Tax Archives — Page 4 of 7 — City Business News

October 8, 2021 No Responses

FIRS Boss: Only 41m People Pay Tax In Nigeria

The Chairman, Federal Inland Revenue Service (FIRS), has said that only 41 million pay taxes in Nigeria out of the over 200 million population in the country. Nami made the disclosure at the ‘Public Presentation and Breakdown of the Highlights...

October 5, 2021 No Responses

Lagos Advocates 42% Revenue Allocation To States

Lagos State Governor, Babajide Sanwo-Olu on Monday advocated an upward review to 42 percent the revenue accruing to states from the Federation Account. Sanwo-Olu said that an upward review to 42 percent would enable the states to cater for their...

September 20, 2021 No Responses

Organised Private Sector Seeks FG’s Directive On VAT Payment

The Organised Private Sector of Nigeria (OPSN) on Sunday in Lagos called on the Federal Government to urgently make a pronouncement on the ongoing controversy over VAT payment. This, it said, would enable businesses to know what to do. OPSN...

September 17, 2021 No Responses

FIRS Implores CSOs On Tax

All Civil Society Organisations (CSOs) are expected to register for tax purposes and obtain Taxpayer Identification Number (TIN), Mr Temitayo Orebajo, Director, Tax Policy and Advisory Department, Federal Inland Revenue Service (FIRS) has said .Ore...

September 11, 2021 No Responses

Sanwo-Olu Signs VAT Bill Into Law

Lagos State Governor, Mr Babajide Sanwo-Olu, on Friday signed the state Value Added Tax(VAT) Bill into Law. The State House of Assembly had on Thursday, Sept. 9, passed the bill for a law to impose and charge VAT on certain...

September 9, 2021 No Responses

Manufacturers Seek End To Tax Collection Concerns

The Manufacturers Association of Nigeria (MAN) has charged the federal and state governments to find a mutually acceptable way forward on the collection of taxes to address anxiety and confusion in the business community. Director-General, MAN, Mr Segun Ajay...

September 7, 2021 No Responses

FIRS Affirms Position On VAT Collection

The Federal Inland Revenue Service (FIRS) has urged taxpayers not to panic over the recent court ruling by the Federal High Court sitting in Port Harcourt which dismissed its motion for stay of execution of the judgment that Rivers State...

August 28, 2021 No Responses

Minister Explains MTN’s $2b Tax Payment Plan With FIRS

Telecommunications company, MTN, has a payment plan with the Federal Inland Revenue Service (FIRS) to pay the tax remittance of two billion dollars. Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning said this when she received the...

August 27, 2021 No Responses

NACCIMA Seeks Suspension of FIRS Tax Practice Direction

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has called for the suspension of the Federal Inland Revenue Service (FIRS) tax appeal practice direction pending its revision. The association made the call in a state...

August 27, 2021 No Responses

MAN Decries Double Taxation In Lagos

Vice President, Manufacturers Association of Nigeria (MAN), Lagos Zone, Chief John Aluya, has decried what he described as double taxation imposed on manufacturing companies by Lagos State Government. Aluya criticised the act during the 7th Lagos Corpora...

August 26, 2021 No Responses

NNPC Records N287b Profit After Tax In 2020

President Muhammadu Buhari, who doubles as Minister of Petroleum Resources, has announced a Profit after Tax of N287 billion by the Nigerian National Petroleum Corporation (NNPC) in 2020. Buhari in a statement issued on Thursday by his Special Adviser,...

July 20, 2021 No Responses

Lagos Seals Imperial Chinese Cuisine, Citi View Hotel, Others Over Tax Evasion

The Lagos State Internal Revenue Service (LIRS) on Monday resumed sealing of companies and hospitality firms over unpaid consumption taxes, shutting 16 firms during tax law enforcement. The LIRS Director of Legal Services, Mr Seyi Alade, said during the ...

July 12, 2021 No Responses

G20 Finance Ministers Back Deal To Tax Companies

G20 finance ministers have backed an “historic” plan which will see multinational companies pay their “fair share” of tax around the world. The plan to battle tax avoidance puts in place a minimum global corporate tax rate of 15%. ...

July 2, 2021 No Responses

130 Countries Back Global Tax Overhaul

Officials from 130 countries have agreed to overhaul the global tax system to ensure big companies “pay a fair share” wherever they operate. The Organisation for Economic Co-operation and Development (OECD) said on Thursday that negotiators had bac...