The Federal Government recently announced plans to increase Value Added Tax from five per cent to 7.5 per cent. Do you feel this is appropriate? It is appropriate. There is no right time for it. The problem in this country is that we fail to face reality. The VAT Act was promulgated in 1993 and […]
Companies with less than N10m turnover should be exempted from VAT — CITN president Read More »
The electricity Distribution Companies (DisCos) have dismissed the claim by an official of PriceWaterhouse Coopers (PwC) that they don’t pay taxes because they record losses. A statement by the Executive Director, Research and Advocacy at the Association of Nigerian Electricity Distributors (ANED), Barr. Sunday Oduntan, on Thursday said the DisCos were reacting to the comment
The Association of Certified Fraud Examiners (ACFE), Lagos State chapter, has urged federal government to be strategic about imposing new and increasing existing tax rates. The association bared its mind on the tax environment during a training session it organised for ACFE members and non members in Lagos recently. Speaking during the training, President of
Power distribution companies on Thursday said it was incorrect for an executive of PriceWaterhouseCoopers to claim that no Disco had paid any tax since the power sector was privatised since 2013. Speaking under the aegis of the Association of Nigerian Electricity Distributors, the umbrella body of Discos, the power firms stated that they had been
Timi Frank, political activist and former Deputy Publicity Secretary of the All Progressives Congress (APC), has dared the Federal Island Revenue Service (FIRS) to go to court, telling it to bury its face in shame over alleged corruption being perpetrated there. The activist had on Monday linked the agency with a N90 billion election fund
Amongst other factors, the global dip in oil prices and the resulting economic recession in Nigeria resulted in an increased focus on revenue generation through taxation in Nigeria. Following the mandate by the Federal Government, the Federal Inland Revenue Service (FIRS) intensified its drive for tax collection and has so far reported giant strides in
Nigeria’s Unchanging Tax To GDP Ratio: An Instructive Appraisal Read More »
The Vanguard news one of the nations leading news paper, has retracted a story and also apologised to the vice president over a story published on their website. The retraction and apology story reads. On our website publication of Monday, September 23, 2019, we published a story titled “N90 Bn FIRS Election Fund: Osinbajo’s problem,
Vanguard retracts 90BN FIRS story against vice president Read More »
Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says taxation is the country’s lifeline for economic development. Fowler made this known on Tuesday night in Abuja at the investiture of Kudirat Abdul-Hamid as the third national chairperson of Society of Women in Taxation (SWIT). Fowler was represented by Abiodun Aina, an official of
Grants and loans are NOT reliable revenue sources — taxes are Read More »
Residents of Cross River State, particularly low income earners, have been warned not to evade paying their taxes. The Speaker of the state House of Assembly, Eteng Williams, gave the warning in Calabar during a tax enlightenment town hall meeting organised by the Cross River State Internal Revenue Service as part of its sensitisation and
Don’t evade tax, Cross River warns low income earners Read More »
The Federal Government has urged General Electric to refund N360 million and two million dollars excess withholding tax (WHT) deducted from Arco Petrochemicals Engineering Company Limited, through its business dealings with General Electric (GE) International Operations Nigeria. This was part of outcome of the negotiations between FIRS officials, General Electric, ARCO and the Trade Union
Illegal Tax deductions: FIRS to refund $2m, others to General Electric Read More »
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