AU: Nigeria, Others Target $220b Revenue from Taxes Nigeria and other members of African Union are taking steps to enact legislation to attract additional revenue of $220 billion from taxes. Also, there are moves to boost generation by approximately $40 billion from cross border transactions. Members of...

Banks Begin Collection Of Tax Certificate On Forex Requests   Commercial banks across Nigeria have announced that all Form A and Forex requests must include a valid copy of the applicant’s Tax Clearance Certificate (TCC) alongside other required documents on the Central Bank of Nigeria (CBN)...

AGF Faults Capitals Gain Tax Act, Needs Amendment   The Attorney General of the Federation and Minister for Justice, Abubakar Malami, SAN, and the Chairman of the Nigerian Law Reform Commission, Prof. Jummai Audi, have said the Capital Gains Tax Act, Cap. C1 LFN, 2004 has...

CITN Seeks Policy Review to Increase Tax Revenue The Chartered Institute of Taxation of Nigeria has said it is important to conduct a holistic review of the country’s international tax policies to have a framework that will increase tax revenue in the country. This was part...

Banks Demand Tax Clearance Certificate On FX Transactions   The federal and state governments have mandated commercial banks as well as Ministries, Departments and Agencies of Government (MDAs) to henceforth, implement the demand for a valid Tax Clearance Certificate (TCC) as a prerequisite for carrying out...

Top Ten Banks Pay N260.3bn As Income Tax   Ten top commercial banks listed on the Nigerian Exchange Limited have paid N260.3 billion as Company income tax (CIT) in 2022, representing a 28 percent increase over the N203.06 billion they paid in 2021. This was disclosed by...