Taxes & Duties Top Story World

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 Nigeria 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…

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…

Business Featured Policy

LIRS generates N25bn lockdown revenue with technology

Reading Time: 2 minutes The Lagos Inland Revenue Service (LIRS) says it generated as much as N25 billion through taxation in April during the total lockdown. Mr Rasheed Olu-Ajayi, Head, Information and Communication Technology (ICT) of LIRS disclosed this to the News Agency of Nigeria (NAN) via an exclusive virtual conference on Zoom on Saturday. Olu-Ajayi said the service Read More…