VAT designed to support, not burden poor Nigerians, says Fowler
Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler, yesterday said Value Added Tax (VAT) is designed to support poor Nigerians and not create hardship for them. He explained that it is charged on consumption and capacity to consume, noting that revenue generated from VAT is channeled towards assisting the poor by providing basic amenities. Fowler…
Deloitte sees automation transforming tax administration in Nigeria
Experts in tax administration have said automation will transform taxes for companies and regulators in the very near future, as technology is expected to impact satisfaction level positively.
Pa Akintola Williams The Accountant: Cerebral And Dapper Still At 99
Have you ever seen Pa Akintola Williams in any other outfit than his suits? Really, sometimes, one tries to imagine what the doyen of accountancy profession in Nigeria would look like in casual wears or even native attires, especially the ever-flowing agbada. No matter the event, The Accountant, as he’s fondly called, turns up in…
Deloitte tasks insurers on global standards in financial reporting
In bid to set-up a global standards process in financial results-based approach for the nation's insurance industry, Deloitte has urged the sector regulators and operators to get ready for the implementation of IFRS 17 by year 2021.
SEC mandates Deloitte to commence Oando forensic audit
The Securities and Exchange Commission (SEC) has mandated Deloitte firm to proceed with Oando forensic audit.
Fiscal opportunities of a restructured sports sector: Football as pilot (3)
There is a simple question that the Football Association in Nigeria must answer. It is that, “does Nigeria operate a league system that makes a football clubside self-sustaining and ultimately, profitable?” Whilst enactment of the prevailing Framework Rules, which reflect a change of mindset to run football as a business, is critical, emplacing and…
Fiscal opportunities of a restructured sports sector: Football as pilot (2)
The Nigerian league system owes its format to the British. The modern game of association football originated with the formation of the Football Association (FA) in London in 1863 following multiple efforts to standardize the varying forms of the game. There are more than 140 individual leagues, containing more than 480 divisions. The exact…
Fiscal opportunities of a restructured sports sector: Football as pilot (1)
In today’s world, the reality is that sports is a business. Perhaps this is why there is always that distinction between those who pursue a particular sporting activity as hobbies or means of relaxation from those who derive their livelihood from same platform.
Microfinance banks and the VAT legislation: Is there a case for exemption?
This paper examines the current legislative provisions guiding the applicability of VAT on services of banks and other financial institutions and arguments against the imposition of VAT on services rendered by microfinance banks in Nigeria.
Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD (3)?
The last two editions of our InsideTax publication have focused on tackling tax leakages in the 21st century.
Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD (2)?
In our last edition of InsideTax publication, we explored the concepts of tax avoidance and tax evasion and the impact of tax leakages on government revenue. We also highlighted some ways through which tax evasion occurs in Nigeria.