emerge in CITN new leadership Read More »
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