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Illegal Tax deductions: FIRS to refund $2m, others to General Electric

Leave a Comment / Nigerian Tax / InnerKonsult

The Federal Government has urged General Electric to refund N360 million and two million dollars excess withholding tax (WHT) deducted from Arco Petrochemicals Engineering Company Limited, through its business dealings with General Electric (GE) International Operations Nigeria. This was part of outcome of the negotiations between FIRS officials, General Electric, ARCO and the Trade Union […]

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FG denies Guinness, Dangote, 13 others tax relief

Leave a Comment / Nigerian Tax / InnerKonsult

The Nigerian Investment Promotion Commission has rejected the application of 15 companies seeking pioneer status under the Industrial Development Income Tax Act. The pioneer status is an incentive from the Federal Government which exempts companies from income tax. It is also known as tax holiday and generally regarded as industrial investment device. This means the

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Accountants to FG: Don’t increase VAT

Leave a Comment / Tax / InnerKonsult

The federal government shouldn’t increase Value Added Tax (VAT) just because Nigeria has the lowest VAT rate in the world as its economic conditions are not the same with countries with high VAT, the Association of National Accountants of Nigeria (ANAN) has said. The president of ANAN Prof. Muhammad Akaro Mainoma who spoke at the

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Tax vacant houses, UN Rapporteur urges FG

Leave a Comment / Tax / InnerKonsult

Ms Leilana Fartha, UN Special Rapporteur on the Rights to Adequate Housing, on Monday urged the Federal Government to impose vacant home taxes with a view to addressing housing challenges in the country. Fartha at a news conference in Abuja expressed concern over the human rights crisis presented by poor living conditions in Nigeria’s informal

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No Going Back on Aggressive Tax Drive, FG Insists

Leave a Comment / Tax / InnerKonsult

The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, has said there is no going back on the federal government’s determination to increase public revenue through intensified tax collection. This is coming as the Tax Leader, PwC, Mr. Taiwo Oyedele, has raised the alarm that Nigeria’s tax system contains 354 different taxes, stressing that

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FIRS Releases The Income Tax (Common Reporting Standard) Regulations 2019

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The Federal Inland Revenue Service (FIRS) recently released the Income Tax (Common Reporting Standard) Regulations (The Regulations). The Regulations seek to give effect to various international conventions, treaties and guidelines between Nigeria and other contracting States with respect to mutual administrative assistance, automatic exchange of financial account information and compliance with common reporting standards and

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NESG advocates reduction in taxes, competitive economy

Leave a Comment / Nigerian Tax / InnerKonsult

The Nigerian Economic Summit Group has emphasised the need for the government to reduce the number of taxes levied on businesses in the country. The NESG said out of about 3,000 forms of taxes operational across the country from the federal to the local government level, only four of them generated 96 per cent of

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Oyo exempts churches, mosques from tax net

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The Oyo state government at the weekend exempted churches and mosques from paying levies and taxes to the coffers of the state. The government position was in sharp contrast to the immediate past administration which stipulated certain amount of money to be paid by religious houses, corporate bodies, among others as security levies. The Executive

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High tax regime slowing business growth — Expert

Leave a Comment / Nigerian Tax / InnerKonsult

The Head, Tax and Corporate Advisory Services, PwC Nigeria, Taiwo Oyedele, has said the high company income tax rate in the country is a disincentive for business growth. Oyedele, while speaking during the Finance Correspondents Association of Nigeria annual workshop, themed ‘Unlocking opportunities in Nigeria’s non-oil sector’, said Nigeria had one of the highest company

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NASS must pass bill on VAT increase before implementation, Falana tells FG

Leave a Comment / Nigerian Tax / InnerKonsult

Human Rights Lawyer, Femi Falana, has called on the Federal Government to propose a Money Bill to the National Assembly before the implementation of the increase in Value Added Tax. Falana told the News Agency of Nigeria in Abuja that the National Assembly erred by inviting the Minister of Finance and the Executive Chairman of

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Illegal Tax deductions: FIRS to refund $2m, others to General Electric

FG denies Guinness, Dangote, 13 others tax relief

Accountants to FG: Don’t increase VAT

Tax vacant houses, UN Rapporteur urges FG

No Going Back on Aggressive Tax Drive, FG Insists

FIRS Releases The Income Tax (Common Reporting Standard) Regulations 2019

NESG advocates reduction in taxes, competitive economy

Oyo exempts churches, mosques from tax net

High tax regime slowing business growth — Expert

NASS must pass bill on VAT increase before implementation, Falana tells FG

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