Summary Following the suspension of lien placed on the bank accounts of alleged non-compliant taxpayers in February 2019, the Federal Inland Revenue Service (FIRS) has directed banks in Nigeria to resume restriction of bank accounts of a number of taxpayers for alleged non-payment of taxes effective 15 March 2019. Details Earlier in the year, the […]
FIRS Resumes “Freezing” of Taxpayers’ Bank Accounts Read More »
Anderson Tax Wednesday launched its review on Transfer Pricing (TP) Development in Africa, in Lagos. The 45-page report was aimed at providing tax payers and investors with the required insight into TP in Sub-Sahara African countries, particularly Nigeria. Addressing journalists, the Chairman, Anderson Tax Africa, Mr. Seyi Bickersteth, said the “report presents our findings from
The cost-friendly Business Incentive Strategy (BIS) rolled out in October last year by the Corporate Affairs Commission (CAC), would end this month. The BIS is primarily to ensure formalization of businesses by MSMEs for the overall benefit of the economy. The Commission has so far registered over 73,000 companies in the last three months under
CAC’s Cost-friendly Business Registration Exercise Ends This Month Read More »
The Manufacturers Association of Nigeria (MAN) on Thursday said the proposed VAT rate incremement was unfriendly to the manufacturing sector. The Director-General of the association, Mr Segun Ajayi-Kadir, made the remarks in Lagos, in spite of the rebuttal from the Federal Inland Revenue Service (FIRS) on the issue. Ajayi-Kadir also said the proposed VAT increment
Section 41 of the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended) requires all individuals to submit their individual tax returns (Form A) with the relevant tax authority. This return is for all income earned from all sources in the preceding year and it is due for submission by 31 March of
Deadline For Filing Of Annual Employees’ Tax Returns (Form A) Read More »
The Auditor-General for the Federation, Mr. Anthony M. Ayine, has identified years of weak auditing, especially in developing countries, as the root cause of poor appreciation by citizens of the value and importance of Supreme Audit Institutions for their central role in the accountability cycle across the world. Ayine spoke when he presented a paper
Supreme Audit Institutions not appreciated – Ayine, Auditor-General of the Federation Read More »
The Executive Secretary of the Economic Commission for Africa, Vera Songwe, has called on countries on the continent to improve their fiscal policies, as well as expand their tax base, so they have resources to fund their development projects. Songwe made this call at the 38th meeting of the Committee of Experts of the Conference
Tax experts at PwC Nigeria have said digitising the processes of tax payment in the country will increase compliance level, among other benefits. The Head of Tax, PwC Nigeria, Mr Taiwo Oyedele, said this on the sidelines at the PWC Tax academy held in Lagos recently. He lamented the stress and some of the issues
Abuja, March 20, 2019 (TNE) The Tax Appeal Tribunal sitting in Abuja on Wednesday adopted the terms of settlement entered by 44 insurance companies and the Federal Inland Revenue Service (FIRS) over N579.5 million overpaid stamp duties charged the companies. The companies on Nov.19, 2018, filed a motion for an order for variation of a
Tribunal adopts terms of tax settlement between 44 insurance coys and FIRS Read More »
Plans are underway by the Federal Government to increase Value Added Tax, VAT, by up to 50 per cent (from current 5 per cent to 7.5 per cent), a move that would stoke-up inflationary pressure in the economy. The move is coming as a measure to raise funds for the implementation of the new minimum
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