The Anambra state Internal Revenue Service (AIRS) says it would on April 1st, 2019, embark on annual audit of companies, businesses and institutions operating in the state in oder to confirm their level of adherence to deduction and remitting of income taxes. The executive chairman of AIRS, Dr. David Nzekwu, who disclosed this in a […]
Tax: Anambra revenue board set to audit companies Read More »
Coronation Merchant Bank Limited (‘CORONATION MB);Africa’s leading financial institution, has released its 2018 Full Year Results to stakeholders in which the Bank posted a Profit Before Tax of N5.3billion. Commenting on the results, Abu Jimoh, Group Managing Director/CEO of Coronation Merchant Bank Limited said, despite a difficult operating environment, our company stayed the course, recording
Coronation Merchant Bank posts N5.3 billion profit before tax in FY 2018 Read More »
Introduction The Federal Inland Revenue Service (FIRS) has issued Guidelines on Mutual Agreement Procedure (MAP) in Nigeria and Certificate of Residency Forms for taxpayers seeking to take advantage of the MAP. Mutual Agreement Procedure: MAP is a dispute resolution mechanism designed to resolve international tax disputes arising from inconsistent interpretations of double tax agreement (DTA)
Nigeria: FIRS Issues Guidelines On Mutual Agreement Procedure Read More »
The shares of Seplat Petroleum Development Company Plc fell 3.5 per cent yesterday as investors reacted negatively to the audited results of the company for the year ended December 31, 2018. The shares fell from N619.00 to N596.90 per share. The firm, which is listed on the Nigerian Stock Exchange (NSE) and London Stock Exchange
Seplat Petroleum‘s Profit After Tax Falls to N45 Billion Read More »
Telecommunication companies (Telcos) have expressed concerns over recent move by various states ministry of environment to impose environmental impact assessment (EIA) levy on their operations across the country. They described the development as another form of multiple taxation that would impede the growth of the sector. To this end, the operators under the aegis of
Telcos Cry Out over Multiple Taxes, Seek Tariff Review Read More »
Federal Inland Revenue Service (FIRS) has recently been issuing Notice of Refusal to Amend (NORA) assessments issued in respect of on-going tax audit exercises. This is notwithstanding that taxpayers have objected such assessment notices or that some of the issues raised by FIRS have been resolved/documented at reconciliation meetings. In letters issued to some taxpayers,
Nigeria: FIRS Seeks To Close Prolonged Tax Audits Using NORAs Read More »
The Federal Inland Revenue Service (FIRS) has disclosed that a total of N12.62 trillion was generated as revenue from 2016 to 2018. This was revealed in a document made available to newsmen by the Head of Communications and Servicom Department of the agency, Wahab Gbadamosi. N3.3 trillion was generated in 2016, N4.02 trillion in 2017
N12.6tn generated as tax under Buhari, FIRS says Read More »
On 13 January, 2016, the International Accounting Standard Board (IASB) announced the issuance of a new accounting standard: International Financial Reporting Standard (IFRS) 16, on leases, which took effect on 1 January 2019. The new standard has changed the basis of accounting for leases which was in force for more than thirty years. While IFRS
Nigeria: Has The New Lease Rule Come To Change The Tax Space? Read More »
A High Court in Lagos, has reportedly ordered that actress Monalisa Chinda, should be arrested for failing to pay income tax over a 6-year period. In a report by The Nation News on Sunday, March 3, 2019, it was alleged that the actress had failed to obey a request asking her to show up in
Court reportedly asks Monalisa Chinda to be arrested for tax evasion Read More »
A disclosure the other day by the Federal Inland Revenue Service (FIRS) boss about possible pursuit of 85,000 millionaire tax defaulters is curious and unfortunate. There is no reason for serious alarm before such a critical service can be delivered and the reasons are not too far to seek. Tax payment to governments by qualified
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