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.
LIRS directs employers to deduct 10% tax from termination benefits
THE Lagos Inland Revenue Service, LIRS has directed employers to deduct Capital Gain Tax (CGT) from employee’s termination of service payments, which is 10 percent of the terminal benefits of employees.
Economy: Atiku to eliminate multiple taxations, increase funding for small businesses
The PDP Presidential Campaign Organization (PPCO) says it’s Presidential candidate, Atiku Abubakar, has perfected a blueprint that will eliminate multiple taxation, slash income taxes, as well as commodity tax rates and increase government funding to small and medium enterprises, in key sectors of the economy.
Enough is enough; you can’t impose new taxes on Nigerians, PDP warns Buhari
The Peoples Democratic Party, PDP, Presidential Campaign Organization, PPCO, Saturday warned President Muhammadu Buhari to end further plans of imposing new taxes on Nigerians, noting that Nigerians are overburdened and pauperized by his incompetent administration.
International oil company owes FG $1.6bn in taxes – EFCC witness alleges
Mr Emefun Etudo, a prosecution witness for the Economic and Financial Crimes Commission (EFCC) on Wednesday, alleged that Trafigura Beheer BV and Trafigura PTE Ltd, an international oil company, owed the Federal Government of Nigeria $1.6 billion in unpaid taxes.
Ondo hands 5 civil servants to Police over N200m tax fraud
Akure—Five senior civil servants in Ondo State have been suspended and handed over to the Police for allegedly defrauding the state government of tax refund totalling N200m.
CSOs to FG: Introduce mobile phone tax to fund healthcare in Nigeria
ABUJA – A coalition of civil society organisations and professionals bodies working to reduce maternal and child mortality in the country have called for the introduction of mobile phone tax to help fund the healthcare system.
KPMG tasks govt on ease of paying tax
The Nigerian arm of the global brand in taxation, KPMG Nigeria, has tasked the Federal and State government to focus on improving the ease of paying tax as the only solution to improving the business environment and the country’s economy.
Nigeria’s tax ranking and its high-profile tax dodgers
THE World Bank has recently upgraded Nigeria in its tax collection ranking from number 171 to 157 in the world. This improvement is the outcome of the efforts by the administration of President Muhammadu Buhari to raise tax revenues from a dismal six per cent of the Gross Domestic Product to a higher level commensurate to the size of our economy.
$18.8bn, N205.7bn appeals before Tax Appeal Tribunal — FG
abuja—A total of 209 appeals covering about $18.8 billion, N205.654 billion and Euro 0.821 million are currently before the Tax Appeal Tribunal, TAT, across the country.
$18.8 b, N205 .7 b appeals before tax tribunals – FG
A total of 209 appeals amounting to about $18.8 billion, N205.654 billion and EURO 0.821 million are currently before the Tax Appeal Tribunal, across the country.
