The absence of a witness for the Attorney General of the Federation on Wednesday forced the Federal High Court in Lagos to adjourn till October for hearing of a suit filed by MTN Nigeria Communication Limited against the AGF over N242bn and $1.3bn import duties and withholding tax assessments. The telecommunications company, in the suit […]
Absence of witness stalls MTN’s tax suit against AGF Read More »
The Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has said the Voluntary Assets and Income Declaration Scheme (VAIDS) generated N93 billion at the end of the exercise. Fowler, who disclosed this while speaking with Daily Trust, yesterday on the side-line of an official assignment in Lagos, said: “We realised a little over
We realised N93bn from VAIDS, N66bn paid up – FIRS Read More »
Investors and dealing members will begin to pay value-added tax for transactions carried out on the Nigerian Stock Exchange (NSE). This is due to the expiration of the Value-Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order of 2014. During her tenure as coordinating minister for the economy and minister of finance, Ngozi Okonjo-Iweala
From July, you will start paying VAT for stock exchange transactions Read More »
Mrs Zainab Ahmed, former minister of finance, says the federal govt is planning to increase VAT from the current five percent to 7.5 percent by 2020 – The development comes amidst reports that the government is seeking to shore up falling revenue – Ahmed said the government had developed a strategic revenue growth initiative which
The deadline for filing of income tax and transfer pricing (TP) returns with Federal Inland Revenue Service (FIRS) is fast approaching for corporate taxpayers whose financial year-end is 31 December. The Companies Income Tax Act (CITA) and Income Tax (Transfer Pricing) Regulations 2018 (the TP Regulations) require corporate taxpayers to file annual companies income tax
Deadline For Filing Income Tax And Transfer Pricing Returns Read More »
The Chartered Institute of Taxation of Nigeria has elected new officers to steer the affairs of the th Institute for the next two years. Following the successful conduct of the 27 Annual General Meeting of the Institute, the leadership baton of the Institute was officially passed on to Dame. Gladys Olajumoke Moyosoreoluwa Ayinke Simplice, by
The Manufacturers Association of Nigeria has called on the Federal Government to jettison the idea of increasing the Value Added Tax by 50 per cent. MAN President, Mansur Ahmed, made this call on Wednesday, during the 35th Annual General Meeting of the Rivers/Bayelsa Branch of the association, held in Port Harcourt. Ahmed explained that the
It is now one month to the expiration of the Value Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order, 2014 (“the Order”). The Order was made in 2014 by the then. Co-ordinating Minister for the Economy and Minister of Finance in exercise of her powers under section 38 of the Value Added Tax
Countdown Begins to Expiration of VAT Exemption on Stock Exchange Transactions Read More »
The Nigeria Employers’ Consultative Association (NECA) has rejected calls by President Muhammadu Buhari to state governments to increase Value Added Tax (VAT) in order to increase their Internally Generated Revenue (IGR). The group said, yesterday, that such move would do more harm to the already burdened private sector. Speaking in Geneva, capital of Switzerland, where
NECA rejects FG’s call on states to increase VAT Read More »
Governor Muhammad Inuwa Yahaya of Gombe state has approved the appointment of Umar Babagoro Bello as the new Accountant-General of the state with immediate effect. The appointment was contained in a statement issued to newsmen on Monday by Yakubu Mamman, on behalf of the Head of State Civil Service, Alhaji Bappayo Yahaya. Babagoro, who was
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