The insurance industry is one of the specialised businesses having a peculiar business model and corresponding distinct tax considerations in Nigeria. The core business of insurers/insurance companies, simply put, is to provide cover to another party (insured), against possible financial loss within a specified period. In return, the insured pays an insurance premium at the […]
The Minister of Finance , Mrs Kemi Adeosun has called on tax invaders or those who have not declared their income or pay taxes accordingly to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) or face prosecution at its expiration on 31 March, 2018. She stated this during the Stakeholder Interactive Session
We’ll Disgrace Tax Evaders After March 31 – Adeosun Read More »
The federal government is ready to prosecute, name and shame tax evaders that fail to utilize the tax amnesty programme, the Voluntary Assets and Income Declaration Scheme (VAIDS), to regularize their tax profiles, the Minister of Finance, Kemi Adeosun, declared yesterday. She also disclosed that the federal government would strictly adhere to the confidentiality of
As VAIDS Winds Down, FG Prepares to Shame, Prosecute Tax Offenders from April 1 Read More »
Corporations and businesses may see their taxes increase by 0.5 percent if assent is given to the Competition and Consumer Protection Bill submitted by the National Assembly to the presidency. business a.m gathered from the Nigeria Employers Consultative Association (NECA) that there is an inclusion of a tax provision of 0.5 percent on companies to
Corporate taxes to increase by 0.5% as competition bill goes for assent Read More »
Nigeria’s tax to GDP ratio at six percent is definitely very low when compared to its peers. According to available statistics, Ghana, the nation’s West African neighbour’s ratio at 15 percent cast a pall on Nigeria as the dominant economy in the sub-region. Again, South Africa’s at 24 percent also puts doubts on Nigeria being
Nigeria’s tax drive and burden of responsibility and accountability Read More »
Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has urged members of the Institute of Directors (IoD) to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS). Fowler gave the advice in Lagos on Tuesday evening while making a presentation on the tax amnesty scheme to IoD members. In the
Tax Evaders’ll Be Exposed, Fowler Tells Company Directors Read More »
In its effort to leverage on e-payment and multi-modal payment portals, the Lagos State Internal Revenue Service (LIRS) has unveiled an automated invoicing system and technology device, Electronic Revenue Assurance (ERA) system at a stakeholders’ meeting held with hotel and business owners in the hospitality and tourism sector of Lagos State at the Banquet Hall,
The Minister of Finance, Mrs. Kemi Adeosun, will on March 1, lead a high-powered Federal Government’s delegation to the Voluntary Assets and Income Declaration Scheme (VAIDS) stakeholders’ symposium in Kaduna State. The VAIDS stakeholders’ symposium is being hosted by the Kaduna State Government, and will be attended by the state’s Governor, Mallam Nasir el-Rufai; Executive Chairman of
Before we delve deep into the matter it is very important to define the term income tax so that it becomes easy for the readers to understand the topic. Income tax is a kind of levy that is imposed by the government on all the financial income that is generated by different entities within its
A good company providing taxes services in Nigeria is not less than a boon due to the fact that these services are always required by the organizations. Making good taxes Services Company a partner in process will also make sure that the best outcome is got in this regard. Taxes services should be embedded with
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