The Tax Appeal Tribunal, sitting in Abuja on Wednesday, reversed N29.2 million Federal Inland Revenue Service’s (FIRS) imposed as value added tax on Infinity Trust Mortgage Bank. The bank had challenged FIRS’s imposition of the amount at the tribunal challenging the demand notice. The tribunal chairman, Alice Iriogbe, delivering judgment, held that FIRS failed to […]
The Rivers State Internal Revenue Service has warned professionals and artisans operating in the state to avoid mistaking their professional fees and dues for state taxes and levies. RIRS Chairman, Mr Adoage Norteh, who issued this warning during a two-day interactive session with professionals and artisans in Port Harcourt, the capital, explained that professional fees
Don’t mistake professional dues for tax, RIRS warns Read More »
The Tax Appeal Tribunal, South East Zone yesterday ruled that gratuities are tax exempted under the Personal Income Tax Act (PITA). Nigerian Breweries PLC in 2017 filed an appeal before the tribunal challenging the decision of the Abia State Board Internal Revenue to tax gratuities paid to its employees, contending that the Abia government erred
Tax credits are much welcome, and often invaluable additions to any organization’s finances. A tax credit is the amount of money that taxpayers can subtract from their taxes. They differ from tax deductions and exemptions in that while they reduce the amount of your organization’s taxable income, tax credits reduce the actual amount that you
Five Ways To Get Better Tax Credit For Your Organization Read More »
President Muhammadu Buhari on Thursday asked the governors of the 36 states to raise their internally generated revenues and the Value Added Tax in the next four years. The President said this was to help the states to meet the challenges of providing infrastructure and the funding needed to provide equipment for fighting insecurity. However,
TAX: NECA, NACCIMA, LCCI fume as Buhari asks govs to raise IGR Read More »
The Ebonyi State Government has ordered the sealing off of the popular building materials’ market, on Afikpo Road, Abakaliki, the state capital. The order to seal off the market, which was given by Governor David Umahi, followed the refusal of the traders to pay income tax. Umahi, who directed the Secretary to the State Government
Ebonyi seals building materials’ market over unpaid tax Read More »
In line with its commitment to deepen the capacity and growth of businesses in Nigeria, particularly Small and Medium Scale Enterprises (SMEs), First City Monument Bank (FCMB) will next week in Lagos, host a seminar on tax matters. The seminar, tagged, “Tax Enforcement and Implications on Businesses in Nigeria,” is aimed at equipping entrepreneurs with
Tax: FCMB Restates Commitment to Growth of Businesses Read More »
The Chartered Institute of Taxation of Nigeria (CITN), has said the non-remittance of taxes by some Federal Government agencies is frustrating efforts in enforcing compliance from individuals and corporate organisations. CITN, which argued that the development is worrisome, accused such agencies of not showing good example in compliance processes. The Institute is particularly worried about
‘Non-remittance of taxes by MDAs frustrates compliance’ Read More »
The Edo State Governor, Mr. Godwin Obaseki, has said the state government’s insistence on the use of technology for tax collection as against non-state actors and consultants was to ensure that traders are protected from harassment and double taxation. He said his administration would strengthen ties with the Tax Appeal Tribunal, South-South Zone, to boost
‘Technology For Tax Collection Protects Traders, Checks Double Taxation’ Read More »
Gov. Babajide Sanwo-Olu of Lagos State has tasked the Chartered Institute of Taxation of Nigeria (CITN) to be proactive on deepening taxation practice in Nigeria. The governor gave the advice at the Investiture of the 14th President of CITN, Dame Olajumoke Simplice, on Saturday in Lagos. Represented by Mrs Balogun Olufunmilayo, Permanent Secretary, Ministry of
Sanwo-Olu tasks institute on deepening taxation practice Read More »
©2023.Innerkonsult ltd. All Rights Reserved.
Powered by INNER KONSULT LTD
