Principles And Administration Of Tax
When we speak of tax, we usually think of money paid to the government by reason of our obligation as citizens. All Citizens are expected to pay their taxes to their government, sometimes irrespective of whether or not they live and work in their country, and some people, especially companies, are expected to pay […]
Sectors that Pay the Highest Company Income Taxes in Nigeria
The Company Income Tax (CIT) is a tax on the profits made by incorporated organizations in Nigeria. It’s paid by both local businesses and foreign entities doing business in the country. Read more about Finance This tax is a major source of revenue for the government, as it’s generated from numerous commercial entities located across […]
Analysis: The Unfair VAT Benefit by Sharia States
There has been a lot of restrained sentiment in the past about Sharia states in Northern Nigeria benefiting from the portions of Value Added Tax (VAT) which they did not contribute towards. It is public knowledge now that Sharia states which include Zamfara, Kano, Sokoto, Katsina, Bauchi, Borno, Jigawa, Kebbi, Yobe, Kaduna, Niger, Gombe, have […]
President Buhari Defers 35% Import Adjustment Tax On Electric Meters
Nigerian President, Muhammadu Buhari, has approved a one-year deferment plan for the 35% import adjustment tax which has been imposed on the fully built unit (FBU) electric meters HSCode 9028.30.00.00 provided for in the 2019 fiscal policy measures. This new development was revealed in a statement issued by (Mr Abdullahi Tanko) the special adviser […]
Tech Space Roundup
Vodacom Nigeria Gets New MD The Nigerian arm of cloud and digital services provider, Vodacom has appointed a new MD. The new managing director, Valentine Chime, has been handpicked by the board of directors to spearhead the company’s drive to become Africa’s leading cloud service in the wake of COVID-19 according to Nairametrics. […]
COVID-19: FIRS Offers Concessions to Tax Payers
The Federal Inland Revenue Service (FIRS) has announced that it is granting concessions to taxpayers in Nigeria. The agency says it is doing this to alleviate the impact of the COVID-19 pandemic on individuals and businesses in the country. The concessions are a part of a broader set of actions being taken by the […]
The Law & You: Taxes Applicable To Property Practice In Nigeria
Tax has been defined as “a universal contrivance whereby the government imposes upon its citizens; a compulsory financial levy or contribution for the benefit of society as a whole.” The common public representation or perception that there are no real property or real estate taxes in Nigeria is not correct. Real property transactions in Nigeria […]
How to Get Your Tax Identification Number (TIN) in Nigeria
The Tax Identification Number is a set of digits assigned by Nigeria’s tax authorities to registered taxable individuals and businesses in the country. It’s the tax agencies’ principal means of identifying registered taxpayers. In the past, Nigerians had to sign up for at least two different tax identification numbers: one issued by the Federal Inland […]
From Tech To Politics: BudgIt Co-Founder Now in Technical Advisory Role to the Nigerian Government
Today’s topic is a progressive one as something juicy happened over the weekend on the social media space. Sometimes, people start up a project without necessarily having a selfish gain in mind. Over time, the dream becomes bigger than what was initially thought of and it becomes progressive like every other dream. Today, I will […]
What the Increase in Nigeria’s VAT Could Mean for Businesses
On Wednesday 12 September, Nigeria’s Federal Executive Council agreed to have the value added tax (VAT) on goods raised from 5% to 7.5%. It’s widely understood that the rate hike is intended to fund the recently approved minimum wage, which has been revised upward from ₦18,000 to ₦30,000. The approval comes months after economic analysts […]
Nigerians Could Be Paying a 5% Tax on Online Purchases Soon
Online shoppers in Nigeria could soon be paying more for the smartphones and handbags they purchase from ecommerce stores. The Federal Government says it is planning to slap a 5% Value Added Tax (VAT) on these transactions, as well as any others paid for by bank cards. This is part of a wider drive by […]
The Law & You: Companies Income Tax In Nigeria
Companies Income Tax (CIT) is a direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at state or local levels. Company income tax is one of the most important sources of revenue collection […]
Over a Thousand Prosecuted at Anambra For Defaulting in Payment of Taxes
According to Vanguard, about 1,206 persons have been prosecuted by the Anambra State Government for defaulting in payment of signage taxes. Addressing newsmen in his office in Awka, the Managing Director of Anambra State Signage and Advertisement Agency, ANSAA, Chief Jude Emecheta, said the cases have been settled out of court. According to him, the […]
We Have Data on Nigerians With Hidden Assets, Says The Minister of Finance
The Minister of Finance, Mrs. Kemi Adeosun, yesterday, declared that the Voluntary Assets and Income Declaration Scheme (VAIDS) has given the Federal Government access to data of Nigerians with hidden assets both at home and abroad. Adeosun made the declaration while speaking on ‘Good Morning Nigeria’, a Nigerian Television Authority interview programme. According to the minister, the […]
Federal Government Favors 27 industries for Pioneer Status
The Federal Executive Council approved 27 new industries and products to take a tax break in other to give them an opportunity to grow and expand investments. 27 industries will benefit from not having to pay tax for a certain period of time, allowing them to get established. This is an incentive from the Nigerian […]
Nigeria Today: Top 5 News Stories, Wednesday, Nov 23rd, 2016
1. Beginning from December 1, 2016, taxpayers will receive their withholding tax certificate in their emails within one week of payment, Mr. Babatunde Fowler of Federal Inland Revenue Service (FIRS) has said. 2. The Cross River State government has signed a contract with Huawei Technology of China to make Calabar Nigeria’s first digital city. 3. […]