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Tag: Tax

Why tax credit schemes are not sustainable - MPC member
Business

Why tax credit schemes are not sustainable – MPC member

Nigeria’s tax credit system according to a member of the Monetary Policy Committee, Mike Obadan, is unsustainable. He urged the government to reconsider how it funds capital projects in a remark he delivered at the most recent Monetary Policy Committee meeting and which the Central Bank of Nigeria made public. Importantly, he added, “The government needs to […]

Nigeria has best return on investments, Tinubu tells Indian investors
featured

Tinubu suspends 5% telecom tax

President Bola Tinubu has signed four executive orders, including the suspension of the 5% excise tax on communications services and the rise of excise duty on domestically manufactured goods. The president’s special assistant on special tasks, communications, and strategy, Dele Alake, revealed, this to state house correspondents on Thursday. The telecom tax was part of the new […]

Why Tinubu should ban dollar cash transactions - Operator
Business

FG to recover N553bn unremitted petroleum shipping tax

The Nigerian government disclosed its plans to recover N553 billion of unpaid taxes from foreign oil shipping companies doing business in the country. The Federal Inland Revenue Service’s Director of International Tax, Mr. Abdullahi Aliyu, said this on Wednesday at a summit with the topic “Sensitising the Nigerian Maritime Industry on the New Tax Policy and […]

FG set to collect VAT from market women, others
Business

FG set to collect VAT from market women, others

Kazeem Owoseni The Federal Government has disclosed its plan to collect Value Added Taxes from the informal sectors through VAT Direct Initiative. Disclosing this in a statement issued on Monday, July 3, 2023, the FIRS announced its collaboration with the Market Traders Association of Nigeria, to collect and remit VAT from their members, especially those […]

FG urges govs to justify use of subsidy removal savings
Policy and Regulations

Why car proof of ownership renewal shouldn’t be implemented – Tax expert

The recently proposed annual renewal of evidence of ownership for cars should not be put into effect, according to the Fiscal Policy Partner and Africa Tax Leader at PwC, Mr. Taiwo Oyedele. Oyedele responded to the policy via a tweet, calling the renewal’s introduction retrograde, stupid, and badly thought out because it would establish a poor […]

Ban on styrofoam, satchet alcohol to worsen employment - NECA
Economy

NECA calls for suspension of new manufacturing tariffs

The federal government has been urged to halt the proposed tariff hike for the manufacturing sector, according to the Nigeria Employers Consultative Association. Nairametrics reported that according to them, the introduction of excise duty on single-use plastics and the Import Adjustment Tax levy on vehicles of 2000 will have disastrous effects on the manufacturing sector. […]

TETFund urges FG to increase education tax
Economy

TETFund urges FG to increase education tax

The Federal Government has been urged by the Tertiary Education Trust Fund to raise the education tax from its current level of 2.5% to 3%. According to Nairametrics, on announcing the disbursement of N320 billion to public universities, polytechnics, and colleges of education as authorized by President Muhammadu Buhari for 2023, TETFund Executive Secretary, Mr. Sonny […]

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CITN rewards students to promote tax culture 

The Chartered Institute of Taxation of Nigeria has recognized and rewarded students who excelled in a quiz competition organised to promote tax culture among youths and increase government revenue. The Punch reported that the CITN presented different prizes to secondary school students with outstanding performances during the grand finale of the Lagos State all-secondary schools […]

Kaduna govt to use WhatsApp to collect taxes
Business featured

Kaduna govt to use WhatsApp to collect taxes

The Kaduna State Internal Revenue Service has said that it will employ social media platform WhatsApp and the Unstructured Supplementary Service Data service to improve less efficient methods of tax payment. The News Agency of Nigeria reported that during a public-private discussion on a revenue-generation push on Wednesday, the executive chairman of the state revenue service […]

Lagos plans CNG-powered buses by end of 2024
Economy

LIRS, FIRS joint tax agreement’ll benefit Nigerians – Sanwo-Olu

Governor Babajide Sanwo-Olu of Lagos State has expressed optimism that the state’s bilateral agreement with the Federal Government of Nigeria will benefit Nigerians. Sanwo-Olu stated this on Monday during the signing ceremony for a memorandum of understanding between the Federal Inland Revenue Service and the Lagos State Inland Revenue Service, according to Arise TV. The agreement creates […]

Tax experts oppose ASUU’s proposed10% education tax
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Tax experts oppose ASUU’s proposed 10% education tax

The Academic Staff Union of Universities’ proposal to raise the tertiary education levy from three percent to ten percent has been criticized by tax experts. They argued that following this course would harm private businesses, which are already burdened with taxes. To pay for the facilities of Nigeria’s institutions, ASUU President Prof. Emmanuel Osedeke recently […]

Economy

Experts laud suspension of proposed excise duties hike

Tax, fiscal policy, and economics experts have hailed the Federal Government for suspending the proposed increases in excise duty rates on tobacco, alcoholic and non-alcoholic beverages. According to The Nation, the increases were to be part of the 2023 Fiscal Policy Measures and Tariff Amendments. Renowned expert in tax and fiscal policy and the Head […]

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