FG generates N416.01bn as Company Income Tax in Q3, 2020- NBS
The Federal Government generated N416.01 billion as Company Income Tax (CIT), the National Bureau of Statistics (NBS) says.
Tax as new ‘bride’ in revenue chase
The love triangle among the three tiers of government for a mono economy like Nigeria’s fuels the deafness and provides no sense of foresight for political office holders to diversify the economy.
Court orders revenue board to pay firm N104.9m
Justice E.B. Mohammed of the High Court of Kwara State has ordered the Kwara State Internal Revenue Service (KWIRS) to pay a consulting firm, Mazars N104, 908,939.57 for recovery of professional fees, remuneration and or commission. The claimants, which are Mr. Adeyemi Sanni Sheriff, Mrs. Adedoyin Sanni, and Mr. Bamidele Ogunlowo under Mazars Consulting, had…
FG targets N500b from education tax in 2021
The Federal Government plans to generate N500 billion from the education tax in 2021. This target, if achieved, would boost funding of several ongoing infrastructures initiated by the Tertiary Education Fund (Tetfund) in higher institutions across the country. To this end, the Chairman, Board of Trustees of Tetfund, Kashim Imam, charged the Federal Inland Revenue…
Accountants sign pact, to deepen professional standard
Nigeria’s accounting professionals under the aegis of the Institute of Chartered Accountants of Nigeria (ICAN), have signed the Mutual Cooperation Agreement (MCATI)
CITN enhances practitioners’ skills for successful tax practice
The Chartered Institute of Taxation of Nigeria (CITN) has canvassed the knowledge, skills, and expertise of practitioners and other stakeholders for a successful tax practice. The Institute noted that aside from the need for a technical grasp of taxation, which is its core competence as tax professionals; there was also the need to acquire…
Assessing alternative funding for infrastructure amid fiscal constraints
The Nigerian government, like other developing countries, continues to face significant challenges in implementing programmes to build basic infrastructure through traditional funding sources
A4AI seeks mobile phones tax reduction
The Alliance for Affordable Internet (A4AI), has challenged governments of member countries, including Nigeria, to reduce taxes and duty on mobile phones.
FMN investments in key segments push full year profit by 184 per cent
Flour mills of Nigeria Plc (FMN), has announced that investment in its three key segments achieved a strong growth that pushed the company’s Profit After Tax (PAT) to N11.4 billion, representing 184 per cent rise. Specifically, the firm’s audited result for the year ended December 31, 2019, indicated that profit before tax increased by 72…