The Federal Government has cleared the N135.8bn Pay-As-You-Earn tax liabilities owed by federal Ministries, Department and Agencies to state governments. The PAYE tax liabilities owed to various state governments covered the period between 2002 and 2016. The Executive Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, confirmed the payment on Monday in Abuja at the […]
President Muhammadu Buhari has directed all business data generating agencies in the country to furnish the Joint Tax Board (JTB) with all vital information necessary for its activities. This is as the Federal Inland Revenue Service (FIRS) plans to get 45 million Nigerians into the tax net by September. Vice President Yemi Osinbajo, who dropped
Buhari orders agencies to work with new Joint Tax Board Read More »
The Vice President, Pest Control Association of Nigeria (PECAN), Mr. James Erondu has said many of its members have been running their companies at a loss due to multiple taxation and extortion. He therefore appealed to the Lagos State government to call its tax agents to order and put an end to the extortion. Speaking
PECAN urges government to curb multiple taxation. Read More »
Google said Thursday it supports a global agreement on taxation that could allocate more taxes from multinationals to jurisdictions outside their home countries. “We support the movement toward a new comprehensive, international framework for how multinational companies are taxed,” said a blog post from Karan Bhatia, Google’s vice president for public affairs and public policy.
Google endorses ‘international tax deal’ for multinational Read More »
All over the world, taxation is the means of funding government businesses. The fiscal and monetary policies of any government are essentially the use of taxation in combination with other policies to regulate the economy. But taxation policy of government is not only to raise funds, it is also to grow the economy. Taxation can
The Nigerian Communications Commission (NCC) has said multiple taxation and regulation of the telecoms industry discourage investments and deny government of long-term revenues as well as destroy the foundations for future growth. The Executive Commissioner (Stakeholder Management) of the NCC, Sunday Dare, disclosed this on Thursday during the South-East edition of the NCC Stakeholders’ Parliament
Multiple taxation hinders investment in telecom sector – NCC Read More »
The absence of a witness for the Attorney General of the Federation on Wednesday forced the Federal High Court in Lagos to adjourn till October for hearing of a suit filed by MTN Nigeria Communication Limited against the AGF over N242bn and $1.3bn import duties and withholding tax assessments. The telecommunications company, in the suit
Absence of witness stalls MTN’s tax suit against AGF Read More »
The deadline for filing of income tax and transfer pricing (TP) returns with Federal Inland Revenue Service (FIRS) is fast approaching for corporate taxpayers whose financial year-end is 31 December. The Companies Income Tax Act (CITA) and Income Tax (Transfer Pricing) Regulations 2018 (the TP Regulations) require corporate taxpayers to file annual companies income tax
Deadline For Filing Income Tax And Transfer Pricing Returns Read More »
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), says on-going monitoring and verification exercise on tax collections by Deposit Money Banks appointed by FIRS and Customs is within its mandate. It said this in a statement issued by Mr Ibrahim Mohammed, Head, Public Relations, on Sunday in Abuja, adding that the exercise was in order.
RMAFC explains involvement in tax monitoring, verification Read More »
A total of 42 tax-related disputes worth N288.1bn have been resolved by the Tax Appeal Tribunal within a period of eight months. The Coordinating Secretary of TAT, Mr Mohammed Abubakar, gave the figure in Abuja at the opening session of a two-day retreat on effective and efficient tax dispute resolution in Nigeria. Apart from the
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