Prince Adetokunbo Kayode, President of Abuja Chamber of Commerce and Industry (ACCI), has called for urgent tax reforms to save Small and Medium Enterprises (SMEs) from stifling demands for tax even before they make profit. Kayode who stated this while speaking with newsmen in Abuja, explained that the practice of mandatory requirement for tax clearance […]
Kayode Calls For Urgent Tax Reforms To Save SMEs In Nigeria Read More »
The Society of Women in Taxation, Lagos State Chapter, says it is committed to promoting tax knowledge to women in society. In a statement on Monday, SWIT said it would be educating women during its upcoming tax forum for corporate and professional women in Lagos with the theme, ‘Building a new Nigerian tax culture through
The Federal Inland Revenue Service is to dispose of the properties of 52 companies over tax debts valued at about N3.4bn. Investigations by our correspondent in Abuja showed that already, the Legal Department of the Service had begun the process to sell the properties in a bid to effectively implement the initiative. It was learnt
N3.4bn tax debt: FIRS to sell properties of 52 firms Read More »
The Federal Inland Revenue Service has appointed Sterling Bank Plc as a collecting agent to recover taxes from 2,933 defaulting companies. This was disclosed in a letter signed by the Chairman, FIRS, Mr Tunde Fowler, and addressed to the Managing Director/Chief Executive Officer, Sterling Bank, Abubakar Suleiman. The letter, which was obtained by our correspondent,
Tax defaulters: FIRS appoints Sterling Bank as recovery agent Read More »
The Federal Inland Revenue Service (FIRS) says it will go after estimated 40, 000 millionaire tax defaulters in 2019. Mr Wahab Gbadamosi, the Head Communications and Servicom Department of FIRS, disclosed this in a statement in Abuja on Thursday. Gbadamosi quoted the Executive Chairman of the service, Mr Tunde Fowler, as making this disclosure when
FIRS to go after 40, 000 millionaire tax defaulters in 2019 Read More »
The Nigeria Labour Congress has called for an amendment to the present Income Tax Law so that the new National Minimum Wage of N30,000 will not be taxed. NLC’s General Secretary, Dr. Peter Ozo-Eson, made the call in Abuja in an interview with the News Agency of Nigeria on Wednesday. Ozo-Eson was reacting to a
Summary On 11 December 2018, the Court of Appeal (COA or the Court), in the case between Best Children International Schools Limited (BCIS Limited or the Company) vs Federal Inland Revenue Service (FIRS), held that the Company is liable to Companies Income Tax (CIT), regardless of its claim to be an educational institution. The Court
COURT OF APPEAL RULES ON THE TAXABILITY OF AN EDUCATIONAL INSTITUTION Read More »
The Federal High Court (FHC) sitting in Abuja recently gave a judgement in favour of Theodak Nigeria Limited (TNL or “the Company” or “the plaintiff”) in its lawsuit against the Federal Inland Revenue Service (FIRS or “the defendant”). The issue for determination was whether the FIRS had statutory power to deem the value of the
Federal High Court Rules Against Income Tax Assessment Based on the Value of a Property Read More »
The Federal Inland Revenue Service (FIRS) on Saturday urged Small and Medium Enterprises (SMEs) to pay taxes to attract investors. FIRS Deputy Director, Mrs Angel Fadahunsi, made the appeal at the Techpoint Build expo held in Lagos. The News Agency of Nigeria (NAN) reports that Techpoint Build is a conference and exhibition that connects startups
Small business accounting services is not just the name of record keeping, managing transactions and recording invoices. It is a very large concept that has embedded within itself the professionalism and the overall maintaining of the structure in the best possible manner. To make sure that the small business accounting services is working in
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