Tax – Page 6 – City Business News

July 24, 2020 No Responses

NLC Condemns 6% Stamp Duty On Tenancy, Lease Agreements

The Nigeria Labour Congress (NLC) on Friday condemned six per cent stamp duty fee introduced by the Federal Inland Revenue Service (FIRS) for every tenancy and lease agreement in Nigeria. NLC President, Comrade Ayuba Wabba, in a statement on...

July 21, 2020 No Responses

FIRS Clarifies Stamp Duty Rates

The Federal Inland Revenue Service (FIRS) has published detailed information to guide taxpayers and the general public on rates payable as stamp duty. Director Communications and Liaison Department of the FIRS, in a statement on Tuesday said the clarification ...

July 1, 2020 No Responses

FIRS Generates N66b From Stamp Duty In Five Months

Between January and May, this year, the Federal Inland Revenue Service (FIRS) generated the sum of N66 billion from stamp duty. In a statement on Tuesday, Abdullahi Ahmad, the FIRS Director, Communications and Liaison Department explained that the Executive Ch...

May 27, 2020 No Responses

Lagos Further Extends Deadline For Filing Annual Tax Returns To June 30

The Lagos State Government, through its Internal Revenue Service (LIRS), has further extended the deadline for filing of Annual Tax Returns to June 30, 2020. The Executive Chairman of LIRS, Mr Ayodele Subair, said in a statement on Tuesday that...

March 4, 2020 No Responses

FIRS Targets N4trillion Tax From Oil, Gas

The Federal Inland Revenue Service (FIRS) said it would rake in four trillion naira as tax revenue from the extractive sector of the Nigerian economy in the 2020 fiscal year. The FIRS made this known in a statement issued by ...

February 14, 2020 No Responses

Nigeria loses N1.3tri To Tax Waivers

Nigeria lost 1.3trillion naira to granting of tax waivers to companies operating in three sectors of the economy in the last five years, the Federal Inland Revenue Services (FIRS) has said. Chairman of FIRS, Mr Muhammad Nami, made the disclosure...

October 18, 2019 No Responses

Nigeria To Impose Taxes On Soft Drinks

The Nigerian Government is to impose taxes on soft drinks, the Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed, disclosed on Thursday. In an interactive session with Journalists on the sidelines of the ongoing Annual Meetings of the International.....

August 10, 2019 No Responses

Presidential Panel Partners FIRS On Recovery Of Tax Revenues

The Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) is to partner Federal Inland Revenue Service (FIRS), to recover tax revenues from companies who hitherto have been evading payment. Ms Lucie-Ann Laha, the panel spokesperso...

July 30, 2019 No Responses

Union Bank Explains N12.1b Profit Before Tax

Union Bank of Nigeria (UBN) Plc has declared profit before tax of N12.1 billion for the half year ended June 30, 2019. The profit represented a growth of four per cent when compared with N11.7 billion achieved in the comparative...

February 23, 2019 No Responses

2018 Q4: Nigeria Generates N298b From VAT

For the fourth quarter, 2018, Nigeria generated N298.01 billion from Value Added Tax (VAT). The National Bureau of Statistics ( NBS ) gave the update on its website in a Sectoral Distribution of VAT report for the fourth quarter, 2018....

February 22, 2019 No Responses

FIRS Boss At MAN Interactive Forum, Secures Unpaid N23b From Firms

The Federal Inland Revenue Service (FIRS) has generated over N23billion in unpaid taxes from the suspended substitution exercise on corporate bank accounts, marked by the imposition of restriction on the accounts of tax-defaulting organisations. FIRS Chairman,...

December 31, 2018 No Responses

Nigeria’s Taxpayers Database Hits 35m

The taxpayers’ data base has expanded from 20 million to 35 million, the Joint Tax Board (JTB) has said through its Executive Secretary, Oseni Elamah. Elamah said the development was achieved as a result of the ongoing database consolidation of...

November 12, 2018 No Responses

Brazil Approves Tax Holiday For Ford, Others

Brazil‘s President Michel Temer has signed into law hundreds of millions of dollars in incentives for automakers such as General Motors Company and Volkswagen to produce locally and continue developing engines that run on both gasoline and ethanol. ...

July 16, 2018 No Responses

Oando: Court Orders Wale Tinubu’s Firms to Pay Volpi $680 Million

The London Court of International Arbitration (LCIA) has issued an award against two companies owned by the Chief Executive Officer of Oando Plc, Mr. Wale Tinubu and his deputy, Mr. Mofe Boyo to pay a total debt of US$680 million...