Tax Matters

Income Tax Revenue Lags Behind Fed Govt Projections         Amidst various pressures on the Federal Government’s finances and 2020 budget’s revenue estimates, an indication has emerged...

Fed Govt May Reduce Minimum Tax Rate Next Year       The draft Finance Bill 2020 contains a proposal for the reduction of the minimum tax rate...

Fed Govt Considers Another Tax Exemption For Small Businesses       The exemption of small businesses from the payment of tertiary education tax has been proposed in...

Nigeria Generated N424bn VAT In Q3, 2020 – NBS       The National Bureau of Statistics on Monday said N424.71bn was generated as VAT in the third...

FG Considers Tax Holiday For Maritime Sector       The Federal Ministry of Transportation is seeking a package of tax incentives to stimulate investment and boost activities...

FIRS Launches Online Portal On Income Tax     The Federal Inland Revenue Service (FIRS) has launched the Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for...

IOC Taxes Dip By N16.46bn Amid Production Cuts     The tax revenue accruing to the Federal Government from Production Sharing Contracts with international oil companies operating...

Customs Wants Tax Waivers Removed On Coca-Cola, Others     The Nigerian Customs Service (NCS) has called for the removal of tax waivers granted to companies producing...

Lagos Begins Tax , Regulation For Ride-Sharing Firms Aug 27     Ride-sharing companies like Uber Technologies Inc. and Bolt that operate in Nigeria’s commercial capital of...

Taxes Contributed N500bn To Revenue In June – FIRS     The Federal Inland Revenue Service (FIRS) has said tax revenues contributed at least N500bn to the...

COVID-19 Affecting Nigerians’ Ability To Pay Taxes – Osinbajo   Vice-President Yemi Osinbajo on Sunday lamented the negative impact of the COVID-19 pandemic on the nation’s...

Taxation is  new normal – FIRS Webinar Nigerians should accept the fact that the country can no longer rely solely on revenue accruing from its...

Stamp Duty: FIRS Orders Landlords, Agents On 6% Charge Remittance     The Federal Inland Revenue Service (FIRS) has called on landlords and property agents to ensure...

Nigeria Records N7.188trn Tax Revenue Deficit In Five Years     Indications that the Federal Government’s fiscal projections on revenue collectible from tax sources in yearly budgets...

FIRS Extends Tax Debt Payments Deadline To August 31     The Federal Inland Revenue Service (FIRS) has extended the closing date of its waiver of penalty...

IGR: Investment Experts Seek Review Of Tax Collection Initiative     On the backdrop of fall in Internally Generated Revenue (IGR) across the 36 states of the...

Senate Summons Emefiele, Ahmed, Others Over Expatriate Tax Evasion     The Senate on Wednesday summoned the Minister of Finance, Budget and National Planning, Zainab Ahmed, and...

Reverse VAT To 5%, NECA Urges FG   The Nigeria Employers’ Consultative Association (NECA) has urged the Federal Government to reverse the current Value Added Tax...

Budget 2020: Low VAT Collections Threaten Revenue Projections     Plans by the fiscal authorities to bridge the 2020 deficit gap partly through the Value Added Tax...

FIRS Sets June 30 To Resume Field Audit, Investigation Exercises     The Federal Inland Revenue Services (FIRS) has said it will resume audit, investigations and monitoring...