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Tag: Taxes

News

Proposed reforms may end taxes for TETFUND, NITDA, NASENI

The federal government is proposing new tax reforms aimed at eliminating levies for the Tertiary Education Trust Fund, the National Information Technology Development Agency, and the National Agency for Science and Engineering Infrastructure. Currently, the TETFUND levy stands at three per cent of profits for all companies, excluding small businesses with turnovers of less than […]

FIRS announces new TAXPR-MAX platform for CbCR
Business

FIRS denies plans to impose taxes on content creators

The Federal Inland Revenue Service has stated that it does not plan to tax content creators online. The News Agency of Nigeria reported that individuals who create skits are exempt from FIRS taxation. The agency was reportedly considering taxing internet content creators, often known as “skit makers,” in an attempt to increase government revenue. This […]

FIRS announces new TAXPR-MAX platform for CbCR
featured Policy and Regulations

FIRS rules out company taxes’ increment

The acting chairman of the Federal Inland Revenue Service, Zacch Adedeji, has assured top corporate organisations that the agency’s goal of increasing the country’s tax-to-GDP ratio to 18 per cent from 10.86 will not result in higher taxes or new taxes.   He said the President Bola Tinubu-led administration is committed to creating a conducive […]

FIRS announces new TAXPR-MAX platform for CbCR
Business

Don’t introduce multiple taxes, international centre warns FIRS

The International Centre for Tax Research and Development has urged the Federal Inland Revenue Service against adding multipe taxes in Value Added Tax and increasing the tax burden on customers. This was disclosed in a statement by the president of ICTRD, Morenike Babington-Ashaye. She claimed that it would drive investors out of the manufacturing sector, reducing […]

PwC Australia names staff responsible for tax plan leak
News

PwC Australia names staff responsible for tax plan leak

PricewaterhouseCoopers Australia has listed at least 67 current and former employees involved in the leak of classified government tax plans in an unpublished letter to legislators ahead of parliamentary hearings later this week. Aljazeera reported that one of the “big four” audit and advisory firms in the world, PwC, is battling to contain the fallout […]

Increase in taxes raises household spending, says former NBS DG
News

Increase in taxes raises household spending, says former NBS DG

Chief Economist at KPMG Nigeria and former Director-General of the National Bureau of Statistics, Dr. Yemi Kale,  has expressed worries about the possible detrimental effects of increased taxation on household expenditure and the growth of private businesses. According to Nairametrics, speaking on June 3 at the Nairametrics Q2 2023 Economic Outlook Webinar, Dr. Kale emphasized the […]

Business

S’East traders, transporters lament multiple taxes

  Traders and transporters in the South Eastern part of the the country have expressed their grievances over the undue collection of taxes and levies, particularly by touts and market unions in this region. According to Vanguard, these category of residents revealed their concerns in a survey conducted on the Effects of Multiple taxes on […]