Tax Archives — Page 4 of 7 — City Business News

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 statement signed...

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...

June 21, 2021 No Responses

Edo Begins Use Of Revenue Scratch Cards

By citybusinessnews@yahoo.com — The Edo State Internal Revenue Service, (EIRS) has introduced the use of Revenue Scratch Cards to simplify tax payment for businesses owners, particularly those in the informal sector. In a statement, Head...

May 2, 2021 No Responses

Q1: Dangote Cement To Pay N40.39b Tax

By citybusinessnews@yahoo.com — Dangote Cement Plc is expected to pay a total of N40.39 billion in taxation to the nation’s treasury from its operational result in the first quarter (Q1) of 2021. According to the financial result published by ...

April 30, 2021 No Responses

Access Bank Explains Q1 30% Increase In Profit Before Tax

Access Bank Plc has posted a profit before tax (PBT) of N60.1billion representing an increase of 30 per cent for the first quarter ended March 31. The Chief Executive Officer of the group, Mr Herbert Wigwe, disclosed in an unaudited financial....

April 3, 2021 No Responses

WTO To Work With Europeans On Legality Of EU Carbon Tax Plan

World Trade Organization will work with a number of European countries to ensure a proposed EU carbon tax will respect international trade rules.French Finance Minister, Bruno Le Maire and the WTO’s new leader, Ngozi Okonjo-Iweala told a press confer...

March 23, 2021 No Responses

Lagos Gives Tax Evaders March 31 Deadline

The Lagos Internal Revenue Service (LIRS) has warned tax evaders in the state, saying that the Service would wield the stick on defaulters who insist on shortchanging the State Government. Mr Seyi Alade , Director, Legal Services, LIRS, gave the...

January 12, 2021 No Responses

FIRS Creates 35 Tax Audit Units

The Federal Inland Revenue Service (FIRS) has created 35 additional Tax Audit Units across the country to address illicit financial flow. Mr Abdullahi Ahmad, Director, Communications and Liaison Department of the service, made this known in a statement i...

December 5, 2020 No Responses

FIRS Generates N4.17tri In Ten Months

Between January and October, 2020, the Federal Inland Revenue Service (FIRS) generated a total of N4.17trillion. Chairman, FIRS, Muhammad Nami, represented by Mr Ezra Zubairu, Coordinating Director, Enforcement Support Group, ...

November 27, 2020 No Responses

FG Generates N416.01b As Company Income Tax In Q3

The Federal Government generated N416.01 billion as Company Income Tax (CIT) in the third quarter of 2020. According to the National Bureau of Statistics (NBS) in its “Company Income Tax by Sectors 2015 – Quarter Three (Q3 2020)’’, the amoun...