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Tag: Tax

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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 […]

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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 […]

FG deducts N256.5bn for gas projects in six months
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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
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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 […]

Okomu Oil Palm reports N32.9bn pre-tax profit in 2023
Business

Okomu Oil Palm reports N32.9bn pre-tax profit in 2023

Nigeria’s top oil palm production firm, Okomu Oil Palm, has revealed its financial results for FY 2023, reporting a pre-tax profit of N32.9 billion, up 43.4% from N22.9 billion in Financial Year 2022. The Times reported that the corporation, situated in Edo State, reported a revenue of N75 billion in 2023, a 26.6% increase from N59.2 billion […]

FG can train area boys to be tax officers - Oyedele
Business

FG can train area boys to be tax officers – Oyedele

The Chairman of Presidential Tax and Fiscal Policy Reform, Taiwo Oyedele, has spoken about the ongoing efforts to cut different taxes at the state and local government levels. In an interview with Channels TV, Oyedele emphasized the importance of bringing all stakeholders on board, especially Area Boys, to avoid conflicts that could occur as a result of various […]

How IRS will tax Bitcoin ETFs
Crypto News

How IRS will tax Bitcoin ETFs

With only one share, investors may get exposure to a wide range of assets and industries thanks to exchange-traded funds also known as ETFs. Investors may purchase bitcoin without actually possessing the cryptocurrency by using a bitcoin exchange-traded fund. An ETF is introduced by many entities. Regarding the bitcoin ETF, funds are contributed to a […]

LIRS sets January 31st deadline for filing tax returns
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LIRS sets January 31st deadline for filing tax returns

The Lagos State Internal Revenue Service has set January 31st, 2023 as the deadline for businesses and individuals to file their annual tax filings. The chief of the LIRS’s Relationship Management Unit, Mojisola Aboyade-Cole, said this during an interview with Arise TV. According to her, businesses can file their tax returns online through the e-tax platform, as […]

Bill for tax crimes commission passes second reading
Business

Delta fixes annual tax returns deadline for March

Delta State employers and self-employed persons have been allowed until January 31, and March 31, 2024, respectively, to voluntarily file their yearly tax returns for the year 2023 in accordance with the Personal Income Tax Act of 2004, as amended. According to The PUNCH, this was said in a statement published on Monday by the Executive […]

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