A national consensus seems to have emerged that increasing the Value Added Tax (VAT) rate at this point will deepen the economic misery of the average Nigerian already overburdened by the yoke of broken social infrastructure. For the hard-pressed workers, such proposition will only mean that the government is desirous of retrieving with the left […]
The European Union (EU) Support to Federal Government Reform Programme (EU-SUFEGOR) spent a whooping €20m on varieties of reforms to deepen good governance in Nigeria. The Team Leader of the EU-SUFEGOR, Prof. Olaseni Akintola-Bello, said this in Abuja at the formal winding off of the five-year project. According to him, the Treasury Single Account (TSA),
‘EU spent €20m on Nigeria’s tax, budget other reforms’ Read More »
The Federal Inland Revenue Service (FIRS) on Tuesday said it will surpass in 2019 the N5.32 trillion it generated in 2018. The N5.32 trillion remains its highest yearly collection so far. In a paper titled: “The imperatives of regulatory processes, procedures and compliance in the Nigerian business sector” presented at a forum organised by the
FIRS will exceed N5.32trn revenue collection in 2019 – Fowler Read More »
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), has commended the decision of the Federal Government to remove Value Added Tax (VAT) from domestically produced Liquefied Petroleum Gas otherwise known as Cooking Gas. According to the association, the Federal Government signed the approval of VAT removal on LPG and gazetted same, after several pleas
NALPGAM hails removal of VAT on LPG, seeks reduction in duty Read More »
Nigerian airlines have expressed their misgivings over Nigerian Customs Service (NCS) delay to implement President Muhammadu Buhari’s Executive Order on the removal of Value Added Tax (VAT) from all forms of shared transportation taxes paid by local operating in the country. This comes as the Minister of State for Aviation, Mr. Hadi Sirika, announced that
VAT: Airlines count losses over Customs implementation delay Read More »
The Chartered Institute of Taxation of Nigeria (CITN) has begun the distribution of its stamp and seal to its certified members, just few months after it emerged that tax returns without the institute’s authentications would be rejected. The presentation marks the full kick off of the implementation of the new directive that all tax returns
CITN begins distribution of stamp, seals for tax returns to members Read More »
The European Union on Friday removed the British overseas territory of Bermuda, the Dutch Caribbean Island of Aruba and Barbados from the bloc’s blacklist of tax havens. The three islands were added to the list in March as they had failed for months to change their tax rules, which the EU deemed at risk of
Tax haven: EU removes Bermuda, Aruba, Barbados from blacklist Read More »
The Nigerian lottery and gaming industry has seen a lot of growth and expansion in recent years. This is mostly driven by the growing popularity of the sports betting segment fuelled by the huge followership of premiership football and other similar sporting activities. The number of participants in this industry has been on a steady
Should Value Added Tax Apply On Lottery And Gaming Activities In Nigeria? Read More »
Seventy-five Kenyan tax agency staff were arrested on Friday on suspicion of abetting tax evasion and bribery, the latest effort by authorities in the East African country to fight corruption. The staff have not been charged and are being questioned, the Kenya Revenue Authority (KRA) said in a statement. “Investigations into the rackets have been
About 55 life and non-life underwriting companies in the country have paid N36.5 billion as tax to the government through the Federal Inland Revenue Service (FIRS) in the last five years.The Guardian reliably gathered that between 2013 and 2017 financial years, these underwriters generated N100.4 billion as Profit Before Tax (PBT) and were left with
How insurers’ N37 billion tax affects industry growth Read More »
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