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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 […]

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Telecoms Group Threatens Shutdown In Kogi Over Multiple Taxes

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has threatened to shut down telecommunications facilities in Kogi State following disputes arising from alleged excessive taxation and levies by the Kogi State Internal Revenue Service (KIRS). A statement issued by both the group’s Chairman, Engr. Gbenga Adebayo, and  Head, Operations, Gbolahan Awonuga, warned that the […]

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AfDB, ECOWAS Seal $3.56mn Mou To Boost Sub-Regional Pharma Industries

The African Development Bank (AfDB) and the Economic Community of West African States (ECOWAS) have signed a memorandum of understanding (MoU) for $3.56 million in grant funding to support the development of pharmaceutical industries in West Africa. The Managing Director of the Bank for Nigeria, Lamin Barrow, and ECOWAS Commissioner in charge of Industry and […]

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FIRS, MultiChoice To Settle Tax Dispute Out Of Court

MultiChoice Nigeria and the Federal Inland Revenue Service (FIRS) have agreed to settle the pending dispute over the company’s tax liability outside court. Part of the agreements reached requires the company to withdraw all pending lawsuits, while FIRS will now conduct a forensic system of the company’s accounts. A statement jointly signed by the parties […]

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Nigeria’s Economy Records 3.40% Growth In 2021

The National Bureau of Statistics (NBS) on Thursday reported that Nigeria’s Gross Domestic Product (GDP) economy grew at 3.40 per cent year-on-year in 2021, representing the fastest annual growth since 2014 when it peaked at 6.22 percent. The Statistician General of the Federation, Dr. Simon Harry, gave these figures during his media briefing on the […]

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Security Key To Improved Oil Productivity, Revenue Earnings – CSEA

The Centre for the Study of the Economies of Africa (CSEA), a think tank research firm focusing on activities in Africa’s economies, has urged the Federal Government to strengthen security in the oil producing areas as a step towards improving productivity and halting the dwindling revenues from the nation’s hydrocarbon resources industry. The think tank […]

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CATA President, Nami, Meets Association’s Staff In UK, Unveils Agenda

The President of the Commonwealth Association of Tax Administrators (CATA) and Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami, at the weekend held his maiden meeting with the CATA Secretariat team in London. At the meeting, which held at the United Kingdom’s Treasury House, the CATA President  was formally briefed by the Secretariat officials on […]