According to KRA, this tax should be deducted from the total payout; for example, if ones stakes Sh1,000 and wins Sh500, the 20 per cent withholding tax should be applied on the Sh1,500, amounting to Sh300 in tax. However, betting firms argue that KRA is erroneously lumping together the customer’s stake and the winnings. They […]
If next year’s target for the kick-off of the tax or levy on online transactions sails through, there certainly would be interesting figures and government would be smiling to the banks for fat Cheques. On the other hand, there is an expectation of corresponding reactions, coupled with intuitiveness by many Nigerians, who would be plotting
Online transactions levy: Raising new controversy in tax basket Read More »
The Akwa Ibom State Internal Revenue Service on Friday sealed off all the zonal offices of Ecobank and Union Bank in the state for allegedly evading state taxes. Our correspondent learnt that the agency’s action followed an exparte order it obtained from the Akwa Ibom State High Court, Uyo Division directing that the premises be
Tax evasion: Akwa Ibom seals Ecobank, Union Bank offices Read More »
Chief Akintola Williams, the first African to qualify as a chartered accountant, clocked 100 years yesterday, putting family, friends and well-wishers in celebration mood. Akintola Williams was born on August 9, 1919 into the family of Thomas Ekundayo Williams, a clerk in the colonial service, who later trained as a legal practitioner in London and
Taxes are a greater drag on net investment returns than expenses and fees, according to a study by Rob Arnott of Research Affiliates. Most investors leave a lot of money on the table by overlooking important tax tricks of funds and focusing on taxes only near the end of the year. Don’t let that happen
The Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) is to panel with the Federal Inland Revenue Service (FIRS), to recover tax revenues from companies who hitherto have been evading payment. Ms Lucie-Ann Laha, the panel spokesperson in a statement issued in Abuja on Friday, said that the Panel Chairman, Mr Okoi
Tax revenue recovery: Presidential panel, FIRS partner Read More »
MTN Nigeria has said it took the Federal Inland Revenue Service before the tax tribunal to seek clarification over its right to deduct tax from the regulatory fine imposed by the Nigerian Communications Commission (NCC) in 2015. In its reaction to PREMIUM TIMES enquiries Monday last week, the tele-mobile firm said the decision to approach
The Federal Inland Revenue Service (FIRS) in Ebonyi State has scored taxpayers in the state high on compliance. The revenue agency said although majority of taxpayers in the state are civil servants, they have been remitting their tax into government coffers accordingly. Speaking in an interview in Abakaliki, Kenneth Effiong, tax controller, Abakaliki MTSO FIRS,
Ebonyi FIRS scores taxpayers in the state high on compliance Read More »
The Nasarawa State Government has expressed its readiness to collaborate with Tax Appeal Tribunal towards enhancing tax payment by educating and enlightening the public on its civic responsibility. The governor of the state, Abdullahi Sule, stated this when he received a delegation of the Tax Appeal Tribunal led by the Zonal Chairman, Richard Bala, in
Group Managing Director of Dangote Cement, Joseph Makoju, has revealed why many investors will not put large amount of money into the manufacturing industry. Apart from the long gestation period before invested funds could be recouped, he said non-availability of low-interest loans was discouraging many investors from injecting huge capital into the manufacturing industry. He
Multiple taxes, high-interest loans killing manufacturers – Makoju Read More »
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