Foreign companies operating in the country will be liable to tax if they derive an income of at N25 million or its equivalent in other currencies. The federal government has gazetted the provisions of the finance act that amended Nigeria's tax laws. The act was signed into law by President Muhammadu Buhari on January 15 and a gazette seen by TheCable was [...]
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The Federal Inland Revenue Service (FIRS) has appealed to businesses who are experiencing a boom due to the lockdown to consider paying their annual returns earlier than the due date. This, it said, would support government efforts in ramping up revenue during the COVID-19 pandemic which has affected oil revenue by reducing global demand and resulted in a glut and reduced [...]
Tax evasion is a crime under Nigerian laws, but the government appears to have little or no morality to punish it. After all, it cannot claim to have been faithful with the use of taxes paid -- in the opinion of citizens. In this special report, MAYOWA TIJANI attempts to find out why over 49 million Nigerians do not pay taxes, [...]
Muhammad Nami, executive chairman of the Federal Inland Revenue Service (FIRS), has approved the redeployment of top directors in the agency. TheCable gathered that at least 50 directors, deputy directors, assistant directors and over 100 other staff of the agency were affected in the major shake-up. The transfers, it was gathered, was a means of shaping the agency along the lines Mani [...]
BY ALAO ABIODUN In the past couple of weeks, those in the corridor of powers have been making outrageous decisions or perhaps insensitive plans that seem not to augur well for the average Nigerian. Nigerians have been discouraged over highly insensitive plans from the government, such as VAT increment, land border closure, ban on rice importation, National ID card renewal fees, toll [...]
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 [...]
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 service It specifically provides that such tax shall be levied on electronic communication services [...]
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 [...]
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 [...]
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 [...]
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 [...]
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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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 [...]
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 [...]
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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