Out of 70 million taxable adults in Nigeria, only 40 million pay taxes, the Minister of Finance, Mrs. Kemi Adeosun has said. She spoke yesterday at the first annual lecture of the Lagos State Professorial Chair of Tax and Fiscal Matters held at the Ade-Ajayi Auditorium, University of Lagos. Mrs Adeosun who chaired the lecture, […]
Read More Nigeria’s Minister of Finance, Mrs Kemi Adeosun, has said the Federal Government would soon start collecting luxury taxes. Addressing newsmen at the annual meeting of the World Bank and International Monetary Fund, IMF, in Washington DC on Sunday, Mrs Adeosun said people with higher income must bear a greater part of the tax burden. “The […]
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International Oil Companies, IOCs, operating in Nigeria paid ₦828 billion ($2.3billion) as education taxes and levies to the Niger Delta Development Commission, NDDC between 2014 and 2016. Members of the Oil Producing Trade Section (OPTS) of Lagos Chamber of Commerce and Industry (LCCI) disclosed this, in Abuja, during a presentation at the House of Representatives’ […]
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The Executive Chairman, First Inland Revenue Service (FIRS), Babatunde Fowler, has said the introduction of Automatic Exchange of Information (AEI) could be the tool to eradicate tax evasion in the country. According to Fowler, who stated this at a workshop on automatic exchange of Information at the weekend in Lagos, jointly organised by FIRS and […]
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The Federal Government says will recruit 7,500 graduates as Community Tax Liaison Officers to raise tax awareness among citizens. The Minister of Finance, Mrs Kemi Adeosun, along with the Chairman, Federal Inland Revenue Service (FIRS), Mr BabaTunde Fowler made this known at a joint press briefing on Thursday in Abuja. Adeosun said that the recruits […]
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The Federal Inland Revenue Service (FIRS) has announced that individuals and corporate organisations in the country can now file their tax returns online. This was made known by the Director of Information and Communication Technology, ICT, Mr. Kola Okunola, at a workshop in Abuja. According to Okunola, the introduction of Integrated Tax Administration System, ITAS, […]
Read More The Federal Inland Revenue Service (FIRS) realized N3.30 trillion tax revenue for the nation’s coffers. Executive Chairman of the FIRS Mr. Tunde Fowler made this closure in Abuja Monday at training for journalists on tax reporting. Fowler praised the efforts of the Service for raising over N3.3 trillion at a most trying period in the […]
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In a country of about 180 million people, only 214 individuals pay their taxes, Federal government lamented on Thursday. It also regretted that many multinational companies evaded tax payments. The government also expressed concerned over the growing rate and the effects of deforestation in the country even as it received briefings on the current security […]
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The country is losing billions of naira in revenue annually as a result of the various tax and double taxation treaties it signed with advanced nations, multinational corporations and high net worth individuals, ActionAid Nigeria and labour unions have said. To put an end to this, the Nigeria Labour Congress, Trade Union Congress of Nigeria […]
Read More Halliru Godel, a member of the Association for the Emancipation of Rights of Small Scale Industrialists (AERSSI), has called for the modernisation of taxation system in Nigeria to fast track economic development. Godel told the News Agency of Nigeria in Kano on Thursday that taxation would play a crucial role in the development of the Nigerian […]
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The United States of America’s Secretary of Commerce, Penny Pritzker, has revealed that in 2014, eleven of more than seventy large American companies operating in Nigeria paid in a total of $5.1 billion in taxes to the nation’s coffer. She also disclosed that a total of 24, 104 Nigerians were employed by the firms, while […]
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Nigeria’s National Economic Council (NEC) has ruled out the possibility of increasing the Value Added Tax and other Corporate taxes by the Federal Government. NEC yesterday after a meeting at the presidential villa Abuja presided over by Vice President Yemi Osinbajo agreed that any attempt to increase taxes including VAT would bring additional hardship to […]
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