The incidence of multiple taxes, which have crippled operations of many listed firms in Nigeria, has spawned fresh criticisms, as capital market experts at the weekend, urged the incoming administration to abolish such investment obstacle. The experts, who canvassed a downward review of the withholding tax charged on dividend paid by quoted firms, also condemned […]
How multiple taxes cripple listed companies’ operations Read More »
The Federal Inland Revenue Service (FIRS) on Friday, 15 February 2019, instructed banks to suspend lien placed on the bank accounts of some taxpayers. In a letter issued to all banks, FIRS noted that the suspension takes immediate effect and would last for a period of 30 days. FIRS also noted that the suspension was
FIRS SUSPENDS LIEN ON BANK ACCOUNTS OF TAXPAYERS Read More »
The Federal Government has flagged-off its roads for tax-refund initiative with Dangote Construction handling a 16-kilometre Ofeme Community road network in Ohuhu in Umuahia North local Government, Abia State. The community road project which is expected to be delivered under the FG’s Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme enables private sector like
Federal government kicks off road for tax refund projects Read More »
Tier one lender Zenith Bank Plc has released its audited results for the 2018 financial year. Here are highlights of the result. Gross Earnings Gross Earnings dipped from N745 billion in 2017 to N630 billion in 2018. Bua group Profit Before Tax Profit before tax, however, rose from N199 billion in 2017 to N231 billion
Zenith Bank’s profit after tax hits N193 billion in FY 2018 Read More »
The Court of Appeal (CoA), in December 2018, upheld the ruling of Federal High Court (FHC) on the liability of educational institutions to pay companies income tax (CIT). The judgement arose from an appeal by Best Children International Schools Limited (BCIS/the Appellant) against Federal Inland Revenue Service (FIRS) in respect of the FHC decision that
Court of Appeal Affirms Educational Institutions’ Companies Income Tax Obligation Read More »
Only recently, business owners were awakened to cruel bank transaction notifications running into millions of naira undertaken without their consent. On further enquiries from their respective banks, they were shocked to learn that the Federal Inland Revenue Service (FIRS) had issued fiat to financial institutions to put lid on accounts of suspected tax defaulters. “We
FIRS Enforcement Move Threatens Investors Confidence Read More »
As a result of complaints by Nigerians and industry experts, the Federal Inland Revenue Service (FIRS) has written to banks, directing them to lift the lien on tax defaulters’ bank accounts for 30 days. The directive, which takes immediate effect, was contained in a letter from the Chairman, FIRS, to bank Managing Directors. FIRS, however,
FIRS Soft Pedals, Directs Banks To Unfreeze Tax Defaulters’ Accounts Read More »
The Federal Inland Revenue Service (FIRS) recently issued Letters of Substitution, pursuant to Section 49 of the Companies Income Tax Act (CITA) 2004 and Section 31 of the Federal Inland Revenue Service Establishment Act (FIRSEA) 2007, to banks in Nigeria (“the Substitution Banks” or “SBs”), appointing them as tax collecting agents for certain listed customers
KPMG, one of the Big Four auditors in the world, says Nigeria’s Federal Inland Revenue Service (FIRS) has gone draconian by giving fiats to banks to freeze accounts of suspected tax defaulters. In September 2018, Tunde Fowler, FIRS chairman, said the service was going after 6,772 tax defaulters, stating that they would have their account
FIRS has gone draconian by freezing accounts of alleged tax defaulters, says KPMG Read More »
Prince Adetokunbo Kayode, President of Abuja Chamber of Commerce and Industry (ACCI), has called for urgent tax reforms to save Small and Medium Enterprises (SMEs) from stifling demands for tax even before they make profit. Kayode who stated this while speaking with newsmen in Abuja, explained that the practice of mandatory requirement for tax clearance
Kayode Calls For Urgent Tax Reforms To Save SMEs In Nigeria Read More »
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