Citing inconsistencies in the country’s tax rate and lifestyles of many Nigerians, the Federal Government has reiterated its stance on prosecuting defaulters at the end of the extended deadline for the Voluntary Assets and Income Declaration Scheme (VAIDS) on June 30. According to The Executive Secretary, Joint Tax Board, Oseni Elamah, the extended ultimatum was…

The Amalgamated Union of Public Corporations Civil Service Technical and Recreational Services Employees (AUPCTRE) and the management of Lagos Water Corporation (LWC) have disagreed over remittances of employee taxes, cooperatives, pensions and union dues deducted from their salaries at source. Speaking to journalists during the solidarity match to Alausa and the corporation’s headquarters in Ijora,…

The Chartered Institute of Taxation of Nigeria (CITN) has certified no fewer than 21,212 tax professionals to date, a feat achieved with the induction of 889 members in the last six months. The development has given boost to the country’s ongoing reforms of tax laws and quest for increased revenue from an economic segment that…

As part of efforts to reform the Nigerian tax system and make it more efficient, the Senate is working on a legislation that seeks to establish a Tax Research Fund. The fund is to provide for the financing of a Tax Study Group with a view to improving the link between policy objectives and the…

Although the African Continental Free Trade Area (AfCFTA) seeks to create a wider market for trade, local manufacturers are seeking government’s intervention in limiting the number of product lines that will be liberalised, as a protectionist measure. According to the Manufacturers Association of Nigeria (MAN), certain product lines need to be protected from the liberalised…

The Vice-Chancellor, Obafemi Awolowo University, Prof Eyitope Ogunnbodede, has assured the university community that the issue of tax debt will be resolved with the state government without delay. Ogunnbodede said this in a statement he signed on Friday in Ile-Ife, Osun, adding that the vexed issue would not be allowed to damage the harmonious relationship…

Sequel to different court verdicts, three business premises of alleged tax remittance defaulters have been sealed in Abia state. Two of the premises are in Aba while one is in Umuahia, the state capital. The three firms are Naupan Engineering Co.  Ltd, AZ Emmy International Ltd (both at Aba) and Where Else Bar in Umuahia. Justice…

A joint effort by the federal ministries of Environment, Petroleum Resources, Industry, Trade and Investment as well as United Nations and Global Fuel Economy Initiative is targeting stringent actions against worsening level of pollution in Nigeria. This would be through implementation of key initiatives that include more taxes and tariffs for importation of rickety vehicles.…

Shell Petroleum Development Company (SPDC) Joint Venture (JV) Shell Nigeria Exploration and Production Company (SNEPCo) paid $1.1 billion to the Federal Government in form of royalties and corporate taxes in 2017. The company said in 2017 Sustainability report released on Monday that it has contributed $23 billion to the Nigeria economy from 2013 to 2017.…

Telecoms operators are seeking a downward review or scrapping of some government taxes and levies slammed on their operations. Currently, the operators, under the aegis of the Association of Licensed Telecoms Operators of Nigeria (ALTON), said they pay 38 different taxes and levies of government and its agencies. ALTON Chairman, Gbenga Adebayo, said the challenges…

Senate President Bukola Saraki has canvassed the urgent review of the nation’s tax laws to make for a more efficient and productive tax system in the country. Saraki, who gave the charge while inaugurating the Technical Committee on Reforming Nigeria’s Tax System at the National Assembly in Abuja yesterday, said the Federal Government’s target should…

A senior associate in Ajumogobia & Okeke, Dr. Olumide Obayemi, has been appointed a faculty member with the Department of Tax Law of the newly created Tax Academy of the Chartered Institute of Taxation of Nigeria (CITN). According to a statement, Olumide holds a law degree from the Obafemi Awolowo University, Ile Ife; Masters of…