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 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 Abuja on Friday. Nami said what Read More…