Summary Section 41 of the Personal Income Tax (PIT) Act mandates all persons who are taxable under the PIT Act to file a return of income and claims for every tax year with the tax authority of the state in which the taxable person is deemed to be resident. This return is expected to be […]
The Deadline For Filing Annual Returns Of Income And Claims Is 31 March 2019 Read More »
An appeal has gone to the Nigerian elite, especially high-net worth individuals, to be more patriotic and desist from shirking in tax payment, under whatever guise. Making this appeal the Buhari Media Organization (BMO) said it is not proper for these “eminent” Nigerians to wait for the tax authorities to coerce them to perform their
Pay your tax willingly- bmo tasks Nigerian elite Read More »
The Kaduna Refining and Petrochemical Company, one of the country’s crude oil refineries that is run by the Nigerian National Petroleum Corporation (NNPC), is one of the highest tax payers to the government of Kaduna State, Mr. Nasir el-Rufai, the state governor has said. According to el-Rufai, the refinery which capacity utilization remained at zero
Underperforming Kaduna Refinery among Highest Tax payers to Kaduna State Government Read More »
The Katsina State Government said it would tax borehole owners and operators in the state as part of measures aimed at generating revenue for the state and also to address indiscriminate drilling of borehole by several private houses in the state without following due processes The State Commissioner for Water Resources, Alhaji Salisu Gambo Dandume,
Borehole operators, drillers to pay tax in Katsina Read More »
Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo) remitted $6.3 billion in 2018 to Nigerian government. The money which represented tax and production entitlement for the 2018 fiscal year and was paid to the Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPR),
Shell Petroleum Remits $6.3b to Nigeria For 2018 Tax, 48% More Than 2017 Read More »
The International Monetary Fund (IMF) has called on the federal government to end fuel subsidies in the country. It also urged them to create a timeline to recapitalise weak banks in the country. Concise News understands that the IMF said this at the conclusion of the IMF Executive Board 19 Article IV Consultation with Nigeria.
What IMF Told President Buhari About Fuel Subsidies, Increase In VAT Read More »
The Federal Government plans to finance Nigeria’s N1.859tn budget deficit in 2019 by introducing new taxes and adopting a concessionary financing system under its privatisation programme. The government also stated that the projected deficit, at 1.33 per cent of the Gross Domestic Products, was still within the threshold stipulated in the Fiscal Responsibility Act 2007.
FG to fund 2019 budget deficit with new taxes, concessions Read More »
The International Monetary Fund says the Nigerian economy is recovering with increased Gross Domestic Product (GDP) in 2018 and falling inflation at the end of 2018. The Executive Board of the IMF stated this in its report at the conclusion of the Board’s consultation with Nigeria, according to a statement issued in Washington, DC by
IMF praises Nigerian economy, urges elimination of tax incentives, suggests VAT ‘reform’ Read More »
Individuals and corporate bodies found guilty of tax evasion are to henceforth lose their properties to the Federal Government, the Chairman, Federal Inland Revenue Services (FIRS), Babatunde Fowler, has said. This was as he equally disclosed that the tax agency surpassed its target for 2018 by generating a total of N5.32 trillion. Fowler disclosed this
Tax Defaulters To Lose Property To Govt — FIRS Boss Read More »
A prosecution witness, Mr Bharat Vora, told a Federal High Court Abuja that the Federal Inland Revenue Service(FIRS) forced him to pay to seven million Naira to reopen his company. Vora, Managing Director of Mutunci Company Nigeria, during cross examination by the FIRS counsel, Mrs Efe Lawrence, said that the FIRS collected the money but
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