The Federation Account Allocation Committee (FAAC) reported on Tuesday that the three tiers of government shared a total sum of N617.566 billion in March from revenue accruals into the Federation Account. This figure was contained in a communique issued by the Technical sub Committee of the FAAC at the end of its meeting in Abuja. […]
With an estimated 50 million Americans yet to file their tax returns at the weekend despite the April 15 Tax Day deadline set by the fiscal authorities, the IRS has indicated its readiness to accept tax returns filed after the date, subject to a grant of extension. Except for resident or corporate entities in Maine […]
The International Monetary Fund (IMF) has advised the Nigerian government on the need to reduce its tax exemptions and incentives list for companies as a strategic option of boosting non-oil tax collections. In addition, the Fund also tasked government on tax reforms, including raising excise taxes and expanding its scope to cover more goods The […]
The Federal Inland Revenue Service (FIRS) and the National Lottery Regulatory Commission (NLRC) have initiated processes for the automation of Value Added Tax (VAT) collection in the lottery and gaming businesses in the country. The Head, Communications and Servicom Department of FIRS, Wahab Gbadamosi, in a statement quoted the Executive Chairman, Tunde Fowler, as making […]
The Attorney General of the Federation (AGF) and Minister for Justice, Abubakar Malami (SAN), on Tuesday disclosed that the Federal Government had commenced processes of granting tax amnesty for defaulters who voluntarily declare their foreign assets. Malami, while giving the hint at the unveiling ceremony for the programme tagged ‘Voluntary Offshore Assets Regularisation Scheme (VOARS)’, […]
The Federal Inland Revenue Service (FIRS) has projected that it would rake in about N750 billion from about 55,000 millionaire tax debtors in the current fiscal year. The Executive Chairman of the revenue agency, Mr Tunde Fowler, made this forecast on Tuesday while addressing the House of Representatives joint committees on Finance, Appropriations, Aid, Loans […]
A Kenyan High Court on Wednesday declared unconstitutional a tax agreement signed by Kenya with Mauritius, saying the pact failed due process requirements. In his ruling, the High Court Judge, Weldon Korir, declared the Double Tax Avoidance Agreement (DTAA) sealed between the two countries unconstitutional, noting the Kenyan government failed to follow constitutional requirements for […]
FCMB Group Plc has announced a gross revenue of N177.4 billion for the 2018 financial year, representing 4.3 percent increase over its N169.9 billion gross revenue in the preceding year. The lender in a statement issued on its performance during the year under review reported that its profit before tax (PBT) grew by 73 per […]
Stakeholders in Africa’s aviation sector have canvassed the need for governments in the continent to review downwards some taxes on airlines, travellers and other air travel-related businesses as a strategic step towards growing the sector. The stakeholders at the weekend also urged African government to stop seeing air transport as luxury service, but as a […]
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, at the weekend described the Appeal Court judgement in the case between the agency and the Nigerian Liquefied Natural Gas (NLNG) Limited over levies payable to the maritime regulator as desirable to the nation’s justice system. The Court of Appeal […]