President Muhammadu Buhari on Wednesday said the Federal Government would deploy dynamic initiatives towards boosting the country’s revenue from taxation. He said this in Abuja at the opening session of the 21st annual tax conference of the Chartered Institute of Taxation of Nigeria. The conference, which is the single largest gathering of tax practitioners in […]
FG to boost non-oil revenue via aggressive tax collections Read More »
The Rivers State Internal Revenue Service has sealed off the corporate headquarters of the Niger Delta Development Commission in Port Harcourt over unpaid withholding tax allegedly running into N50bn. This is as the NDDC insisted that its records had indicated that they were not indebted to the state government to the tune of N50bn in
Rivers revenue agency seals NDDC office over alleged N50bn tax Read More »
Zenith Bank, United Bank for Africa and 9 other deposit money banks in the country paid more to the government in taxes in 2018 compared to what they paid in 2017 as their profits soared at the end of the last financial year. The 2018 financial results of the banks showed that they had paid
Zenith Bank, UBA, 9 Others Paid More Taxes In 2018 Read More »
The Society of Women in Taxation (SWIT), yesterday, raised concern that 70 per cent of the N5.2 trillion taxes collected in 2018, came from Lagos State alone. The development, which shows a lopsided tax base, is also an indication that the long four-year tax reforms and campaign have less impact in the remaining 35 states
Lagos alone contributed 70% of Nigeria’s N5.2tr tax revenue Read More »
Sovereign Trust Insurance Plc said its profit before tax rose by 167 per cent to N540m in 2018 financial period from the N202m in year 2017. A statement from the underwriting firm said that despite the challenging economic environment that characterised operations of most businesses in the country in 2018, the gross premium written in
Sovereign Trust’s profit before tax rose by 167% Read More »
Mr. Kola Babarinde is a consummate tax practitioner who has passed through the rigours of learning and career development to attain the Fellowship of the Chartered Institute of Taxation of Nigeria (CITN). He is the Chairman of the 21st Yearly Tax Conference of CITN, which kicked off today, in Abuja. In this interview with Assistant
A member of the OPS has warned that more manufacturers might be in the process of shutting down, if government fails to address the problem of multiple taxation, poor infrastructure and the proposed increase in value added tax (VAT). Managing director of NISPO Porcelain Company Limited, Mr. Afam Ukatu, stated this in his goodwill message
Multiple taxation, poor infrastructure forcing manufacturers out of business Read More »
For their five-year operation, about 55 life and non-life insurance companies in Nigeria have paid N36.5 billion taxes to the federal government through the Federal Inland Revenue Service (FIRS). Taxes were paid by the companies between 2013 and 2017 financial year end. The underwriters generated N100.4 billion as Profit Before Tax (PBT) and were left
The Edo State Internal Revenue Service has commenced aggressive tax enforcement exercise to collect revenue owed the state government. In a statement signed by its Executive Chairman and Chief Executive Officer (CEO), Mr Igbinidu Inneh, the tax agency advised members of the public to take note of the commencement of the exercise and make sure
EIRS commences aggressive tax enforcement exercise Read More »
The Bishop of Ife Diocese, Anglican Communion, Ile-Ife, Osun State, Rt. Rev. Olubunmi Akinlade, has urged the Federal Government to drop the idea of increasing the rate of Value Added Tax by 50 per cent. The bishop said increasing the VAT from its current five per cent to 7.5 per cent would have multiplier economic
Anglican bishop advises FG against increasing VAT Read More »
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