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Tag: Tax

Cut corporate tax to 7.5%, NACCIMA urges Tinubu
featured News

Cut corporate tax to 7.5%, NACCIMA urges Tinubu

The National Association of Chambers of Commerce, Industry, Mines, and Agriculture has called on President Bola Tinubu’s administration to take decisive steps toward comprehensive tax reform, recommending a reduction in corporate tax rates to 19% and capping Value Added Tax at 7.5%. In a statement signed by NACCIMA’s National President, Dele Kelvin Oye, the association […]

News

FG to exempt pads, baby products, others from tax in new bill 

The Federal Government has introduced a new bill aimed at exempting various essential products and services from Value Added Tax. The proposed VAT exemption list includes baby products, locally manufactured sanitary towels, pads, and tampons, aiming to enhance accessibility to these essential items. The bill, titled “A Bill for an Act to Repeal Certain Acts […]

News

New bill to require tax ID for opening bank accounts

A new bill has been proposed in Nigeria mandating that individuals involved in banking, insurance, stock-broking, and other financial services must provide a Tax Identification Number to open new accounts or operate existing ones. According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue […]

Seven banks paid N392.53bn in taxes in first half of 2024
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Seven banks paid N392.53bn in taxes in first half of 2024

Seven major banks in Nigeria reported a combined tax payment of N392.53 billion for the first half of 2024, according to an analysis of their second-quarter financial results filed with the Nigeria Exchange. These tax expenses encompass various levies, including corporate tax, minimum tax, information technology tax, tertiary education tax, and the Police Trust Fund […]

President Tinubu to reduce inflation to 15% by 2025
News

FG launches tax exemptions for games, reality shows

The Federal Ministry of Finance has unveiled new regulations aimed at promoting entrepreneurship, academics, technology, and scientific innovation by granting significant tax exemptions on winnings from games of chance and reality shows. Effective from October 1, 2024, these exemptions are designed to stimulate participation in activities that contribute to national development in critical sectors. According […]

Bill for tax crimes commission passes second reading
News

Bill for tax crimes commission passes second reading

National Tax Crimes and Oversight Commission bill was successfully passed by the House of Representatives on its second reading on Wednesday. Following a plenary session in which the chief sponsor of the measure, Rep. Benjamin Kalu, stated its key goals, the bill was passed by the house according to The Times. Kalu promoted the initiative […]

IPMAN threatens strike over Soludo's taxation
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IPMAN threatens strike over Soludo’s taxation

The petroleum sales in Anambra State would have to be discontinued within the next two weeks due to threats against its members, according to the Independent Petroleum Marketers Association, Enugu Depot. According to The PUNCH, the association charged that the administration of Governor Chukwuma Soludo had overtaxed its members, imposed restrictions on their companies, and arrested […]

Stakeholders advocate tax holidays in housing sector
News

Operators push for improved tax administration

Governments at all levels have been tasked by tax practitioners to enhance their tax administration procedures in order to foster economic growth. According to The PUNCH, during a panel discussion hosted by the Nigerian Chartered Institute of Taxation, the professionals shared their insights. “Stimulating Revenue Growth through a Friendly Business and Tax Environment” was the […]

Abuja Chamber urges FG, states to harmonize tax policies
Business

Abuja Chamber urges FG, states to harmonize tax policies

The Abuja Chamber of Commerce and Industry called on the federal and state governments on Monday to streamline the numerous tax systems in place in their respective domains. The PUNCH reported that ACCI’s newly elected President, Chief Emeka Obegolu, SAN, made the call in Abuja while sending the chamber’s greetings to Christians in Nigeria on the occasion of […]

Bill for tax crimes commission passes second reading
featured Oil and Gas

Oil, manufacturing sectors got highest tax exemption in 2022 – Report

The Federal Government gave the greatest tax exemption to operators in the country’s oil and manufacturing sectors in 2022, totaling N1.42 trillion. According to The Punch, this is based on a sectoral tax exemption breakdown acquired from the Medium Term Expenditure Framework and Fiscal Strategy Paper 2024-2026. According to the report, income forfeiture to 21 […]

FG urges govs to justify use of subsidy removal savings
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Presidential committee to cut taxes, levies by 83%

The chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, stated that the goal of his committee was to bring down taxes and levies to less than 10, which would represent an 83.33 percent reduction. According to Channels Television, he stated on Monday that Nigeria has around 60 different types […]

FG urges govs to justify use of subsidy removal savings
Business

Consumer, company taxes rise 96% to N2.3tn – Report

Tax income from businesses and consumers increased by 96.11 percent to N2.31 trillion in the second quarter of 2023, representing a significant increase from the first quarter to the second quarter of the year. According to the National Bureau of Statistics, businesses and consumers collectively paid N1.18 trillion in taxes in Q1 2023. The large […]