FCT Generated Over N126.5bn Revenue in Six Months The Federal Capital Territory Internal Revenue Service, FCT-IRS, has said it generated over N126.5 billion in the first half of 2024, H1’24, a 53.5 percent increase over the N82.45 billion collected in the corresponding period of 2023. Speaking...

Experts Back FG’s 70% Windfall Tax on FX Gains The Association of National Accountants of Nigeria (ANAN) and the Chartered Institute of Taxation of Nigeria (CITN) have pledged their support for the government’s recent initiative to impose a 70% windfall tax on foreign exchange (FX)...

FG To Jail Defaulting Bank Executives Over Windfall Tax   The Federal Government has proposed the imprisonment of principal officers of banks who refuse to comply with the one-time windfall tax on banks’ foreign exchange profits in 2023. It also proposed a penalty of 10 per cent...

Report Says New Withholding Tax Regime Excludes Insurance Premiums, Lotteries, Others   The Federal Government has listed insurance premiums, winnings from lotteries and reality shows among transactions exempted from the new withholding tax regime. This is according to the Deduction at Source (withholding) Regulations 2024 signed by...

FG Suspends Tax on Maize, Rice, Other Essential Food Commodities The federal government has announced that certain essential food commodities imported via land and sea borders will no longer incur charges, levies, or taxes. This declaration was made by the Minister of Agriculture and Food Security,...

GenCos, DisCos, Others Exempted from Withholding Tax The federal government has categorised all electricity companies, including the Generation and Distribution Companies (GenCos and DisCos), as those exempted from the payment of Withholding Tax in the country. This was contained in the new Withholding Tax regulation document...