Enough of tax burdens on Nigerians
Since the evolution of government, tax imposition on people has always been a vexatious issue, and revolt against taxes considered unjust had played significant roles in the collapse of empires like the Egyptian, Roman, Spanish and Aztec. Similarly, the Magna Carta, the American and the French Revolutions are few examples of historic events that either originated as a tax revolt or had it as a component.
Linkage Assurance grows PAT by 16%
Linkage Assurance Plc said it recorded 16 percent growth in Profit after Tax, (PAT) for the half year ended June 30th 2019 (H1’19)
N1.2bn tax error claims: Tribunal permits counsel to tender documents from bar
The Tax Appeal Tribunal sitting in Abuja on Friday, gave permission to the counsel to Mr Joe Daudu, SAN, to tender documents from the bar, in order to avoid further delay in the matter.
Akwa Ibom Government generates N20.4bn in 6 months
Akwa Ibom State Government said it recorded N20.4 billion between January and June 2019 as internally generated revenue (IGR).
Rivers govt rolls out informal sector tax rates, modalities
– RIVERS State Government will starting August 1st, roll out rates and modalities for remittance of emergent informal sector taxes aimed at artisans, trade and professionals across the state.
I will create privileges tax for those who are wealthy, rich in Nigeria – Aregbesola
Mr Rauf Aregbesola, the ministerial nominee from Osun, has clarified issue around the alleged non-payment of salaries to workers when he served as a governor.
Rivers State Govt: It’s weird to say we want to tax Churches
PORT HARCOURT – RIVERS State Government on Friday termed as “weird and unfounded”, reports alleging that it has vowed to start taxing churches.
Needless tax incentives costing Nigeria N580bn ― OXFAM
OXFAM, an International Non-Government Organisation, has advised the Nigerian government to review its policy on tax incentives currently costing the country a revenue loss of over N580 billion annually.
Don’t neglect the tax payers, Somorin urges government
First female Professor of Taxation in Nigeria, Mrs. Olateju Somorin has urged the local, state and federal governments not to neglect in discharging their duties to the tax payers, adding that the tax payers have their rights also.
CMB seminar on tax matters, business growth holds today
In line with its commitment to deepen the capacity and growth of businesses in Nigeria, particularly Small and Medium Scale Enterprises (SMEs), First City Monument Bank (FCMB) will host a seminar on tax matters in Lagos today.
RMAFC recovers N58bn unremitted tax revenue from banks
Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, has recovered N57.7 billion unremitted tax revenue from banks.
RMAFC explains involvement in tax monitoring, verification
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), says on-going monitoring and verification exercise on tax collections by Deposit Money Banks appointed by FIRS and Customs is within its mandate.
Better Tax: NESG launches citizen report as stakeholders chart new path for non-oil revenue
Nigeria Economic Summit Group’s Fiscal Policy Roundtable (NESG) has launched its Citizen Perception Report, a first of several research pieces to be published in support of its tax reform and advocacy vehicle “Better Tax”. Better Tax seeks to close knowledge gaps in fiscal policy and create a sustainable framework to actualise the Federal Government’s inclusive economic agenda.
Ignorance major cause of tax controversy — Fowler
The Executive Chairman, Federal Inland Revenue Services, FIRS, Mr. Babatunde Fowler, has blamed ignorance of taxation rules for the incessant controversies between tax payers and government.
Tax substitution as double taxation (2)
Though Value Added Tax, VAT is within the remit of the FIRS, the Value Added Tax Act 2004 stipulates certain goods and services such as medical goods and services, sales of books and educational materials, sales of basic food items and baby products, and all export goods and services which are exempted from VAT, meaning any business involved in such goods and services do not pay VAT. The current action by the FIRS through the banks did not seek to distinguish Business Names operating within the exempted space.
Tax substitution as double taxation
The power to levy tax in Nigeria, being a federation, is shared between the Federal, State and Local governments. To avoid double taxation, the tax system spells out which government unit (federal, state or local) has the power to levy tax on specific persons and matters.
