Tax payment represents a significant government levy to individuals and corporate bodies. In addition to contributing to GDP, the levy helps trigger general growth in a country. But as much as this imposition would boost the pocket of the state, … H...
Commission declares amendments of the finance, management control act unconstitutional There was sharp disagreement over constitutional mandates and extant laws between the Chairman of the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC...
The Federal Government has indicated the possibility of introducing new taxes, tariffs and levies as part of measures to shore up its revenue. This is just as the Federal Ministry of Finance, Budget and National Planning has said it is … NEW TAXES,...
It is no longer news that Liquefied Petroleum Gas, LPG, otherwise known as cooking gas, is one of the commodities hit the hardest by inflation this year. As a friend of mine joked recently: “Cooking gas is now a status … Value Added Tax on Imported...
In the FG’s 2022 Proposed Budget, about 116 budgetary line items were found to be either frivolous, suspicious, or Inflated. Of these items, ten (10) are listed below: N300m CONSTRUCTION OF GYM AT FEDERAL MINISTRY OF EDUCATION HEADQUARTERS The propos...
Capital gains tax at the rate of 5% to be applicable on disposal of shares in a Nigerian company worth N500m or more in any 12 consecutive months except where the proceed is reinvested in the shares of any Nigerian … Top 21 Changes in the 2021 Finan...
If passed into law, the Federal Inland Revenue Service (FIRS) will be the main collector of Value Added Tax (VAT) and other taxes that should accrue to the federation from January 2022. This is contained in the Finance Bill 2021 … JUST IN: FIRS Set...
The Central Bank of Nigeria, CBN, on Tuesday released guidelines for its “Production and Productivity” initiative, through the “100 projects for EVERY 100 days” project. Information in the apex bank’s website revealed that the initiative was designed...
We’ve heard about the potential horrors of automation, and when it comes to automated accounting, it might make some people, especially accountants, nervous. But should that be the case? Historically, many SMEs and startups still struggle to stay afl...
The Federal Inland Revenue Service (FIRS) has collected the sum of N4.9 trillion in tax revenue since January 2021, of which non-oil tax accounts for 77 percent while oil tax accounts for 23 percent of the sum. The Service also … FIRS Rakes N4.5tn R...