The Association of Licensed Telecommunications Operators of Nigeria has lamented the huge tax burden telecoms operators bear as a result of statutory and non-statutory taxes and levies from government agencies. The Secretary, ALTON, Mr Gbolahan Awonuga, said in a statement that the cost of doing business in the country was enormous despite the Ease of […]
Multiple taxes makes business difficult — Telcos Read More »
NIGERIA’s deepening frustration in her bid to boost non-oil revenue is a self-inflicted morass. Apparently finding it difficult to meet its revenue projections, the Federal Inland Revenue Service has vowed again to clamp down on wealthy tax evaders. The FIRS chairman, Babatunde Fowler, recited this mantra at his inaugural meeting with the acting Inspector-General of
Financial experts have urged the Federal Inland Revenue Service (FIRS) to evolve effective communication and engagement mechanism with taxpayers to sustain economic growth. Speaking in Lagos recently, director-general of the Lagos Chamber of Commerce and Industry (LCCI), Mr Muda Yusuf said that imposing a tax lien should be a last resort of FIRS to force
Experts Task FIRS On Robust Communication With Taxpayers Read More »
The President and Chairman of Council, Chartered Institute of Taxation of Nigeria, Chief Cyril Ede, has said that part of the functions of the institute is to educate people on taxation. Ede said this during a tax forum for corporate and professional women with the theme, ‘Building a new Nigerian tax culture through women’ organised
The Federal Inland Revenue Service (FIRS) says defaulting wealthy Nigerian taxpayers who have no Taxpayer Identification Numbers (TIN) have only a 30 days lien to do so. The agency also said other Nigerians and firms with a turnover of N100 million in their accounts, but not paying taxes have only a 30 days lien to
FIRS grants 30-day reprieve to wealthy Nigerian tax defaulters Read More »
The incidence of multiple taxes, which have crippled operations of many listed firms in Nigeria, has spawned fresh criticisms, as capital market experts at the weekend, urged the incoming administration to abolish such investment obstacle. The experts, who canvassed a downward review of the withholding tax charged on dividend paid by quoted firms, also condemned
How multiple taxes cripple listed companies’ operations Read More »
The Federal Inland Revenue Service (FIRS) on Friday, 15 February 2019, instructed banks to suspend lien placed on the bank accounts of some taxpayers. In a letter issued to all banks, FIRS noted that the suspension takes immediate effect and would last for a period of 30 days. FIRS also noted that the suspension was
FIRS SUSPENDS LIEN ON BANK ACCOUNTS OF TAXPAYERS Read More »
The Federal Government has flagged-off its roads for tax-refund initiative with Dangote Construction handling a 16-kilometre Ofeme Community road network in Ohuhu in Umuahia North local Government, Abia State. The community road project which is expected to be delivered under the FG’s Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme enables private sector like
Federal government kicks off road for tax refund projects Read More »
Tier one lender Zenith Bank Plc has released its audited results for the 2018 financial year. Here are highlights of the result. Gross Earnings Gross Earnings dipped from N745 billion in 2017 to N630 billion in 2018. Bua group Profit Before Tax Profit before tax, however, rose from N199 billion in 2017 to N231 billion
Zenith Bank’s profit after tax hits N193 billion in FY 2018 Read More »
The Court of Appeal (CoA), in December 2018, upheld the ruling of Federal High Court (FHC) on the liability of educational institutions to pay companies income tax (CIT). The judgement arose from an appeal by Best Children International Schools Limited (BCIS/the Appellant) against Federal Inland Revenue Service (FIRS) in respect of the FHC decision that
Court of Appeal Affirms Educational Institutions’ Companies Income Tax Obligation Read More »
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