Money

2023 Annual Tax Returns: Oyo govt insists on Jan’ 31 deadline for employers of labour

DailyTimesNGR DailyTimesNGR 12 January 2024 0

BY STEPHEN GBADAMOSI The Oyo State government has said that January 31, 2024 is the deadline for filing the year 2023 annual tax returns by corporate employers of labour. The government also said individual employers of labour had the 31st of March 2024 as deadline. The annual tax returns

News

Financial experts support government’s proposal to tax wealthy Nigerians

DailyTimesNGR DailyTimesNGR 21 October 2023 0

Financial experts have voiced their support for the Federal Government’s proposal to tax additional wealthy Nigerians, viewing it as a means of income redistribution that can bolster the country’s fiscal revenues. Dr. Muda Yusuf, the Chief Executive Officer of the Center for the Promotion of Private Enterprise (CPPE), welcomed the government’s proposal as

Politics

Abuse of Tax Incentives: HoR to end sabotage, ensure transparency, accountability

Ihesiulo Grace 31 August 2023 0

By Tom Okpe Against allegations and abuse of Tax breaks, the House of Representatives has reiterated its commitment to end sabotage of incentives and ensure transparency and accountability in the country. Speaker of the House, Rep Abbas Tajudeen made this declaration in Abuja on Thursday, while inaugurating, House Ad’hoc Committee on ‘Investigation of

Top Stories

Nigeria moves to close N20trn tax gap

Ihesiulo Grace 9 August 2023 0

By Ukpono Ukpong Federal Government yesterday initiated moves to close the about N20 trillion annual tax revenue gap in the country. Government also said the Chairman of Fiscal Policy and Tax Reforms Committee will help to make the country financially buoyant to fund its projects thereby putting an end to over-reliance on borrowing. This is […]

Business

Tax exemptions, concessions among sources of revenue leakages – Finance minister

Ihesiulo Grace 18 May 2022 0

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, says Federal Government policies on tax exemptions and concessions are among sources of huge revenue leakages. A tax exemption is the right to exclude all or some income from taxation while a tax concession is a reduction made by the government in the amount […]

Business Top Stories

FIRS gets online portal to check fake tax certificates

Ihesiulo Grace 12 June 2021 0

The Federal Inland Revenue Service (FIRS) has deployed an online portal to address fake Tax Clearance Certificates (TCC) issued by fraudsters. Dr Abdullahi Ahmad, Director, Communications and Liaison Department of FIRS, disclosed this in a statement issued in Abuja on Friday. Ahmad said the effort was part of measures to check the activities of fraudsters […]

News

Buhari oders MDAs, others to Grant access to FIRS for tax collection

Ihesiulo Grace 21 January 2021 0

Philip Clement, Abuja President Muhammadu Buhari has mandated ministries, departments, agencies and business enterprises to grant access to the Federal Inland Revenue Service (FIRS) to their systems for the purposes of tax collection nationwide. President Buhari issued the mandate on Thursday while delivering his address as the Special Guest of Honour at the First Annual

News

Despite huge tax, Lagosians commute through bad roads (photos/video)

Ihesiulo Grace 8 October 2020 0

The rainy season is always a test of how good or bad Lagos roads are and the recent downpour of rain has shown that very few roads passed the integrity test. Daily Times gathered that according to the National Bureau of Statistics, Lagos generated N5,185,229,859.85 in road taxes in the first half of 2020 which […]

News

BBNaija: LIRS urges Laycon to pay tax after cash reward

Ihesiulo Grace 29 September 2020 0

The Lagos Internal Revenue Service (LIRS) has urged Olamilekan Agbeleshe, self-styled ‘Laycon’ who is the winner of the 2020 edition of the Big Brother Nigeria reality TV show, , to pay his tax. Daily Times reports that LIRS made this known in a tweet on Monday, September 28, while congratulating him on his victory. “Congratulations […]

Sports

Madrid’s Diego Costa faces trial over tax fraud

Ihesiulo Grace 30 May 2020 0

Former Chelsea forward Diego Costa will be charged in Madrid over tax fraud. The 31-year-old on June 4 will appear in court over charges of defrauding the Spanish government of £813,000 by not declaring payments of more than £4.19m from his 2014 move to Chelsea in 2014.  He will face more charges of failing to declare more […]

