A fuel distribution company has lost its challenge against a tax bill of over €1.3 million from Revenue over its failure to keep proper records of sales of large volumes of marked diesel to a customer suspected of involvement in fuel laundering. The Tax Appeals Commission has ruled that the unnamed company is liable to […]

The Federal Inland Revenue Service (FIRS or the Service) has recently issued three Public Notices to taxpayers with respect to the tax status of dormant companies, implementation of the new Value Added Tax (VAT) rate under the Finance Act, 2019 (Finance Act) and the remittance of Stamp Duties under the Finance Act. We have provided below, the details

The Federal Inland Revenue Service (FIRS) is to receive N1.738,481,875.33 from Prime Plastichem Nigeria Limited (PPNL) going by the ruling of the Tax Appeal Tribunal, Lagos Zone. The tribunal upheld the additional tax liability of N1.738,481,875.33 slammed on the firm by the federal tax body was in order as should be paid as the correct

Tax preparation is complex and often confusing, even when you’re filing individual income tax as an employee with a single source of income. When you’re a first-time entrepreneur, however, the complexity increases exponentially.  With so many income tax forms published by the Internal Revenue Service, and so much riding on getting your tax returns right, it’s

About 40% of people who receive Social Security benefits pay taxes on that income. While that comes as a surprise to many, there are ways to bring down the rate at which you are taxed. Here’s how to know whether 50% or 85% of your benefits are taxed, and how you can keep more of

1.   Get your benefitsIf you’ll soon be turning 65, make sure you have applied to receive your Old Age Security and, if you haven’t done so already, consider applying to Canadian Pension Plan (CPP). The default age to claim CPP pension benefits is 65, but you can choose to begin receiving your pension benefits as

I recently spoke with a prospective client who was adamant that he would not have to pay taxes in retirement. He read and printed an online article which indicated, “You will not owe these taxes in retirement.” That myth was reinforced when his employer’s human resources associate person told him that he would not have

It’s not just accountants who are busy this tax season, it’s online hackers too – and they’re preying on both individuals and small businesses. This is “not from the ‘mob’ or street criminals,” writes Jess Coburn, a data protection expert, in CPA Practice Advisor. “These criminals are likely sitting behind a desk, glued to computer monitors,

Abuja – The Akwa Development Union, Abuja branch has expressed displeasure over acclaimed delay by Nigerian Bar Association (NBA) to treat a criminal petition it filed against an Abuja-based Legal Practitioner, Taiye Ahmed. Chief Chris Ndibe, President of the union expressed the displeasure while speaking with News Agency of Nigeria (NAN) on Thursday in Abuja.

The Central Bank of Nigeria (CBN) on Thursday said it had returned over N60 billion excess charges deducted by banks from the account of customers back to them. The apex bank said it received 13,000 complaints from customers over illegal charges being imposed on their accounts by banks. Therefore, the CBN’s Consumer Protection Department commenced