In furtherance of its resolve to eradicate illegal tax points in the state the Benue Internal Revenue Service(BIRS), in collaboration with the Nigeria Police vacated the illegal tax point at Mu head bridge in Makurdi. The operation which saw the destruction of the checking point which served as the operation point for the hoodlums, was […]
Lagos State Government has revealed that of the 4.8m registered taxpayers only about 700,000 are paying. It, therefore, implored residents to perform their civil responsibility of paying taxes, alongside actively participating in the governance process. The Commissioner for Economic Planning and Budget, Mr. Samuel Egube stated this at the Year 2020 Budget stakeholders’ meeting for
Lagos says only 700,000 of 4.8m registered taxpayers remit taxes Read More »
The Society of Women in Taxation (SWIT), Lagos State Chapter, has rolled out plans to enhance tax payments in the country as part of its commitment to growth and development. The society disclosed this during the investiture of its third Lagos state chairperson in Lagos, recently. Speaking, the newly sworn Chairperson, Dr. Titilayo Fowokan stated
In classifying taxes using the tax base – the basis for assessing tax, taxes are classified as income tax, capital tax and consumption tax. Consumption tax is imposed on the consumption of goods and services. Consumption tax are usually described as Value Added Tax (VAT), Sales Tax (ST), Goods and Services Tax (GST), or simply
Mind Your Tax Affairs: Administration of Consumption Tax Read More »
Nollywood actress, Iyabo Ojo is almost at the verge of shutting down her shop over excessive Taxation by Sanwo Olu’s goverment in Lagos State. The movie star took to her Instagram account late on Thursday night, September 12, 2019, to lament the tax debt levied on her by the Lagos state tax agency. In a
Federal Government has given a 30-day window to high profile tax defaulters to regularise their tax status with the Federal Inland Revenue Service (FIRS), failing which they risk forfeiting the tax equivalent directly from their bank accounts to the Federal Government The FIRS Executive Chairman, Tunde Fowler, dropped the hint on Thursday when he appeared
FG reveals what banks will do to accounts of tax defaulters Read More »
Chairman, Federal Inland Revenue Service, Babatunde Fowler, has advised accountants against colluding with tax evaders, warning that they have no power to substitute accounts. Fowler gave the advice on Wednesday at the ongoing 49th Annual Conference of the Institute of Chartered Accountants of Nigeria, where he was the keynote speaker at a panel discussion on
Don’t collude with tax evaders, Fowler warns accountants Read More »
In 2017, ASBIR conducted a tax audit on Polaris Bank. Subsequently, the Board issued the Bank with a demand notice accompanied by a tax assessment for payment of outstanding taxes and levies comprising of Withholding Tax (WHT), Pay as You Earn (PAYE), Development Levy, Business Premises Levy as well as interest and penalties for under
Limitation Period And Validity Of Some Taxes And Levies Read More »
ARMED with a twin-argument on the need to raise revenue and match the continental standards, the Federal Government is about to implement a hike in value-added tax rate from five per cent to between 7.2 and 7.5 per cent. First, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the sub-national governments in
Osun State Governor, Adegboyega Oyetola, has solicited the support and cooperation of traditional rulers on the need to mobilise their subjects to pay taxes regularly. He said the call was necessary to help the administration actualise its dreams of boosting the revenue profile of the state. Governor Oyetola spoke, yesterday during the presentation of staff
Oyetola seeks monarchs’ support on tax payment, service delivery Read More »
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