News

Imo Govt. seals 13 hotels over non-payment of tax

Ihesiulo Grace 9 April 2020 0

The Imo State Government says it has sealed 13 hotels in the state for failure to settle their tax liabilities. Chairman of Imo State Internal Revenue Service (IRS), Mr Emma Ononaku disclosed this to News Agency of Nigeria (NAN) in Owerri on Thursday. Onanaku said the IRS had earlier obtained a court order which empowered […]

News

N1.2bn tax error claim: Parties to explore out-of- court settlement option

Ihesiulo Grace 19 February 2020 0

Abuja – Parties in a suit of alleged NI.2 billion tax error claims before the Tax Appeal Tribunal, Abuja on Wednesday agreed to explore an out-of-court settlement. The appellant, Mr Joseph Daudu, SAN, is challenging the alleged N 1.2 billion error in his taxation by Federal Inland Revenue Service (FIRS). At the resumed hearing, the […]

News

FIRS inaugurates intelligence system to track tax evaders

Ihesiulo Grace 13 February 2020 0

Abuja – The Federal Inland Revenue Service (FIRS) has inaugurated a National Intelligence Gathering System to gather data and track tax evaders and defaulters across the country. The FIRS Director, Communications and Liaison Department, Mr Abdullahi Ismaila made this known in a statement in Abuja on Wednesday. Ismaila said the Executive Chairman, FIRS, Mr Muhammad

News

EFCC investigates Baba Ijebu for alleged tax fraud

Ihesiulo Grace 29 January 2020 0

Nigerian businessman, Adebutu Kessington popularly known as Baba Ijebu is reportedly being investigated by the Economic and Financial Crimes Commission (EFCC) over an alleged tax fraud and economic sabotage.  The investigation which was rolled out after Western Lotto (another betting company which is owned by former Ogun Senator Buruji Kashamu)

News

Company tax: FG to exempt firms earning less than N25m

Ihesiulo Grace 6 January 2020 0

The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than N25m will be exempted from Companies Income Tax. Currently, all companies are expected to pay the Federal Government 30 per cent of their profit as Companies Income Tax. READ ALSO: 66 killed in Indonesian floods as officials warn […]

Education

UNIBEN sealed over alleged tax evasion

Ihesiulo Grace 16 December 2019 0

The Edo Government has sealed some offices at the University of Benin, including the Office of the Vice Chancellor, over alleged tax evasion. News Agency of Nigeria (NAN) reports that the offices were sealed in the early hours of Monday by officials of the Edo State Board of Internal Revenue (BIR). Farmer 32, bags two-year […]

Business

Nigeria’s new tax regime, its implication on citizens and economy

Ihesiulo Grace 6 December 2019 0

Tax revenue has been one of the major sources of revenue of many developing nations, a sit is utilized to boost development.  In Nigeria, there has been outcry by the poor and middle class with regards to huge tax payments which the rich and well to do hardly pay.  Bill to review taxation passes 2nd […]

Business Featured

Just in: Nigeria looses about $15bn to tax evasion annually – Fowler

Ihesiulo Grace 23 October 2019 0

Abuja – Dr Babatunde Fowler, the Executive Chairman, Federal Inland Revenue Service (FIRS) says that Nigeria looses about 15 billion dollars to tax evasion annually. He said this on Wednesday in Abuja while declaring open a seminar by the West Africa Tax Administration Forum (WATAF) on “Exchange of Information’’ as a tool to combat offshore […]

Business Economy Money Money

Brace up for tax remittances, expert urges youths

Ihesiulo Grace 11 October 2019 0

Nigerian youths have been hinted that they will form a large chunk of the 45 million tax payers by December 2019, a target set by the Federal Inland Revenue Services (FIRS). This is according to an expert, Mr Agu David who highlighted the importance of tax paying to select youths at the Poetry meets tax […]

Business Top Stories

Experts urge Nigeria, others to tax e-commerce appropriately

Ihesiulo Grace 10 October 2018 0

Tax experts at the on-going IMF/World Bank Group Annual Meetings in Bali urged Nigeria and other countries to issue appropriate taxation regulations and tax rates to suit e-commerce businesses in their countries. This was a consensus reached during a panel discussion on Wednesday in Bali, Indonesia, titled “Fair and Transparent Taxation in a Digital Age”. […]