Plans are underway by the Federal Government to increase Value Added Tax, VAT, by up to 50 per cent (from current 5 per cent to 7.5 per cent), a move that would stoke-up inflationary pressure in the economy. The move is coming as a measure to raise funds for the implementation of the new minimum […]
If resources from tax revenue are properly harnessed, Delta state could sustain itself, the State Coordinator Tax Justice and Good Governance, Mrs Bridget Anyafulu, has said. Anyafulu stated this on Thursday while presenting a report on “Taxation in the Informal Sector in Delta State,’’ at a meeting of the Platform in Asaba. According to the
Delta Can Sustain Itself With Money From Taxation — Barr Anyafulu Read More »
PwC Nigeria has said the deployment of technology will help Nigeria to reduce tax compliance costs in order to encourage more people to pay taxes. The Head of Tax, PwC Nigeria, Mr Taiwo Oyedele, spoke on Tuesday in Lagos on the sidelines of the firm’s Tax Academy, with the theme ‘Technology and tax: Navigating tax
Nigeria needs to reduce tax compliance costs – PwC Read More »
The Federal Inland Revenue Service (FIRS) on Tuesday apologised to the Tax Appeal Tribunal sitting in Abuja for the delay in serving processes on an appellant, Mr Joseph Daudu (SAN), in the case of alleged N1.2 billion error in taxation. Daudu said he was dissatisfied with the FIRS assessments of his Withholding Tax (WHT), Personal
N1.2bn Tax Assessment: FIRS apologises to Tax Appeal Tribunal for late process filing Read More »
If you need more time to file your federal tax return, it’s possible to apply for an extension of up to 6 months. By filing for an extension, you can avoid making tax mistakes and make sure you are adequately prepared to fill out your return with no rush. A tax extension is free, not
FEDERAL Inland Revenue Service (FIRS) on Monday arraigned Fortless Global Concept Limited and Everyday Wine Shop and their representatives at the Federal High Court, Abuja on alleged tax evasion, obstruction of official duty and attack on staff of the FIRS on duty among other charges. In the Charge No: FHC/ABJ/CR/48/2019, between the Federal Government of
FIRS arraigns companies, 3 others over tax evasion, assault on revenue staff. Read More »
The Anambra state Internal Revenue Service (AIRS) says it would on April 1st, 2019, embark on annual audit of companies, businesses and institutions operating in the state in oder to confirm their level of adherence to deduction and remitting of income taxes. The executive chairman of AIRS, Dr. David Nzekwu, who disclosed this in a
Tax: Anambra revenue board set to audit companies Read More »
The Federal Government of Nigeria (“FGN”), in furtherance of its commitment to infrastructure development being a key growth driver and economic development enabler; issued the Companies Income Tax (Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme) Order, 2019 otherwise referred to as the Presidential Executive Order No. 007 of 2019 (“EO7” or the “Order”).
Coronation Merchant Bank Limited (‘CORONATION MB);Africa’s leading financial institution, has released its 2018 Full Year Results to stakeholders in which the Bank posted a Profit Before Tax of N5.3billion. Commenting on the results, Abu Jimoh, Group Managing Director/CEO of Coronation Merchant Bank Limited said, despite a difficult operating environment, our company stayed the course, recording
Coronation Merchant Bank posts N5.3 billion profit before tax in FY 2018 Read More »
As FIRS law demands, all limited liability businesses in Nigeria are to register for company tax TIN (Tax identification number) and VAT (Value Added Tax). To enforce taxation by FIRS, all limited liability businesses bank accounts and money therein, will not be allowed access by their owners after 15th March, 2019 until they register and
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