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FG Orders Telcos To Reverse Unilateral Upward Tariff Adjustment

Following media reports that Mobile Network Operators (MNOs) in the country had unilaterally revised upward tariffs on voice and data services, the Nigerian Communications Commission (NCC) has directed the operators to immediately reverse the tariff adjustments. The industry regulator, through a letter sent on the 12th of October 2022 to the MNOs stated that it […]

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UK Chancellor Backtracks On Dividend Tax Cut Measures

The new British Chancellor, Jeremy Hunt, has scrapped his predecessor’s plans to reduce the tax paid on dividends. In his mini-budget at the end of September, Kwasi Kwarteng announced that he would be rolling back Rishi Sunak’s plans to increase the basic rate of tax paid on dividends from 7.5% to 8.75%. A news report […]

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Rivers Tops States’ 2022 Fiscal Performance Ranking Chart

Rivers State has been ranked as the foremost state on fiscal performance among the 36 states for the third consecutive year in a row. BudgIT, a civic-tech organisation leading the advocacy for fiscal transparency and accountability in Nigeria, in its 2022 #State of States Report titled ‘Sustainable Governance Reforms for a New Era’ circulated to […]

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Road Infrastructure Tax Credit Scheme, Fiscal Innovation Of FG – Nami

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, has described the Road Infrastructure Tax Credit Scheme as one of the greatest innovations of the Federal Government to tackle Nigeria’s infrastructure deficit. The scheme, which provides for public-private partnership intervention in the construction, refurbishment and maintenance of critical road infrastructure in the […]

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CIT Collections Grew To N714.4Bn In Q2 2022 – NBS

The National Bureau of Statistics (NBS) has reported that aggregate Company Income Tax (CIT) revenue generated by the federal revenue service grew to N714.40 billion in the second quarter of 2022. The Bureau, in its ‘CIT Report for Q2 2022’  published on Friday, indicated that the Q2 accruals represented a 29.53 percent quarter-on-quarter growth from […]

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Financial Crimes: LIRS To Launch Whistle-Blower Initiative

The Lagos State Internal Revenue Service (LIRS) is set to launch its whistle-blower initiative, a state-wide project, introduced to provide a platform for employees, stakeholders and the general public to report any observed violation, misconduct, or unethical behaviour across the state. A public notice signed by the LIRS Executive Chairman, Ayodele Subair, indicated that the […]

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African Countries’ Tax Collection Information Requests Up 26% In 2021

African countries’ requests for information for tax collection purposes rose by 26% in 2021 over the previous year, signaling continued progress toward tax transparency in spite of a challenging environment. The Tax Transparency in Africa 2022 report by The Africa Initiative launched on Tuesday in Nairobi, Kenya covered 38 countries and documented Africa’s progress in […]

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VAT Revenue Grew 4.41%, Hit N588.59Bn In Q1 2022 – NBS

The National Bureau of Statistics (NBS) has reported that the aggregate Value Added Tax (VAT) collection stood at N588.59 billion in the first quarter of 2022, representing a quarter-on-quarter growth of 4.41 percent over the N563.72 billion raked in from the revenue source in Q4, 2021. The statistics agency in its report ‘Sectorial Distribution of […]

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Banks Paid N125.9Bn To AMCON’s Funds In Q1, 2022 – Research Firm

Nairalytics, a leading research firm, has reported that the Asset Management Corporation of Nigeria (AMCON) received a sum of N125.9 billion from 12 commercial banks listed on the Nigerian stock market as part of the Sector Resolution Funds in the first quarter of 2022. The Sector Resolution Fund is part of the requirement of the […]

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Lagos Won’t Extend Annual Tax Returns Filing Deadline – LIRS

The Lagos State Internal Revenue Service (LIRS) has reminded the business community and individual taxpayers on the need for compliance with the March 31 deadline for filing annual tax returns, stressing that the state government has no plan to extend the statutory date. The agency’s Executive Chairman, Mr. Ayodele Subair, stated this as he advised […]