The federal government has clarified that  deposits into savings accounts that is up to N10,000 are not exempted from the payment of N50 stamp duty under the Finance Act of 2020. Director General of Budget Office of the Federation, Mr. Ben Akabueze, said in Lagos at the weekend that the Finance Act, 2020 did not […]

In a bid to ensure total tax compliance in the country, the Federal Inland Revenue Service (FIRS) has disclosed plans to put new policies in place. The disclosure was made by the FIRS Executive Chairman, Muhammad Nami during the KPMG Tax Breakfast Seminar. According to KPMG Tax Consultant, Victor Adegite in a series of tweets, Nami said

The number of tax refunds issued so far this tax season is down almost 5% compared to last year, an indication that many Americans didn’t withhold enough from their paychecks and could face bills from the IRS. The IRS issued more than 10.8 million tax refunds through the week ending in Feb. 7, according to

Now that tax season has kicked in, prepare for some pretty big changes on your 2019 tax forms. You may even wind up filling out a new version of the 1040 specifically for people 65 and older. And the W-4 withholding form from employers has been completely revamped. “I’d say the tax forms are very

Washington, DC (CNN)Tennessee Republican lawmakers are pushing back on a proposed three-day tax exemption on feminine hygiene products, saying it would lead to a loss of too much tax revenue. Sen. Sara Kyle on Tuesday introduced SB 1724, a bill that would exclude products like tampons, pads, liners, cups and douches from sales tax during

As taxpayers roll into the second tax-filing season under the Tax Cuts and Jobs Act, one question remains: “Will I come out ahead in 2019?” The IRS began accepting 2019 tax returns on Jan. 27 and anticipates it will receive more than 150 million individual returns this year. Thus far, the agency has delivered 4.3 million refunds

The Federal Inland Revenue Service (FIRS) says it has inaugurated a national intelligence gathering system to gather data and track tax evaders and defaulters across the country. According to a statement released by Abdullahi Ismaila, the FIRS director of communications and liaison department, the tracking system will be used in collaboration with financial institutions and

Chinese President Xi Jinping has promised tax cuts and other forms of support for businesses as the government tries to alleviate the effects on the economy of the coronavirus outbreak, code-named COVID-19, that has infected tens of thousands of people and cordoned off entire regions. Scientists in China code-named the virus COVID-19 to mean CO-for

Vice president Yemi Osinbajo has said that the raise in the rate of value added-tax in Nigeria from five per cent to seven point five is still the lowest in Africa. Osinbajo spoke on the issue in Lafia while inaugurating the national micro-small and medium enterprises clinic. The vice president acknowledges the complaints in some

Nancy Pelosi disclosed a $4.8 million purchase of Amazon shares and $720,000 purchase of Facebook shares in a filing Tuesday. Her husband, investor and venture capitalist Paul Pelosi, made the buys, according to Barrons’s . He did so by exercising call options he held on both companies’ stock, which allowed him to buy into both names at