Hunter Biden, the son of President-elect Joe Biden, announced he is facing a federal probe into his taxes, without elaborating further, but insisting he has done nothing wrong. The younger Biden’s business dealings abroad provided fodder for the Trump campaign this year. “I learned yesterday for the first time that the U.S. Attorney’s Office in […]

By Demola Akinyemi The Chairman Board of Trustees Tertiary Education Trust Fund(TETFund) Kashim Imam has said that 226 tertiary institutions, in Nigeria, including federal and states universities and polytechnics and colleges of education are to benefit from N500 billion Education Tax in 2021. He said this at the TETfund/FIRS 2020 joint interactive forum held in […]

Dr Arome Salifu, an economic expert has urged the Federal Government to tax wealthy Nigerians and also introduce more welfare packages for the poor and the most vulnerable, amidst the nation’s second round of recession and contraction in its GDP in Q3 of 2020. Speaking in Abuja on Tuesday, Salifu said government must enact a […]

Amidst various pressures on the Federal Government’s finances and 2020 budget’s revenue estimates, an indication has emerged that the government has already recorded a 25.3 per cent shortfall in Company Income Tax, CIT, in the first six months of the year. Also economy analysts say the sustained macroeconomic headwinds would likely worsen the CIT in the remaining periods of the year.

…Raises compensation exemption threshold, qualifies software acquisition for capital allowance Following Wednesday’s approval by the Federal Executive Council (FEC), the 2020 Finance Bill that seeks to provide more tax incentives for Nigerian businesses and individuals has been formally presented to State governors under the aegis of the National Economic Council (NEC), at a meeting presided […]

***As NEC explains why cost of foodstuffs soars By Johnbosco Agbakwuru – Abuja The Federal Government has proposed to grant tax relief to companies that donated to the COVID-19 relief fund under the private sector coalition, CACOVID. The government also has proposed exemption of small companies from payment of education tax under the Tertiary Education […]

By Johnbosco Agbakwuru THE Federal Executive Council, FEC, on Wednesday approved the Finance Bill 2020 designed to engender incremental changes in the nation’s tax laws and support the 2021 fiscal year. The council approved the bill at its weekly meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential villa, Abuja. Briefing State […]

By David Royal The Lagos State Internal Revenue Service, LIRS, while congratulating the winner of Big Brother Nigeria reality Tv show season 5, Olamilekan Agbeleshe, popularly known as ‘Laycon’ urged him to be ready to pay his tax in the year 2021. The agency made this known in a tweet on Monday. It said “Congratulations […]

Vice President Yemi Osinbajo has called for an overhaul of the international tax system to tackle the scourge of illicit financial flow, IFF, and related vices negatively impacting progress in developing countries, especially in Africa. He made the call at the virtual press launch of a publication by the United Nations Conference on Trade and […]

In an effort to drive revenue and encourage taxable adults in Ogun State to be Tax compliant, newly admitted students into the State Tertiary Institutions are expected to present their parent’s Tax Clearance Certificate (TCC) or evidence of payment of tax as part of admission processes. The Chairman, Ogun State Internal Revenue Service (OGIRS) Mr […]