Business Taxes & Duties

Expert hails Buhari for introducing tax on sugar carbonated beverages

Reading Time: 2 minutes Enugu, Jan 8, 2022 (NAN) A Development Economist, Dr Chiwuike Uba, has lauded President Muhammadu Buhari for introducing tax on sugar carbonated beverages to check the excessive consumption of such products in the country. Uba, who is the Chairman of Amaka Chiwuike-Uba Foundation (ACUF), gave the commendation on Saturday while giving an economist’s perspective of Read More…

Business Taxes & Duties Top Story

Manufacturers kick as FG imposes 10% excise tax to fight diabetes

Reading Time: 3 minutes Nigerians will be paying a lot more for their fizzy drinks. This is because there is a new policy on sugar control, and because the Federal Government is increasing its revenue base to include more non-oil products. Mrs Zainab Ahmed, the Nigerian Minister of Finance, Budget and National Planning, said the Federal Government has introduced Read More…

Business Taxes & Duties Top Story

Google, Apple, Facebook, Twitter, other non-resident digital companies to be taxed 6% VAT?

Reading Time: 2 minutes Image Credits: FT. Unless our summations are wrong, the Federal Government may impose a six-per cent tax on turnover of non-resident blue-chip digital companies who sell products to Nigerian residents. These may affect companies such as Alphabet (owners of Google), Apple inc., Meta (owners of Facebook), Twitter, and PayPal who render online services to Nigerian Read More…

Abroad Taxes & Duties Top Story

Global tax deal seeks to end havens, criticized for ‘no teeth’, Nigeria abstains

Reading Time: 4 minutes Image Credits: Patrick Semansky/Pool/REUTERS, REUTERS/Bernadett Szabo/File Photo. The days of monied magnates moving their cash to obscure destinations to escape taxation are diminishing. This is because a group of 136 countries, with Nigeria abstaining, on Friday set a minimum global tax rate of 15% for big companies. They also sought to make it harder for Read More…

Business National Taxes & Duties Top Story

In landmark case, Federal Court grants Rivers State rights to collect VAT

Reading Time: 4 minutes States, not FIRS, constitutionally entitled to impose taxes enforceable or collectable in their territories The Federal High Court sitting in Port Harcourt has declared that it is the Rivers State Government and not the Federal Inland Revenue Services (FIRS), that should collect Valued Added Tax (VAT) and Personal Income Tax (PIT) in the State. The Read More…

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FIRS generates N4.178trn revenue in 10 months

Reading Time: 2 minutes Image Credits: REUTERS, REUTERS/AP Photo/Sunday Alamba. The Federal Inland Revenue Service (FIRS) says it has generated N4.178 trillion revenue in the last 10 months. The Executive Chairman of the service, Mr Muhammad Nami, disclosed this while presenting a report on Internally Generated Revenue (IGR) at the 46th meeting of the Joint Tax Board (JTB) in Read More…

COVID19 Featured Maritime Taxes & Duties

COVID-19 : FG considers tax incentives for maritime sector

Reading Time: 2 minutes Image Credits: IRIN/Daniel Hayduk. The Federal Ministry of Transportation is proposing tax incentives for the maritime industry to stimulate investment and boost activities, amid downturn caused by COVID-19 pandemic. The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh, disclosed this in a statement in Lagos on Wednesday. Jamoh who conveyed Read More…

The Marina Stretch in Lagos island has some of the tallest buildings in Nigeria, one of which is the Union Bank building shown in the photo.
Business Featured Taxes & Duties

FIRS clarifies stamp duty rates, others

Reading Time: 2 minutes Picture above credit: The Marina Stretch in Lagos island has some of the tallest buildings in Nigeria, one of which is the Union Bank building shown in the photo. Photography: Bobby Azuka-Okocha/9mobile The Federal Inland Revenue Service (FIRS) has published detailed information to guide taxpayers and the general public on rates payable as stamp duty. Read More…