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Tag: Tax

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
News

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 […]

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
featured

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 […]

Health ministry to raise sugar tax to 20%
featured

Health ministry to raise sugar tax to 20%

    The Federal Ministry of Health has demonstrated its dedication to augmenting the tax on Sugar-Sweetened Beverages, proposing an increase from the existing rate of 10 per cent to 20 per cent. The purpose of this initiative is to address the escalating public health issues linked to the excessive intake of sugar. According to […]

No customs duty, VAT on CNG conversion kits imports- Presidency
News

No customs duty, VAT on CNG conversion kits imports- Presidency

The importation of compressed natural gas conversion kits into the country is exempt from both customs duties and value-added taxes. This was expressed by the president’s special adviser on media and publicity, Ajuri Ngelale, in an interview that was broadcast on Channels Television on Friday night. He claimed that this is being done to increase the country’s […]

FG urges govs to justify use of subsidy removal savings
Economy

Tinubu’s tax committee chair demands diesel VAT suspension

The chairman of the presidential committee on tax policy and fiscal reforms, Taiwo Oyedele, has stated that the value-added tax on automotive petrol oil, popularly known as diesel, should be suspended. According to Channels Television, Oyedele stated that President Bola Tinubu’s directive to suspend the VAT will mitigate the negative economic effects of the elimination of gasoline subsidies. “What […]

FG considers reduction of taxes - Tinubu's aide
Economy

FG considers reduction of taxes – Tinubu’s aide

FG working on reducing taxes from 52 to 10— Presidential aide         The Special Assistant to President Bola Tinubu on revenue, Zacch Adedeji, has disclosed that the Federal Government is currently engaged in efforts to decrease the total number of taxes levied in the nation to 10. According to The PUNCH, Adedeji […]

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