A Federal High Court,in Lagos south west Nigeria, Presided over by Justice Chuka Obiozor, today ordered four multinational Oil companies, namely Shell Nigeria Exploration and Production Company Limited, Esso Exploration and Production Nigeria( DEEPWATER) Limited, Nigeria Agip Exploration Limited, and Total E&P Nigeria Limited to pay a total sum of $17,900,484.80., as penalty and interest […]
Google said Thursday it supports a global agreement on taxation that could allocate more taxes from multinationals to jurisdictions outside their home countries. “We support the movement toward a new comprehensive, international framework for how multinational companies are taxed,” said a blog post from Karan Bhatia, Google’s vice president for public affairs and public policy.
Google endorses ‘international tax deal’ for multinational Read More »
Investors and dealing members will begin to pay value-added tax for transactions carried out on the Nigerian Stock Exchange (NSE). This is due to the expiration of the Value-Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order of 2014. During her tenure as coordinating minister for the economy and minister of finance, Ngozi Okonjo-Iweala
From July, you will start paying VAT for stock exchange transactions Read More »
Mrs Zainab Ahmed, former minister of finance, says the federal govt is planning to increase VAT from the current five percent to 7.5 percent by 2020 – The development comes amidst reports that the government is seeking to shore up falling revenue – Ahmed said the government had developed a strategic revenue growth initiative which
It is now one month to the expiration of the Value Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order, 2014 (“the Order”). The Order was made in 2014 by the then. Co-ordinating Minister for the Economy and Minister of Finance in exercise of her powers under section 38 of the Value Added Tax
Countdown Begins to Expiration of VAT Exemption on Stock Exchange Transactions Read More »
The Nigeria Employers’ Consultative Association (NECA) has rejected calls by President Muhammadu Buhari to state governments to increase Value Added Tax (VAT) in order to increase their Internally Generated Revenue (IGR). The group said, yesterday, that such move would do more harm to the already burdened private sector. Speaking in Geneva, capital of Switzerland, where
NECA rejects FG’s call on states to increase VAT Read More »
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), says on-going monitoring and verification exercise on tax collections by Deposit Money Banks appointed by FIRS and Customs is within its mandate. It said this in a statement issued by Mr Ibrahim Mohammed, Head, Public Relations, on Sunday in Abuja, adding that the exercise was in order.
RMAFC explains involvement in tax monitoring, verification Read More »
The Court of Appeal (COA) in its judgement delivered today Monday, 24 June 2019 upheld the decision of the Federal High Court (FHC) in Vodacom Business Nigeria Limited (“Vodacom”) and Federal Inland Revenue Service (FIRS) on the applicability of value added tax (VAT) to satellite-network bandwidth capacities provided to Vodacom outside Nigeria by New Skies
The Federal Government has directed the Central Bank of Nigeria, Nigeria Interbank Settlement System, the National Identity Management Commission to cooperate with the Joint Tax Board in the release of relevant individual records. Vice President Yemi Osinbajo stated this while inaugurating the new National Tax Identification Number Registration System on Monday in Abuja. The News
New Tax ID: FG Directs CBN, Others to Synergise With Joint Tax Board Read More »
The Tax Appeal Tribunal, South East Zone, has declared that gratuities payable to pensioners are tax exempted under the Personal Income Tax Act (PITA). The tribunal made the declaration while delivering judgment in appeal brought before it by Nigerian Breweries PLC in 2017, challenging the decision of the Abia State Board of Internal Revenue for
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