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 to be paid by companies next year in light of the current economic climate, according to the Fiscal Policy Reforms...

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 the draft Finance Bill 2020. This was disclosed by the Fiscal Policy Reforms Committee, established by the Ministry of Finance, Budget...

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 quarter of the year. This was against N327.20bn generated in Q2 2020 and N275.12bn generated in Q3 2019. It said 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 in the maritime industry, amid the downturn induced by COVID-19. Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh,...

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 financial institutions on administering income tax. The Executive Chairman of FIRS, Mr. Muhammad Nami, disclosed this in Abuja. He said the...

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 in the country fell by $45.72m (N16.46bn) in May. The tax lifted as oil by the Nigerian National Petroleum Corporation on...