Cadbury Nigeria Plc yesterday released its financial statements for the year ended December 31, 2017 with a profit after tax of N350 million. The company in its result for the period under review on the Nigerian Stock Exchange (NSE) showed that profit after tax bounced back to N299 million from a loss after tax of […]
In the midst of a theoretically over economic recession, primarily caused by plunging oil prices and a history of incompetence, Nigeria turned to debt and bond instruments to finance a portion of its 2017 budget (and later 2018), a development that has not been able to sustain the extremely ambitious and highly controversial 7 trillion
Nigeria must imbibe ‘tax me, I task you’ culture. Read More »
The decision of the Federal High Court (FHC) in VODACOM BUSINESS NIGERIA LIMITED V. FEDERAL INLAND REVENUE SERVICE, handed down on the cusp of the New Year 2018, has understandably continued to generate a lot of controversy and angst. The FHC in that case, upheld the decision of the Tax Appeal Tribunal, making it the
Court Affirms Reverse Charge Mechanism In VAT: Matters Arising Read More »
The Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has warned individuals and corporate entities, who refuse to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) that the agency had voted a bigger sum of money for legal fees in its 2018 budget. Fowler made the disclosure in a
Fowler: FIRS Has Resources to Prosecute Tax Debtors after VAIDS Read More »
The Lagos State Internal Revenue Service (LIRS) has deployed an electronic payment remittance platform aimed at increasing monthly consumption tax revenue to N1 billion. Executive Chairman of LIRS, Mr. Ayodele Subair, disclosed this while speaking to journalists on the launch of the platform last week. He stated: “This remittance system is aimed to help in
LIRS targets N1bn monthly consumption tax with ePayment Read More »
Property owners in highbrow areas across the country are now targets of federal and state governments tax agencies determined to stop tax evaders. Presidency sources told PREMIUM TIMES on Monday in Abuja that government searchlight was now beamed on this class of property owners seen as the worst tax offenders. The source who requested not
Tax evasion: Nigerian govt to target property owners in highbrow areas Read More »
The federal government has said it has identified a new batch of over 130,000 high net worth individuals and companies with potential tax underpayments. They were uncovered via the data mining efforts of the Ministry of Finance’s Project Lighthouse. The Minister of Finance, Mrs. Kemi Adeosun, made the disclosure yesterday while appearing on the ‘Good
Tax Offenders: FG Identifies 130,000 High Net Worth Individuals, Companies Read More »
I recently came across two female entrepreneurs at a profile interview and we got into a conversation about taxes. I found it interesting that they were quick to say they were good with their taxes but didn’t have a clear understanding of Value Added Tax (VAT) and how they should be remitted. I once didn’t
Capital market experts, at the weekend renewed calls for the Federal Government to review the nation’s tax system, and reduce excessive taxes especially on listed firms, and encourage more investment into the market. Besides, they stressed the need to address Nigeria’s security challenges, and economic instability to guarantee safety of investment. The stakeholders, who spoke
‘How to increase, sustain investors’ participation in capital market’ Read More »
The Federal Inland Revenue Service (FIRS), has mandated its staff to halt the implementation of the sections of the controversial tax law that has brought untold hardship to insurers. The Partner & Head, Tax, Regulatory & People Services, Wole Obayomi, disclosed this at the recent Voluntary Assets Declaration (VAID) Scheme awareness Public Lecture organised by the
FIRS Halts Implementation of Controversial Insurers Tax Law Read More »
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