The World Bank Group on Thursday projected that hiking excise duty on tobacco and alcohol as recommended in its latest National Development Update report can increase Nigeria’s non-oil revenue by N600 billion yearly. A Senior Tax Specialist of the Breton Woods institution, Mr. Rajul Awasthi, made the forecast during a virtual discussion on domestic revenue […]
Tax
South African Revenue Service Releases 2021 Tax Filing Guidelines
The South African Revenue Service (SARS) has released new tax filing guidelines for corporate and individual taxpayers for 2021 financial year and charged tax professionals in the country to enlighten taxpayers on the new requirements for timely compliance. According to theTax Practitioner Connect, the electronic newsletter for South African tax practitioners published today, under the […]
Nigeria’s Oil, Gas Earnings Hit $34.22Bn In 2019 – NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that Nigeria’s earnings from oil and gas sector rose to $34.22 billion in 2019, representing 4.88 per cent higher than the $32.63 billion earned in the preceding year. The industry monitoring agency gave this hint in its 2019 report indicated that the report covered 98 entities, […]
2021 Budget: Nigeria’s Earnings Hope Brightens As Brent Crude Hits $70.46/B
With the price of Brent oil peaking at $70.46 per barrel on Tuesday from $68.50 a day earlier, there are strong indications that Nigeria’s deficit financing problem may be abated if the rising oil prices in the global market are sustained for weeks or months. Industry analysts believe that at $70.46 per barrel, Nigeria could […]
EU Endorses New Tax Transparency Rules For Multinationals
European Union member states and lawmakers on Tuesday reached a deal on tougher tax transparency measures for multinationals. The new rules which require multinational companies to list their profits made, taxes paid and the number of people they employed in individual EU countries, are coming following increased international pressure on the issue of multinationals and […]
FIRS, Others Raked N1.54Trn Into Federation Account In Q1 – RMAFC
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Monday disclosed that a total sum of N1.54 trillion was generated by revenue agencies and ministries, departments and agencies (MDAs) into the federation account in the first quarter of this year. A statement by the commission’s Public Relations Officer (PRO), Mr. Nwachukwu Christian, indicated that the […]
Technology Key To Plugging Nigeria’s Tax Leakages – CSEA
The Centre for the Study of the Economies of Africa (CSEA), a leading economic research and analysis organisation, has advised federal and state governments in Nigeria to invest in and deploy appropriate technology in order to plug leakages in their tax revenue generation. The research firm, in its just published Nigeria Economic Update Issue 8, […]
Nigeria’s Corporate Tax Collections Grew 32.84% In Q1,2021
Indications that the nation’s economy is gaining productive traction have emerged with the Company Income Tax (CIT) collections rising to N392.77billion in the first quarter this year, representing 32.84 percent year-on-year (YoY) increase over collections in the corresponding quarter of last year. The latest Company Income Tax By Sectors (Q1, 2021) just published by the […]
EU, U.S. Reach Truce On Metal Tariffs Dispute
The European Union (EU) and the United States (U.S.) Government have agreed to a partial truce in a dispute over metal tariffs imposed by the immediate past president, Donald Trump and to open discussions on global over-capacity and China’s “trade-distorting” policies. A news report by Reuters quoted the European Commission, which oversees EU trade policy, […]
Global Minimum Corporate Tax Rate Proposal Gains Traction
President Joe Biden’s campaign promise to crack down on tax-evading multinationals and recent call for a global minimum corporate tax rate has continued to elicit reactions from major players in the global economic space as some fear that President Biden’s plan may hinder developing economies’ Covid-19 recovery. The President had in April, as part of […]