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Global Minimum Tax May Reduce Bermuda’s Competitive Edge – Fitch

Fitch Ratings has predicted that the net profitability gap between Bermuda and non-Bermuda incorporated companies may narrow over time given the expected passage of the OECD-driven multilateral agreement to establish a 15% global minimum tax rate. The 15% global minimum tax rate is expected to be ratified under Pillar Two of the OECD Inclusive Framework […]

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MultiChoice To Appeal FG’s $4.4Bn Tax Claim

South African company and leading pay TV service provider in Nigeria, MultiChoice, has prepared grounds to appeal a $4.4 billion tax claim by the Federal Inland Revenue Service (FIRS). The company stated on Wednesday that its Nigerian unit had obtained clearance from a tax tribunal to proceed and institute the appeal after paying a $19.4m […]

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CSEA Tasks FG, States On Rising Public Debt Stock

The Centre for the Study of the Economies of Africa (CSEA), a leading economic research organization with special focus on African economies’ trends, has called on the three tiers of government to embrace fiscal efficiency and revving up their revenue generation drives in order to reduce borrowing in public finance in the country. Using the […]

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‘The Punch’ News On Uniforms, Meals’ Budget, Mere Fabrications – FIRS

The Federal Inland Revenue Service (FIRS) has described The Punch newspaper’s report on its approved budgetary provisions for uniforms and meals for the 2022 fiscal year as totally ill-informed and baseless and advised the public to  ignore in its entirety the newspaper’s ‘misleading’ report.. The federal revenue agency in a statement issued by the Special […]

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NNPC Unveils Plans To Utilize Tax Credit Scheme For Road Projects

The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mallam Mele Kyari, has hinted of plans by the corporation to rebuild key roads used in the transportation of petroleum products under the Federal Government’s Tax Credit Scheme. Established under FG’s Executive Order 7 of 2019, the Road Trust Fund Policy/Tax Credit Scheme gives private sector […]

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Why Nigeria, Ghana, Others Shun Debt Suspension Initiative – W/Bank

The World Bank has explained why Nigeria, Ghana and some other countries refused to participate in a temporary suspension of debt service payments under its Debt Service Suspension Initiative (DSSI), saying the affected countries are concerned about future access to debt and credit-rating downgrades. The DSSI offered 73 IDA-eligible and least developed countries a temporary […]

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Diversification Of Nigerian Economy On Course – FIRS Boss

Chairman of the Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has maintained that the diversification of the Nigerian economy, though a work in progress, is on course. Nami, was quoted in a statement by his SA Media and Communication, Johannes Wojuola, as making this remark while speaking at the ‘Public Presentation and Breakdown of  […]

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Low-Income Countries’ Debt Peaks At $860Bn In 2020

The World Bank in a new report released on Monday stated that efforts by governments around the world to tackle the COVID-19 pandemic with massive fiscal, monetary, and financial stimulus packages further aggravated loc-income countries’ debt stock, rising by 12 percent to a record $860 billion in 2020. The Breton Woods institution noted that while […]

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Only 41Mn Taxpayers Captured So Far In FIRS Database – Nami

The Federal Inland Revenue Service (FIRS), has said that only 41 million taxpayers are captured in the nation’s tax net so far in a population of over 200 million citizens. The Chairman of the federal revenue agency, Mr. Muhammad Nami, disclosed this at the ‘Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill’ in […]

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Excise Duties On Carbonated Drinks To Commence Jan 2022 – Ahmed

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Friday confirmed that government’s fiscal measure relating to the administration of Excise Duties on carbonated drinks would start in January 2022 The minister, who gave this hint during the ‘Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill’, said the imposition […]