Telecommunications companies have advised against the implementation of the 2022 Fiscal Policy Measures and Tariff Amendments, which demands five per cent as excise duty for services provided. They described the tax as insensitive, unfair, and capable of crippling the industry in the way and manner the oil industry has been crippled by different challenges. According Read More…
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 them to avoid taxation in a landmark Read More…
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…
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…
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…
