Tax

CIT and Employee Compensation: Tax Considerations for Salaries, Benefits, and Bonuses.

Introduction: Employee compensation is a fundamental aspect of business operations, reflecting a company’s commitment to its workforce’s well-being and performance. However, the Companies Income Tax (CIT) Act in Nigeria outlines specific tax considerations that businesses must address when structuring employee compensation packages. Ensuring compliance with these tax regulations is crucial to avoid penalties and maintain […]

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Growing Green: Environmental Tax Incentives Offered by OGIRS.

Introduction: As the world embrace sustainability and environmental responsibility, government and businesses alike are exploring ways to promote environmentally friendly practices. In Ogun State, Nigeria, the Ogun State Internal Revenue Service (OGIRS) has taken a proactive stance by offering environmental tax incentives to businesses that prioritize eco-friendly initiatives. These incentives not only contribute to environmental

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Tax Strategies for Real Estate Investments: OGIRS Guidelines for Property Owners.

Introduction: Real estate investments have long been a favored avenue for wealth creation and portfolio diversification. As property owners in Ogun State, Nigeria, you must be aware of the tax implications associated with real estate transactions and holdings. The Ogun State Internal Revenue Service (OGIRS) provides valuable guidelines for property owners to navigate these tax

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Rwanda Becomes The First Country To Remove Tax on Sanitary Pads

Rwanda has become the first country to scrap the tax on sanitary pads. The move, according to Rwandan authorities, intends to create a favorable environment for poor female students who are often forced to skip school during their periods. A pack of ten sanitary pads currently goes for around 1,000 Rwandan Francs ($1.07). The products

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This is nothing but a budget of taxation —Abaribe

The senator representing Abia-South Senatorial District of Abia State in the Senate, Enyinnaya Abaribe, has described the 2020 budget as “nothing but a budget of taxation.” The senator added that the budget is not “sustainable.” President Muhammadu Buhari presented the 2020 Appropriation Bill to the joint sitting of the National Assembly on Tuesday. He had

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Court bars FIRS from enforcing VAT on goods consume in hotels

Justice Rilwanu Aikawa of the Federal High Court in Lagos has barred the Federal Inland Revenue Services (FIRS), from enforcing VAT provisions on goods and services consumed in hotels, restaurants and event centres in Lagos State. Justice Aikawa gave the order while delivering judgment in the suit seeking to restrain the Attorney General (AG) of

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NECA rejects additional taxes to fund rebuilding of tollgates

The Nigeria Employers’ Consultative Association (NECA) has rejected Federal Government’s proposed imposition of fresh taxes or levies on Nigerians to fund the reconstruction of tollgates on federal highways across the country. It argued that for the tolling policy to see the light of the day, no additional burden, in form of any tax or levy

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