Experts have called on the federal government to restructure the finances of the country such that the share of the nation’s revenue that it earns from taxation is judiciously utilised calling for more transparency. The federal government last week proposed an increase in Value Added Tax (VAT) by 44 per cent to 7.2 per cent […]
Executive vice Chairman of Famfa oil has described the planned increased of the Value Added Tax (VAT) from its current 5 per cent to 7.5 per cent by the federal government as a threat to entrepreneurs in the country. The Federal Executive Council (FEC) had approved the increment of the VAT to 7.5 per cent
The Federal Inland Revenue Service (FIRS) has reiterated its confidence in taxation, stating that it remains Nigeria’s major lifeline for economic development. This was made known by the Chairman of the agency, Dr Babatunde Fowler, at the investiture of Hajia Kudirat Abdul-Hamid as the 3rd National Chairperson of Society of Women in Taxation in the
Dr Babatunde Fowler, Chairman Federal Inland Revenue Service, says taxation remains the country’s lifeline for economic development. Fowler made this known on Tuesday night in Abuja, at the investiture of Hajia Kudirat Abdul-Hamid, as the 3rd National Chairperson of Society of Women in Taxation. Fowler was represented by an FIRS official, Mr Abiodun Aina. He
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Bill Gates said Nigeria has one of the lowest tax-to-GDP ratio in the world. The co-founder of the Bill and Melinda Gates foundation said the government has to win the confidence of the people. Gates said this will allow the people pay more tax knowing it is for development The co-chair of the Bill and
How Nigerian govt can make citizens pay more tax – Bill Gates Read More »
In furtherance of its resolve to eradicate illegal tax points in the state the Benue Internal Revenue Service(BIRS), in collaboration with the Nigeria Police vacated the illegal tax point at Mu head bridge in Makurdi. The operation which saw the destruction of the checking point which served as the operation point for the hoodlums, was
In classifying taxes using the tax base – the basis for assessing tax, taxes are classified as income tax, capital tax and consumption tax. Consumption tax is imposed on the consumption of goods and services. Consumption tax are usually described as Value Added Tax (VAT), Sales Tax (ST), Goods and Services Tax (GST), or simply
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MIXED reactions on Thursday trailed the 7.2 per cent Value Added Tax (VAT) proposed by the Federal Executive Council (FEC). The Chartered Institute of Taxation of Nigeria (CITN) lauded the increase, saying it was long overdue. According to the institute, the proposal will help government to realise its developmental objectives. But, the Manufacturing Association of
Nollywood actress, Iyabo Ojo is almost at the verge of shutting down her shop over excessive Taxation by Sanwo Olu’s goverment in Lagos State. The movie star took to her Instagram account late on Thursday night, September 12, 2019, to lament the tax debt levied on her by the Lagos state tax agency. In a
Chairman, Federal Inland Revenue Service, Babatunde Fowler, has advised accountants against colluding with tax evaders, warning that they have no power to substitute accounts. Fowler gave the advice on Wednesday at the ongoing 49th Annual Conference of the Institute of Chartered Accountants of Nigeria, where he was the keynote speaker at a panel discussion on
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