CENTRE for Social Justice (CSJ) has asked Federal Inland Revenue Service (FIRS) to expand the tax net for the proposed increase in the rate of Value Added Tax (VAT) to meaningfully impact on the economy. “The way forward is to ensure that all persons liable to VAT, collect and remit the same to the appropriate […]
Dr Samuel Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), has advised the Federal Government to intensify efforts in implementing the five per cent Valued Added Tax (VAT) rather than increasing it. Nzekwe gave the advice in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun, on Saturday. Nzekwe
“What that means is, if A wants to impress B, and takes B to eat at the Transcorp Hilton, A will pay VAT for services enjoyed. This is because of the environment. “The cost of the Coca Cola they will drink at Transcorp Hilton at N1,000 could have been bought at N100 in any supermarket
VAT is a consumption tax, only payable by choice Read More »
The Economic and Financial Crimes Commission, on Tuesday, arraigned a whistleblower, Lord Edem, before the Lagos State High Court in Ikeja for raising a false alarm over an alleged N700m pension and tax evasion fraud. Edem was arraigned before Justice Hakeem Oshodi on one count of making a false statement to a public officer. He
Pension, tax fraud whistleblower arraigned for false alarm Read More »
Nigeria could be facing a fiscal crisis if it doesn’t improve its ability to collect taxes, the authorities have warned. Government expenditure has doubled and debt servicing costs have grown, but revenues have missed their targets by at least 45% a year since 2015. Despite that, the Nigerian president’s office has praised the work of
UPDATE! Recently, the Tax Appeal Tribunal (TAT) sitting at Enugu held that due process must be followed by tax authorities in demanding payment of taxes from taxpayers. This decision, made in the case of Polaris Bank PLC v Abia State Board of Internal Revenue (ABIR), reassures taxpayers that the tax authorities cannot impose demand notices
TAX AUTHORITIES CANNOT IMPOSE ARBITRARY ASSESSMENTS ON A TAXPAYER Read More »
Tax authorities in the country have been warned against scaring off foreign investors from the country in their efforts to shore up government revenues. The Managing Consultant, Pedabo Associates Limited, Mr Albert Folorunsho, said the global tax compliance drive would have implications for Foreign Direct Investment in Nigeria. Folorunsho stated this while delivering a keynote
Tax authorities warned against scaring foreign investors Read More »
Imo State governor, Emeka Ihedioha has said that less than five per cent of the state’s workforce of over two million pay taxes, saying that such a situation is unsustainable and unacceptable. Ihedioha, who stated this at the occasion of his 100 days in office, also banned tax payments in cash throughout the state and
Less than 5% Imo workers pay taxes, says Ihedioha Read More »
The Centre for Social Justice on Thursday said the decision of the Federal Government to increase the Value Added Tax from the current rate of five per cent to 7.2 per cent would increase revenue needed to finance the budget. The Lead Director, CSJ, Eze Onyekpere, said this in a statement issued in Abuja. In
Experts and groups such as the Nigeria Employers’ Consultative Association have said the recent increase in the Value Added Tax rate from five per cent to 7.2 per cent will lead to closure of many businesses. The Head of Tax and Corporate Advisory Services at PricewaterhouseCoopers, Taiwo Oyedele, said the new VAT rate would shrink
VAT hike will kill businesses, shrink GDP – Experts Read More »
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