Friday, October 18, 2019

Tag "tax"

    FG mulls new tax on Coke, Bigi, other soft drinks

FG mulls new tax on Coke, Bigi, other soft drinks

Zainab Ahmed, the minister of finance, says the federal government is considering introducing excise duty on carbonated drinks.The minister made this known while addressing the media, including TheCable, on the sidelines of the ongoing annual meetings of the International Monetary Fund and World Bank Group.Excise duty is a levy placed on the manufacture of locally produced goods.Information on the Nigeria [...]

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    ALERT: You may start paying tax on SMS, data — in place of VAT increase

ALERT: You may start paying tax on SMS, data — in place of VAT increase

The senate has introduced a bill which seeks to impose a tax on all communication services including electronic messaging and data usage.The ‘Bill for an act to establish the communication service tax’ introduced for first reading during Wednesday’s plenary session, recommended a 9% charge for using the serviceIt specifically provides that such tax shall be levied on electronic communication services [...]

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    Falana to FG: VAT increase illegal without national assembly passing a bill

Falana to FG: VAT increase illegal without national assembly passing a bill

Femi Falana, a human rights lawyer, says the proposed value-added tax (VAT) increase by the federal government is in violation of the law if the national assembly has not passed a bill to that effect.Zainab Ahmed, minister of finance, had announced that the federal executive council (FEC) approved an increase in VAT from 5% to 7.5%.She said the council is [...]

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    FIRS: 23,141 tax defaulters owing N254 billion

FIRS: 23,141 tax defaulters owing N254 billion

The Federal Inland Revenue Service (FIRS) says a total of 23,141 defaulters owe N254 billion in tax liabilities.Babatunde Fowler, executive chairman of FIRS, disclosed this at the 49th annual accountant conference organised by the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja.He said the agency is collaborating with commercial banks to ensure the recovery of defaulted taxes.“FIRS in collaboration [...]

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    ANALYSIS: The ups and downs of tax reforms under Buhari

ANALYSIS: The ups and downs of tax reforms under Buhari

It is now almost three years since Isaac Ayoola concluded his National Youth Service Corps (NYSC) programme but with no job in the formal sector yet. His dream has always been to work in the bank and while he waited during those years, he did not waste time upon leaving school to enrol for a software development training to hone [...]

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    You can now obtain your tax ID number online

You can now obtain your tax ID number online

The Joint Tax Board (JTB) has launched a new national registration system that would enable Nigerians to obtain their taxpayer identification number (TIN) online.The new system launched in Abuja on Monday is also targeted at tracking all eligible taxpayers in the country.Launching the new platform, Vice-President Yemi Osinbajo expressed hope it would go a long way in reforming Nigeria’s tax [...]

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    From 10m in 2015, Nigerian taxpayers ‘soon to hit 45m’

From 10m in 2015, Nigerian taxpayers ‘soon to hit 45m’

The number of taxpayers in Nigeria has increased from 10 million in 2015 to 14 million in 2017, to 19 million in 2018 and about to hit 45 million in 2019.According to the Joint Tax Board (JTB) led by Tunde Fowler, chairman, Federal Inland Revenue Service (FIRS), Nigerian taxpayer roll will soon hit 45 million.The board says Fowler's FIRS has [...]

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    ‘Be ready to file your tax’ — Ali Baba tells ladies with ‘big gods’

‘Be ready to file your tax’ — Ali Baba tells ladies with ‘big gods’

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    MTN sues Kogi, demands N5m over base station shutdown

MTN sues Kogi, demands N5m over base station shutdown

MTN Nigeria has dragged the Kogi state government to court over the lockdown of its base station in Lokoja, the state capital, since January 23.Tobechukwu Okigbo, MTN’s corporate relations executive, on Tuesday, announced that the telco is suing the state government N5 million for damages.The state government had shut down the station, leading to a disruption in services, over the alleged failure [...]

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    Ronaldo accepts €18.8m fine for tax evasion

Ronaldo accepts €18.8m fine for tax evasion

Cristiano Ronaldo has accepted a €18.8m fine from Spanish authorities after admitting tax evasion charges.The deal was struck at a Madrid-based court by the former Real Madrid star in a case which was constituted due to under-declared tax records between 2010 and 2014 when he was playing and living in Spain.He was accused of declaring lower earnings from image rights [...]

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    2019: Over 50 presidential candidates fail to disclose tax details

2019: Over 50 presidential candidates fail to disclose tax details

Donald Duke, of the Social Democratic Party (SDP), and Atiku Abubakar of the Peoples Democratic Party (PDP) are among the few presidential candidates who made public their tax record.The Independent National Electoral Commission (INEC) had posted details of 59 presidential candidates at its headquarters in Abuja.While Atiku said he paid N10.2 million as tax in three years, Duke paid N500,000 [...]

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    Nigerians now to pay tax on foreign assets

Nigerians now to pay tax on foreign assets

President Muhammadu Buhari has signed an executive order mandating Nigerian taxpayers to declare and pay tax on their offshore assets.Garba Shehu, presidential spokesman, announced this in a statement on Wednesday.According to the statement, asset owners have a 12-month window grace to declare and pay tax on their assets, under the new executive order number eight, tagged Voluntary Offshore Assets Regularization [...]

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    A case for a more robust approach to boosting Nigeria’s tax revenues

A case for a more robust approach to boosting Nigeria’s tax revenues

The tax debate is a never-ending saga constantly subjected to emotional vituperations depending on which side of the divide one is. This debate has most recently brought to the front burner contending issues with respect to the newly introduced Voluntary Asset and Income Declaration Scheme (VAIDS) and the administration of tax in Nigeria. Let me attempt an analysis of these [...]

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    People rushing to Lagos because other states are failing, says commissioner

People rushing to Lagos because other states are failing, says commissioner

Olusegun Banjo, Lagos state commissioner for economic planning and budget, says people are consistently migrating to the state because other states are failing.Banjo, who spoke at stakeholders meeting on consumption tax at the state house on Thursday, said the population leads to a rapid dilapidation of the state's infrastructure.The commissioner said the state was not generating enough internal revenue to provide [...]

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    Lagos floats electronic invoicing device

Lagos floats electronic invoicing device

The Lagos state government has announced the use of Electronic Revenue Assurance (ERA) invoicing system to enhance transparency and accountability in the remittance and collection of consumption tax by businesses.Speaking at a stakeholders meeting at the state house on Thursday, Ayodele Subair, chairman, Lagos Inland Revenue Service (LIRS), said the introduction of the device is part of the government’s effort [...]

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    Adeosun: We’ve records of those with forged tax certificate

Adeosun: We’ve records of those with forged tax certificate

Kemi Adeosun, minister of finance, says the federal government plans to eradicate sharp practices that could compromise the integrity of tax administration and revenue system.Speaking during a meeting between the ministry’s whistleblower unit and the presidential initiative on continuous audit (PICA), Adeosun said the finance ministry has information on those who obtained false tax clearance.According to her, two senior tax [...]

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Exchange Rates

October 14, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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