Business Headlines

56 million viable Nigerians don’t pay tax – Finance Minister

Ihesiulo Grace 9 February 2018 0

The Minister of Finance, Mrs. Kemi Adeosun, has said that Nigeria has a poor scorecard on tax payment, disclosing that about 56 million economically active people in the country do not pay tax. Adeosun, who noted that only 14 million people pay tax out of about 70 million economically active

News

FG moves to block revenue leakages by contractors

Ihesiulo Grace 10 January 2018 0

Following the discovery of N100 billion tax revenue shortfall by contractors in the country, the Federal Government has ordered vendors of Ministries, Departments and Agencies (MDAs) to display their Tax Identification Numbers (TINs) on their invoices before payments are effected by the MDAs. The directive was handed down on Tuesday in Abuja by the Minister […]

Money

VAIDS: FG deploys over 1,700 CTLOs to states – Adeosun

Ihesiulo Grace 27 November 2017 0

……Rules out extension of March 31, 2018 deadline for tax evaders The Federal Government has recruited and trained 2,190 Community Tax Liaison Officers (CTLOs) under the Voluntary Assets and Income Declaration Scheme (VAIDS), the Honourable Minister of Finance, Mrs. Kemi Adeosun, has said. The minister has also confirmed the review of the tax profiles of […]

News

Taraba government to prosecute tax defaulters

Ihesiulo Grace 25 November 2017 0

Taraba Governor, Darius Ishaku has said that the State Government would begin prosecutions of tax defaulters from 1st April, 2018. Governor Ishaku stated this while delivering a speech at a town hall meeting held at the Jolly Nyame Stadium, Jalingo. At the event, ‘Voluntary Assets and Income Declaration Scheme (VAIDS)’ organised by the State Board […]

Anambra Times News

Obaze promises harmonized and efficient tax system

Ihesiulo Grace 7 November 2017 0

Dr. Ofunne Obaze, wife of the candidate of the People’s Democratic Party (PDP) in the Anambra 2017 governorship elections, has revealed the plan of the candidate to run an efficient tax system. Speaking in Awka on Monday during the tour of PDP Women, Dr. Obaze said her husband, Mr. Oseloka H. Obaze, has plans to […]

Business Capital Market

Sterling Bank’s gross earnings up by 19%

Ihesiulo Grace 28 October 2017 0

Sterling Bank Plc, has recorded sustained growth in earnings with 19 percent increase in gross earnings for the third quarter ended 30 September 2017, boosted by 48.9 percent increase in non-interest income. The bank’s gross earnings rose to N94.6 billion during the third quarter ended September 30, 2017 as against N79.7 billion during the corresponding […]

Tourism

Government strangling hospitality sector with frivolous taxation – Hoteliers

Ihesiulo Grace 19 October 2017 0

Ebere Chibuzor Multiple taxation, excessive consultancy levies and a host of other charges borne on hoteliers by the Government has been described as a bane to the growth of the hospitality sector in the country. This was made known by a cross section of Hoteliers, under the South-West Hoteliers’ Association Of Nigeria, who recently described […]

Maritime

Port access Road: Stakeholders canvass tax holiday for terminal operators

Ihesiulo Grace 18 October 2017 0

In a bid at find a lasting solution to the perennial traffic situation occasioned by the deplorable nature of the roads in the nation’s port cities of Apapa, stakeholders in the Maritime sector have called on the Federal Government (FG) to act by granting terminal operators opportunity to repair the roads. According to them, granting […]

Business Economy Politics

FIRS compounds miserable week for Atiku’s INTELS

Ihesiulo Grace 17 October 2017 0

For sure, it has not been a 7 days to remember for Integrated Logistics Services (Intels), the services company owned by former Vice-President Atiku Abubakar. Last week, without any warning, the Nigerian Port Authority (NPA) terminated the lucrative pilotage arrangement that it had with the company. Although the company has come out to say it […]

Business Economy

Tax research network launched in Nigeria

Ihesiulo Grace 13 September 2017 0

The Nigerian Tax Research Network has been launched in Abuja. Set up with funding from the Bill and Melinda Gates Foundation, the International Centre for Tax and Development (ICTD) is driving this network. Speaking at the event, Ifueko Omoigui-Okauru, former chairman of the Federal Inland Revenue Service, FIRS, said that research is very important in […]

