Tax

Finance Bill coming, says National Tax Policy Committee

The Technical Committee of the National Tax Policy Implementation Committee will present a Finance Bill and Policy Note to Nigeria’s Minister of Finance and Budget Planning as the committee ends its work soon. At the second sitting of the committee in Abuja, the Deputy Chairman of the technical committee, Dr. Bode Oyetunde said that the

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CSO to Organise Tax Awareness Programme

Tax Justice and Governance Platform, an advocacy group of civil society organisations, which supports the growth of the internally generated revenue in Nigeria, has expressed its readiness to organise a three-day tax awareness training for traders in three Local Government Areas (LGAs) in Lagos State. The training would be part of the organisation’s efforts in

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Mind Your Tax Affairs: Power to Recover Tax Liabilities

The Federal Inland Revenue Service (FIRS) is empowered to assess and collect established tax liabilities from entities. The tax laws also empowered the tax authority to charge and collected administrative penalties such late returns penalty, penalty late payment, etc. Tax Authorities do not have powers to impose taxes, only a court of law can impose

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Rising trade permits, taxes our greatest challenge –Okpani

The President, Coker Building Materials and Allied Products, Mr. Justin Okpani, has said that his administration inherited disunited union at inception. He observed that traders in Coker Building Materials Market were solving their problems individually making the ability to have some of them resolved in their favour near impossible. Speaking exclusively to PropertyMart at the

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Deductibility Of Punitive Payments In Corporate Tax Assessment

Introduction Arguably, the most basic principles in business are minimising cost and maximising profit. Thus, it is not unnatural that businesses would seek to reduce their expenses to the barest minimum. Conversely, the tax authorities have the responsibility of ensuring that businesses pay their taxes in accordance with the tax laws. Businesses sometimes incur punitive

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NASS queries decrease in FIRS’ 2019 non-oil tax

National Assembly Joint Committee has raised concern over Federal Inland Revenue Service’s (FIRS) 2019 projected estimate of non oil revenue tax collection of N146.54 billion. The Co-chairman of the committee, Sen. John Enoh and other members of the committee raised the concern at FIRS’s budget defence in Abuja on Monday. The committee sought to know

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