New Bill Proposes Tax ID for Opening Bank Accounts A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or...

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,...

Tax Operators Urge FG To Improve Tax Administration Tax practitioners are urging the federal government at all various levels to improve tax administration processes to promote economic growth. The experts spoke during a panel session organised by the Chartered Institute of Taxation of Nigeria. The event, which...

FCT Tax Reforms Targets N300bn Annual Revenue   The Federal Capital Territory (FCT) is taking steps towards boosting its revenue streams. Currently, the FCT’s Internally Generated Revenue (IGR) is around N200 billion per year. With the implementation of these new initiatives, the FCT-IRS expects to increase IGR...

LIRS Shuts 34 Companies Over N356.12m Unremitted Taxes   The Lagos State Internal Revenue Service (LIRS) has closed down 34 corporate organisations for failing to remit Personal Income Taxes of their employees and for non-remittance of consumption taxes by operators in the hospitality sector to the...

NGX Profit After Tax Rises by 606% to N 1.22bn   The profit after tax of the Nigerian Exchange Limited (NGX) surged by 606.2 per cent to N1.22bn at the end of the third quarter compared to N172.7m in the same period of 2022. In the unaudited...