Lagos to Launch Electronic Tax Portal Mid-August The Lagos state government says it will launch its online tax platform on August 15. The platform is called the ‘Lagos Revenue Portal (LRP)’, said Abdul-Kabir Ogungbo, special adviser to Babatunde Sanwo-Olu, Lagos governor, on taxation and revenue. Ogungbo, who...

Tax Weaver on Essential Food Items Commences Next Week – Customs The Nigeria Customs Service (NCS) will begin implementation of weaver of taxes on import food items and drugs by next week. The Comptroller-General of NCS, Bashir Adeyini, announced this on Tuesday August 6, at...

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...