Oyo state government on Tuesday September 10, 2019 has declared that it has concluded plans to begin the collection of informal sector tax with the use of mobile apps adding that the annual collection of tax, particularly from traders, markets operators and artisans takes immediate effect. The Chairman of Oyo State Internal Revenue Service, Aremo […]
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 »
The Vice Chairman of the Institute of Chartered Accountants (ICAN), Abuja District, Alhaji Abdulrashed Balogun, has urged the newly qualified accountants from Bratim Training Institute to uphold the motto of the accounting profession which is accuracy and integrity. Balogun spoke at the graduation of the new chartered accountants from the Bratim Training Institute which held
The Oyo State Government on Tuesday said it had concluded plans to collect tax from the informal sector tax with the use of mobile apps and Automated Teller Machine cards. The government also stated that the annual collection of tax, especially among traders, markets and artisans, would take immediate effect. The Executive Chairman, Oyo State
The introduction of withholding tax (WHT) provisions in the Nigerian tax laws in 1977, imposed on taxpayers the obligation to deduct tax at source on payments for qualifying transactions. The tax deducted are to be remitted to the relevant tax authority within a statutory timeline, with penalty and interest charges imposed on defaulting taxpayers. However,
Withholding Tax Ambiguity Of Sale In The Ordinary Course Of Business Read More »
The new rules, originally set to come into effect from 1 October 2019 and now deferred for 12 months, mark a complete overhaul of the way VAT is payable on building and construction invoices. Under the domestic reverse charge the customer receiving the service will have to pay the VAT owed straight to HMRC instead
U-turn on start date for construction industry reverse charge VAT 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 »
News of the query issued to Mr Tunde Fowler, the FIRS(Federal Inland Revenue Service) boss, has once again put the issue of tax in the country in the spotlight. The importance of taxation to a country’s development cannot be overemphasized, especially as without tax revenues the civil service will be grounded, and we know what
The Technical Committee of the National Tax Policy Implementation Committee will present a Finance Bill and Policy Note to Nigeria’s Minister of Finance and Budget Planning as the committee ends its work soon. At the second sitting of the committee in Abuja, the Deputy Chairman of the technical committee, Dr. Bode Oyetunde said that the
Finance Bill coming, says National Tax Policy Committee Read More »
Tax Justice and Governance Platform, an advocacy group of civil society organisations, which supports the growth of the internally generated revenue in Nigeria, has expressed its readiness to organise a three-day tax awareness training for traders in three Local Government Areas (LGAs) in Lagos State. The training would be part of the organisation’s efforts in
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