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Posts in Federal Inland Revenue Service (FIRS) related to Food & Agro Allied

Company Income Tax Act Amendment

2016-12-15 4:40 PM | by Nigeria Compliancehub

Companies are mandated by law to pay Company Income Tax (CIT) in Nigeria based on the profit. The amount charged is 30% o the profit earned in the year preceding assessment.
Companies resident in Nigeria are liable for CIT on their worldwide income and non-resident companies are liable only to CIT… Read more

Company Income Tax Act

2016-12-15 4:51 PM | by Nigeria Compliancehub

Companies are mandated by law to pay Company Income Tax (CIT) in Nigeria based on the profit. The amount charged is 30% o the profit earned in the year preceding assessment.
Companies resident in Nigeria are liable for CIT on their worldwide income and non-resident companies are liable only to CIT… Read more

Personal Income Tax Act

2016-12-20 5:02 PM | by Nigeria Compliancehub

This is an Act to impose income tax on individuals, communities and families and on executors and trustees; and to provide for the assessment and collection and administration of the tax. Read more

Transfer Pricing Regulations, 2012

2016-12-21 11:51 AM | by Nigeria Compliancehub

The objectives of these Regulations are to ensure that Nigeria is able to tax on an appropriate taxable basis corresponding to the economic activities deployed by taxable persons in Nigeria, including in their transactions and dealings with associated enterprises; provide the Nigerian authorities the tools to fight tax… Read more

National Tax Policy

2016-12-22 3:38 AM | by Nigeria Compliancehub

The National Tax Policy is a document, which sets broad parameters for taxation and other ancillary matters connected with taxation. It is a clear statement on the principles governing tax administration and revenue collection. It therefore, provides a set of guidelines, rules and modus operandi that would regulate… Read more

Self Assessment Regime

2016-12-22 3:40 AM | by Nigeria Compliancehub

The Self- Assessment Regime requires the concurrent filing of tax returns and payment of tax due on or before the due date. A taxpayer must compute his/her tax liabilities, pay the tax/taxes due and file the relevant returns with evidence of payment of the tax/taxes on or before… Read more

Self Assessment Regime

2016-12-22 3:43 AM | by Nigeria Compliancehub

The Self- Assessment Regime requires the concurrent filing of tax returns and payment of tax due on or before the due date. A taxpayer must compute his/her tax liabilities, pay the tax/taxes due and file the relevant returns with evidence of payment of the tax/taxes on or before… Read more

315 agencies fail to submit audited accounts - OAUGF

2017-01-19 1:58 PM | by Nigeria Compliancehub


The report of the Senate Committee on Public Accounts on the status of compliance of parastatals on submission of audited accounts to the OAUGF obtained yesterday has revealed that no fewer than 315 Federal agencies including the Nigerian Ports Authority (NPA), Nigeria Deposit Insurance Corporation (NDIC) have failed… Read more

Lagos and Ogun states were the top Internally Generated Revenue earning states - National Bureau of Statistics

2017-01-20 9:36 AM | by Nigeria Compliancehub


According to the National Bureau of Statistics's Internally Generated Revenue (IGR) report released by the NBS on Wednesday, Lagos State recorded the highest Internally Generated Revenue figure of N150.59 billion in first half 2016, followed by Ogun State with N28.15 billion.

Nasarawa State, however, generated the lowest revenue… Read more

FG bars MDAs from spending Internally Generated Revenues

2017-01-23 10:30 AM | by Nigeria Compliancehub


To stop the high incidence of unremitted operating surpluses that stood at N450bn as of last year, the Federal Government has barred its Ministries, Departments and Agencies from spending Internally Generated Revenues that are not appropriated in their annual budgets.

Also, declaring deficits will no longer provide an… Read more

Pastors against FRCN are thieves – Tunde Bakare

2017-01-25 3:17 PM | by Nigeria Compliancehub


The Lawyer cum Pastor, Tunde Bakere, who is the General Overseer of the Latter Rain Ministres has opined that the pastors against the Financial Reporting Council of Nigeria's (FRCN) Code of Corporate Governance are thieves.

He said, "I can testify that the law was explained to kingpins in… Read more

NSE indices records marginal growth of 0.03%

2017-01-25 3:33 PM | by Nigeria Compliancehub


The market indices of the Nigerian Stock Exchange (NSE) on Monday appreciated by marginal growth of 0.03 per cent due to cautious trading. This is coming just as investors await the outcome of the 2017 maiden edition of the Monetary Policy Committee (MPC) meeting.

The News Agency of… Read more

FG approves new national tax policy

2017-02-02 9:47 AM | by Nigeria Compliancehub


The Federal Executive Council (FEC) has approved a new National Tax Policy for the country. The policy is expected to guide the operation and review of the nation’s tax system and provide the basis for future tax legislation and administration.

The council has also set up an inter ministerial… Read more