Akwa Ibom State Internal Revenue Service, AKIRS, on Monday sealed two branches of Guaranty Trust Bank (GTB) in Uyo, the state capital over alleged tax default estimated at over N184 million. A news report sourced from News Agency of Nigeria (NAN) indicated that branches were sealed on the order by the AKIRS’ Executive Director Enforcement […]
The Department of Petroleum Resources (DPR) has introduced a computer application to monitor how petroleum products in all the filling stations are dispensing products with a view to curbing abuses in the downstream sub-sector. The DPR Zonal Controller, Port Harcourt Zonal Office, Mr. Bassey Nkanga, who unveiled the Downstream Remote Monitoring System (DRMS) app at […]
First City Monument Bank (FCMB) has urged business owners in the country to constantly update their knowledge on emerging fiscal developments in the corporate environment, particularly on taxation as a strategic step towards improving their businesses’ competitiveness and overall performance. This is even as the leading lender also charged regulatory intuitions, agencies and other stakeholders […]
The Senate on Tuesday urged the Federal Government to fully implement the Executive Order on zero customs duty and zero Value Added Tax (VAT) on importation of commercial aircraft and aircraft spare parts. This is even as it advised the Central Bank of Nigeria (CBN) to make foreign exchange easily accessible for investors in the […]
The Nigerian Electricity Regulatory Commission (NERC) has reported that its total revenue increased by 57 per cent in the first quarter of 2020. It attributed the improved revenue accruals to operating levies and Internally Generated Revenue (IGR) sources During the quarter, the power sector regulatory agency disclosed that its total expenditure rose to N1.94 billion, […]
The African Tax Administration Forum (ATAF) has suggested an approach to drafting legislation on digital sales tax services. The Suggested Approach – published on September 30 – has been developed by the ATAF Secretariat and ATAF’s Cross-border Taxation Technical Committee. It is aimed at helping African countries that are considering implementing digital service tax to […]
President Muhammadu Buhari on Thursday stoutly defended his administration’s recent fiscal policy measures, particularly the deregulation of the petroleum pricing regime, saying the measures are inevitable if the abuses in the downstream subsector are to be curtailed and the economy better positioned for citizen’s socio-economic wellbeing. The President, who justified the fiscal policy stance of […]
The House of Representatives on Wednesday approved the Medium Term Expenditure Framework (MTEF), the Fiscal Strategy Paper (FSP), and put the total government’s proposed expenditure for the fiscal year at N13.08 trillion The approval of the proposed budget by the lawmakers was sequel to the unanimous adoption of a report presented by the Chairman, House […]
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has unveiled plans to carry out a nationwide verification and reconciliation exercise on revenue inflows and remittances from relevant organizations to the appropriate government treasury covering a four year period (Jan 2016 – Dec 2019) with a view to compelling defaulting MDAs to remit such revenue to […]
Barely few hours after apologizing to Nigerians on its Thursday’s directive requiring all account holders in financial institutions to complete a new ‘self-certification’ form, the Federal Government today said that the Notice was not meant for all financial institution persons and assured that the Federal Inland Revenue Service (FIRS) would make further clarifications on the […]