Andersen Tax, a renowned tax advisory and regulatory services firm has noted some implications of the recent notice issued by Federal Inland Revenue Service (FIRS) on taxability of certain compensation payments. On 14 August 2019, the FIRS issued a Public Notice on deduction of tax at source from compensations paid to agents by principal companies. […]
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Participants at a high-level session on tobacco tax earmarking convened by the Nigeria Tobacco Control Alliance (NTCA) and the Federal Ministry of Health have highlighted the importance of the establishment of Tobacco Control Fund for successful implementation of tobacco control policies in the country. The meeting, held in Abuja on Wednesday, was attended by senior
Stakeholders Advocate Tax Earmarking For Tobacco Control Read More »
The Chartered Institute of Taxation of Nigeria has expressed confidence that the current strategies and initiatives of the Federal Inland Revenue Service will improve revenue collections. The Registrar/Chief Executive, CITN, Adefisayo Awogbade, said the institute had observed that since August 2015, the FIRS target for two major non-oil taxes, Value Added Tax and Companies Income
FIRS strategies will improve tax revenue, says CITN Read More »
The Buhari Media Organisation (BMO) has expressed surprise that a company owned by a former President, Olusegun Obasanjo, is on the list of over 19,000 tax defaulters recently released by the Federal Internal Revenue Service (FIRS). The BMO, in a statement on Thursday by its chairman, Niyi Akinsiju, and Secretary, Cassidy Madueke, said it was
The Assemblies of God Church, Nigeria, has described as embarrassing the listing of the Church by the Federal Inland Revenue Service, FIRS, as one of the tax defaulting companies. It was gathered that the Government revenue agency had listed the church alongside 19,901 other accounts that were yet to regularise their tax status. A statement
FIRS’ action embarrassing – Assemblies of God Church Read More »
Federal Inland Revenue Service (FIRS) on Monday, 19 August 2019, issued a public notice mandating companies with lien on their accounts to regularise their tax status and pay the tax due within 30 days of the public notice. In the event of non-compliance within the stated timeline, FIRS has stated its intention to recover the
Businesses operating in Nigeria’s internet space are preparing to add value-added tax (VAT) to their cost of doing business. Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS) recently announced that the service will extend its tax net by charging 5% VAT on online transactions. Since its inception, the Muhammadu Buhari-led administration has
Businesses that may be affected by FIRS’ new VAT policy Read More »
The revenue generated from Value Added Tax (VAT) in the second quarter of 2019 (Q2’19) rose by 17 percent to N312 billion from N269.79 billion in the corresponding period of 2018. The National Bureau of Statistics (NBS), yesterday, disclosed this in its sectoral distribution of Value Added Tax (VAT) data for Q2 2019. The report
Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, has announced its mid-year audited results for the period ended June 30, 2019, as it recorded a profit of N36.2 billion after tax. The Group also announced an interim dividend of 100 kobo. According to the Stanbic IBTC’s income statement, the Group recorded an
Stanbic IBTC records NN36.2bn profit after tax in 6 months Read More »
If you or a loved one has disabilities or special needs, you know that the costs related to care can be substantial. The good news is, you may be able to reduce these costs by maximizing the tax strategies available to you. Below I’ve outlined four main areas to focus on when assessing your tax
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