Property

Tax incentives ‘ill boost housing – Stakeholder

Ihesiulo Grace 25 August 2017 0

A stakeholder in the real estate sector, Meckson Okoro has said that tax incentive to the sector will boost it, and provide one of the ways out of the housing deficit currently facing the country. This is just as he urged the government to give free land to cooperatives as a way of encouraging them […]

Economy Money News Nigeria

Nigeria signs major multilateral agreements with OECD

Ihesiulo Grace 18 August 2017 0

Tunde Fowler, Executive Chairman of the Federal Inland Revenue Service of Nigeria, Thursday, August 17, signed two major multilateral agreements at the Organisation for Economic Co-operation and Development (OECD). The agreement; Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI) and the CRS Multilateral

Business Economy Headlines News Nigeria

No hiding place for tax defaulters as states, FIRS, Joint Tax Board reach agreement

Ihesiulo Grace 15 August 2017 0

High net worth individuals who have been avoiding tax will find it harder to hide as the Federal Inland Revenue Service (FIRS) and Joint Tax Board will start sharing data. This means that people who have been dodging taxes will have no place to hide as their names will have to be in either one […]

Headlines News

No Nigerian can evade tax payment with VAIDS – FIRS boss

Ihesiulo Grace 15 August 2017 0

The Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler says with the introduction of Voluntary Assets and Income Declaration Scheme (VAIDS), no Nigerian can evade tax payment again. Fowler said this at the 138th Quarterly Meeting of the Joint Tax Board (JTB) on Monday, in Abuja. The News Agency of Nigeria( NAN) reports that […]

Business News

FG publishes full list of pioneer industries

Ihesiulo Grace 7 August 2017 0

The Federal Government has released the full list of all the 27 key industries and products included in the revised list of pioneer status incentives for prospective investors. Following last week’s meeting of the Executive Council of the Federation, FEC, meeting, Minister of Industry, Trade and Investment, Okechukwu Enelamah, had announced the approval of the […]

News

Scrap dealers condemn multiple taxation in Ogun

Ihesiulo Grace 15 March 2017 0

The National Association of Scrap and Waste Dealers Employers of Nigeria (NASWDEN), has called on Ogun State government to as a matter of urgency find a lasting solution to the issue of multiple taxation in the State adding that the act is seriously affecting the cost of transacting business in the state. The national president, […]

Banking Business

Despite Economic Headwinds Sterling Bank Sees Sustainable Growth

Ihesiulo Grace 1 May 2015 0

Sterling Bank Plc has posted an impressive 15.4 per cent Profit Before Tax (PBT) of N10.7 billion in a year (2014) described by not a few analysts as tough for the financial sector and has pledged to sustain its growth trend in 2015 despite foreseeable headwinds in the first three quarters. In his address to […]

Business

Who Will Release Multiple Taxation’S Choke-Hold on Ad Development?

Ihesiulo Grace 22 April 2015 0

As government continue to look inward on how to improve on revenue generation, advertising practitioners on the other hand insistently decry the adverse effect of multiple charges imposed on them by regulatory agencies. Godwin Anyebe reports. There is no doubt that no nation can attain its full potential without tax input, be it internally generated […]

Business Economy

Lagos Captures 300,000 New Tax Payers in One Year

Ihesiulo Grace 16 April 2015 0

The Lagos State Government has announced that it has captured no fewer than 300,000 new tax payers in its tax net in the last one year. The Special Adviser to Gov. Babatunde Fashola on Taxation and Revenue, Mr. Bola Shodipo, made the disclosure at the 2015 ministerial news conference. He said the development meant that […]

Editorial

Compelling Rich Tax Defaulters to Pay

Ihesiulo Grace 16 April 2015 0

Days ago, the Head of the European Union Delegation to Nigeria and Economic Community of West African States, Ambassador Michel Arrion raised a pertinent issue regarding Nigeria’s economy, which he said is skewed in favour of the rich at the expense of the poor. According to him, Nigeria is in a serious situation regard- ing […]