Expert Calls For Simplified Tax System   The federal and state governments have been advised to address grey arears in the nation’s tax policies in order to increase the country’s non-oil revenue. The Director, Fin Insurance Company Limited/Union Insurance Brokers Limited, Mr. Afolabi Elebiju, said there was...

FG Denies Dangote, 14 Others Tax Relief   The Nigerian Investment Promotion Commission has rejected the application of 15 companies seeking pioneer status under the Industrial Development Income Tax Act. The pioneer status is an incentive from the Federal Government which exempts companies from income tax. It...

Investors Seek Tax Removal On Investments To Promote Savings   The prevailing high tax regime in the country has come under fresh criticism, as investors have called on the Federal Government to remove the various taxes imposed on investment in the capital market, stating that such...

VAT Increase To Generate Extra N479.7bn Revenues   The proposed 7.2 per cent Value Added Tax (VAT) proposal by the Federal Executive Council (FEC) is expected to generate additional N479.7 billion in revenues based on the N1.1 trillion collected in 2018, analysts at Afrinvest West Africa,...

VAT Hike Will Kill Businesses, Shrink GDP, Experts Say Experts and groups such as the Nigeria Employers’ Consultative Association have said the recent increase in the Value Added Tax rate from five per cent to 7.2 per cent will lead to closure of many businesses. The...

23,141 Tax Defaulters Owe N254bn, Says FIRS   The Federal Inland Revenue Service says a total of 23,141 defaulters owe N254bn in tax liabilities. The service also said it recovered over N97.7bn from tax defaulters since it gave the directive to banks. The Executive Chairman, FIRS, Mr Babatunde...