The Anambra State government has lamented that it is being owed as much as N600 million in tax by companies, schools, hotels and other business concerns operating in the state, most of which have bluntly refused to pay up. The Chairman of Anambra State Internal Revenue Service, Dr. David Nzekwu, stated this on Tuesday, during […]
Anambra Laments N600m Tax Debt by Firms, Begins Enforcement of Payment Read More »
THE International Monetary Fund (IMF) has said that Nigeria and other countries outside the Organisation for Economic Co-operation and Development (OECD) group lostabout $200 billion annually due to unfair global corporate tax system exploited by companies to shift profits to low-tax location. IMF President, Christine Largade disclosed this last week while speaking on Corporate Taxation
Tax: Nigeria, others lose $200bn per annum to unfair global corporate tax system —IMF Read More »
Mr Bharat Vora, a Plaintiff, on Monday prayed a Federal High Court in Abuja to award him N2 billion against the Federal Inland Revenue Service (FIRS) for shutting his business. Vora, the Managing Director of Mutunci Company Nig. Ltd., also asked for the refund of N7 million that he paid FIRS to re-open his factory
FIRS in N2bn lawsuit over alleged illegal shutdown of company Read More »
The Court of Appeal, Lagos Division, on Friday, set aside a judgment of the Federal High Court in Lagos which exempted the Nigerian Liquefied Natural Gas Limited from levies payable to the Nigerian Maritime Administration and Safety Agency under the NIMASA Act, Cabotage Act, Marine Environment (Sea Protection Levy) Regulations, and other laws of the
NIMASA’s tax dispute with NLNG returns to high court Read More »
A total of 14 commercial banks listed on the Nigerian Stock Exchange are billed to pay N103bn in taxes to the Federal Inland Revenue Service for the 2018 financial year. An analysis of the recent financial statements filed by the banks on the NSE showed that Ecobank Transnational Incorporated will pay the highest amount of
A Lagos High Lagos in sitting in Igbosere on Monday renewed a bench warrant for the arrest of actress and producer, Monalisa Chinda Coker, over a tax evasion charge. The presiding judge, Adedayo Akintoye renewed the order for Coker’s arrest following her repeated failure to honor court summons. When the case was called Monday, neither
Tax evasion: Court renews arrest warrant against Monalisa Chinda Read More »
Tax administration and the system of taxation in Nigeria was once again brought to the fore when President Muhammadu Buhari on Tuesday reiterated the federal government’s resolve to continue to sensitise and encourage Nigerians to cultivate the culture of paying taxes by ensuring fair policy implementation and effective utilisation of resources. The Special Adviser to
The Federal Inland Revenue Service (FIRS) yesterday explained that the Value Added Tax (VAT) is a consumption tax primarily designed to support poor people, and not to create hardship for them. It’s Executive Chairman, Babatunde Fowler allayed fears that the increase in VAT may cause hardship for the poor, stating that VAT is charged on
Taiwo Oyedele, head of tax, PwC Nigeria, says Nigeria is one of the most difficult places to pay tax despite the government’s need for taxpayers’ money. Speaking at the recently held Tax Academy Clinic, the tax master advised the tax authorities to make technology the platform for paying taxes; not as an option. “Technology makes
PwC: Nigeria needs money, yet paying taxes is difficult Read More »
For Nigeria to attract more foreign investments, government must minimise tax uncertainties, by ensuring that it plans tax reforms such that the content and timing is clearly communicated to tax payers, while maintaining the high investment returns. This would enable the country to be continually identified by business leaders as an investment destination and the
‘Why Nigeria must reduce tax uncertainties, retain high returns’ Read More »
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