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Tag: Tax

Seven banks paid N392.53bn in taxes in first half of 2024
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New tax laws officially published to overhaul fiscal framework

Nigeria has officially published its long-awaited tax reform laws in the government gazette, marking a significant overhaul of the nation’s fiscal framework. Signed into law on June 26, 2025, the reforms create a new foundation for taxation, administration, and revenue collection in Africa’s largest economy. Confirming the publication on his official X handle, the Chairman […]

Nigerian telecom users may pay higher charges in new tax law
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Nigerian telecom users may pay higher charges in new tax law

Nigerian telecom subscribers could soon pay 5% more for calls and data as the Senate passed the Nigeria Tax Bill 2024 on May 8, reviving a controversial excise duty on telecom services. If signed into law, the bill would reintroduce a tax previously suspended by President Bola Tinubu in 2023 over inflation concerns. Telecom operators […]

Cut corporate tax to 7.5%, NACCIMA urges Tinubu
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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 […]

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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
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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
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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 […]

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