The debate surrounding Nigeria’s Value Added Tax (VAT) sharing formula has deepened following the recent clarification by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. In a press statement, Oyedele responded to the Revenue Mobilisation Allocation and Fiscal Commission’s (RMAFC) position on the proposed VAT distribution formula, emphasizing the need for Read More…
President Bola Tinubu has decisively rejected the National Economic Council’s (NEC) recommendation to withdraw the proposed tax reform bills currently before the National Assembly. This decision underscores his commitment to allowing the legislative process to proceed, ensuring that necessary inputs and changes can be made without withdrawing the bills. “The legislative process, which has already Read More…
The Lagos State Government has announced plans to simplify and harmonize its revenue and tax system, a move designed to stimulate economic development and create a more business-friendly environment. This initiative was revealed by Mr. Abdul-Kabir Ogungbo, Special Adviser to Governor Babajide Sanwo-Olu on Taxation and Revenue, during a press conference held on Thursday in Read More…
Africa’s largest pay-TV company, MultiChoice Group, has successfully resolved a protracted tax dispute with the Nigerian tax authorities. The settlement, reached after rigorous negotiations, involves substantial payments and marks a significant milestone in the company’s commitment to regulatory compliance and responsible corporate citizenship. In 2022, Nigeria’s Federal Inland Revenue Service (FIRS) took decisive action by Read More…
The Federal Inland Revenue Service (FIRS) has introduced a significant measure, approving amnesty on penalties and interests linked to outstanding tax liabilities, as confirmed by the Chairman of FIRS, Zacch Adedeji, in a statement issued on Sunday in Abuja. Recognising the financial challenges faced by taxpayers in fulfilling their tax obligations, the FIRS has opted Read More…
The Lagos State Internal Revenue Service (LIRS) has taken decisive action by closing down 34 corporate entities for their failure to remit taxes totalling approximately N356.12 million to the Lagos State Government. These companies were found to be in default for non-payment of employees’ personal income taxes and consumption taxes within the hospitality sector. According Read More…
Nigeria is embarking on a comprehensive tax reform initiative aimed at streamlining its complex tax landscape. The objective is to reduce the number of taxes imposed by federal and state governments from over 60 to fewer than 10, in a bid to facilitate business operations and enhance revenue generation. Nigeria, Africa’s largest economy, currently grapples Read More…
Several financial experts have voiced their support for the Federal Government’s proposal to impose additional taxes on wealthy Nigerians, citing it as a means to enhance the country’s fiscal revenues and promote income redistribution. In separate interviews with the News Agency of Nigeria (NAN) in Lagos, these experts provided their insights. “The government proposal is Read More…
In a move to promote a more equitable global taxation system, Nigeria called upon Member States to endorse a proposed resolution on a Tax Convention. The statement was released by the Permanent Mission of Nigeria to the United Nations in New York, emphasising the need for continued support for a comprehensive UN Tax Convention. During Read More…
The Senate passed the second reading of the Federal Inland Revenue Service (FIRS) (Establishment) Bill, 2022, on Tuesday. Sen. Yahaya Abdullahi (PDP-Kebbi North), the bill’s sponsor, gave the lead debate on the bill’s fundamental ideas at plenary. Abdullahi, who presented the debate, stated that the bill aimed to alter the FIRS (establishment) Act, No. 13, Read More…
