The National Assembly has passed a new law, the National Housing Fund (Establishment) Act 2018. The key provisions of the Bill include the following: Mandatory 2.5 percent contribution of monthly income by employees earning minimum wage and above in public and private sectors to be deducted and remitted monthly by all employers 2.5 percent […]
PWC Nigeria has stressed the need for tax administrators to simplify tax payment process in Nigeria, to increase compliance level. The Head of Tax, PwC Nigeria, Taiwo Oyedele, while speaking at the firm’s Tax Academy in Lagos, on Wednesday, said Nigeria’s tax revenue to GDP ratio ranked among one of the lowest in the world.
PWC canvasses simpler tax process for enhanced compliance Read More »
Minister of Budget and National Planning, Senator Udoma Udo Udoma and Executive Chairman of Federal Inland Revenue Service (FIRS) Mr. Babatunde Fowler of government’s intention to raise the rate of value added tax (VAT) before the end of 2019 is presently causing ripples among various categories of Nigerians. But experts have warned that such a
Experts caution FG: VAT increment will further worsen Nigerians’ situations Read More »
Summary Following the suspension of lien placed on the bank accounts of alleged non-compliant taxpayers in February 2019, the Federal Inland Revenue Service (FIRS) has directed banks in Nigeria to resume restriction of bank accounts of a number of taxpayers for alleged non-payment of taxes effective 15 March 2019. Details Earlier in the year, the
FIRS Resumes “Freezing” of Taxpayers’ Bank Accounts Read More »
Tax experts at PwC Nigeria have said digitising the processes of tax payment in the country will increase compliance level, among other benefits. The Head of Tax, PwC Nigeria, Mr Taiwo Oyedele, said this on the sidelines at the PWC Tax academy held in Lagos recently. He lamented the stress and some of the issues
Abuja, March 20, 2019 (TNE) The Tax Appeal Tribunal sitting in Abuja on Wednesday adopted the terms of settlement entered by 44 insurance companies and the Federal Inland Revenue Service (FIRS) over N579.5 million overpaid stamp duties charged the companies. The companies on Nov.19, 2018, filed a motion for an order for variation of a
Tribunal adopts terms of tax settlement between 44 insurance coys and FIRS Read More »
The Federal Inland Revenue Service (FIRS) on Tuesday apologised to the Tax Appeal Tribunal sitting in Abuja for the delay in serving processes on an appellant, Mr Joseph Daudu (SAN), in the case of alleged N1.2 billion error in taxation. Daudu said he was dissatisfied with the FIRS assessments of his Withholding Tax (WHT), Personal
N1.2bn Tax Assessment: FIRS apologises to Tax Appeal Tribunal for late process filing Read More »
If you need more time to file your federal tax return, it’s possible to apply for an extension of up to 6 months. By filing for an extension, you can avoid making tax mistakes and make sure you are adequately prepared to fill out your return with no rush. A tax extension is free, not
FEDERAL Inland Revenue Service (FIRS) on Monday arraigned Fortless Global Concept Limited and Everyday Wine Shop and their representatives at the Federal High Court, Abuja on alleged tax evasion, obstruction of official duty and attack on staff of the FIRS on duty among other charges. In the Charge No: FHC/ABJ/CR/48/2019, between the Federal Government of
FIRS arraigns companies, 3 others over tax evasion, assault on revenue staff. Read More »
The contribution of value added tax to Nigeria’s revenue base has witnessed a consistent growth in the last six years. Given the trend, taxation on goods and services consumed by Nigerians should become a major source of revenue for government to drive growth and development in the near future, writes Bamidele Famoofo Revenue There are
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