Two representatives of the Process and Industrial Development Ltd on Thursday pleaded guilty before the Federal High Court in Abuja to charges of fraud and tax evasion instituted against them in respect of the contract leading to the recent controversial judgment of a British court empowering the firm to seize about $9.6bn worth of Nigerian […]
P&ID representatives plead guilty to fraud, tax evasion Read More »
The Federal Inland Revenue Service (FIRS) has issued the Income Tax (Common Reporting Standard) Regulations, 2019 (CRS Regulations). This follows Nigeria’s signing of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) and the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, signed by Nigeria on 17 August
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The Buhari Media Organisation (BMO) has cautioned the Peoples Democratic Party (PDP) to stop crying wolf or seeing ghosts where none exist, especially over federal government’s plan to increase the Value Added Tax (VAT) from 5 per cent to 7.5 per cent. Reacting to the PDP’s rejection of VAT, the group warned the opposition party
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 Tax Appeal Tribunal, TAT, has warned petitioners that it was not susceptible to inducements and would only continue to treat appeals before it on their merits. Work on VAT implementation, not increase,Ex-ANAN president urges FG The Tribunal also said that it does not use technicalities to adjudicate matters before it, but dispense them meritoriously;
You can’t bribe us – Tax Tribunal warns appellants Read More »
Chairman, Tax Appeal Tribunal for the South East zone, Chukwuemeka Eze, has asked people and businesses with issues against tax authorities to approach the tribunal with their cases, assuring they would be adjudicated dispassionately. Eze said the tribunal was established by the Federal Ministry of Finance to deal on matters arising from taxation, and was
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
The Tax Appeal Tribunal, North West Zone, said it has resolved nine out of 13 cases worth over N10 billion in the past nine months. Chairman of the tribunal, Umar Adamu, disclosed this at a stakeholders forum in Kano State. While admitting that most of the cases were adjudged in favour of tax payers, he
It was in the news last week, that the Federal Government of Nigeria is planning to increase the Value Added Tax rate (VAT) from 5% to 7.5% – a proposed fifty percent increase. Some have harangued that the increase is justified because the rates applicable in other jurisdictions is as high as 20% in the
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