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Firs

Posts matching Firs

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

Education Tax Act

2016-12-20 4:27 PM | by Nigeria Compliancehub

An Act to impose an education tax on companies registered in Nigeria and to establish an Education Fund and a Board of Trustees to manage and administer the Fund.
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Education Tax Act

2016-12-20 4:29 PM | by Nigeria Compliancehub

An Act to impose an education tax on companies registered in Nigeria and to establish an Education Fund and a Board of Trustees to manage and administer the Fund.
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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

Telecommunication Services Tax Bill, 2016

2017-01-05 12:17 PM | by Nigeria Compliancehub

This is a Bill for an Act to provide for a Telecommunications Services Tax and other matters related thereto with a view to making provisions, enhancing, generating revenue and regulating the Telecommunications Sector for the Nation; to meet contemporary realities and International best practices.

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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

FAAC distributes N652.229b to FG, states

2017-07-26 1:48 PM | by Nigeria Compliancehub

The Federation Accounts Allocation Committee (FAAC) has announced the disbursement of N652.229billion to the Federal Government and states. The Accountant General of the Federation (AGF) Idris Ahmed announced this after the FAAC meeting.

Ahmed, who represented the Minister of Finance, Mrs. Kemi Adeosun, said the money was generated from Value Added… Read more

CBN, NNPC, FIRS, 180 Other Federal Ministries, Agencies In Massive Recruitment Scandal

2017-08-14 9:08 AM | by Nigeria Compliancehub

There are reports with strong indications that nearly all the federal ministries, departments and agencies have been carrying out illegal mass recruitments.

According to information by Sunday Punch, several government parastatals including the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS), and… Read more

JTB, VAIDS, FIRS share data of high income earners

2017-08-16 8:54 AM | by Nigeria Compliancehub

The Joint Tax Board and the Federal Inland Revenue Service have started sharing data of high net worth individuals to profile income earners and taxpayers in order to get them pay appropriate taxes.
Twelve states have signed the Memorandum of Understanding under the Voluntary Assets and Income Declaration Scheme.
The JTB also… Read more

Nigeria: Is Inter-Agency Fighting Derailing Anti-Graft War?

2017-08-30 11:09 AM | by Nigeria Compliancehub

Concerns that the various anti-corruption agencies are at loggerheads have been severally denied by the agencies concerned. But the perceived loss of steam in the anti-graft war, and recent events between the Attorney General of the Federation (AGF), Abubakar Malami (SAN) and the chairman of the Economic and Financial Crimes… Read more

CAC registered 91,609 business names in one year

2017-09-06 10:45 AM | by Nigeria Compliancehub

At least 91,609 business names, 76,491 limited liability companies, and 10,003 incorporated trustees were registered between July 2016 and June 2017 by the Corporate Affairs Commission (CAC), under its enabling Act, the Registrar-General, Bello Mahmud has said.

According to the CAC’s helmsman, since the launching of the Companies Registration Portal (CRP)… Read more

UN sec-gen names FIRS boss as member, tax matters committee

2017-09-12 12:02 PM | by Nigeria Compliancehub

Executive chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler, has been named as a member of the international experts committee on tax matters.

UN Secretary-General, Antonio Guteres, who inaugurated the committee, has named Fowler alongside 24 other members spread worldwide.

The UN Sec Gen also revealed that the committee will operate for… Read more

CAC reduces cost of business registration

2017-09-27 2:12 PM | by Nigeria Compliancehub

The Registrar-General, Corporate Affairs Commission, Mr. Bello Mahmud, said on Tuesday in Abuja that the cost of business registration in Nigeria was now cheaper and its process simplified to enable small scale entrepreneurs to register their business.

Mahmud announced this in a statement by Head, Public Affairs, CAC, Mr. Godfrey Ike.

Mahmud… Read more

House C’ttee Summons Telecoms Chiefs over Alleged N143bn Tax Evasion

2017-11-07 11:50 AM | by Nigeria Compliancehub

Chairman, House of Representatives Ad-hoc Committee investigating the operational activities of telecommunications equipment and service companies/vendors in Nigeria, Hon. Ahmed Abu (APC, Niger) yesterday summoned the chief executives of mobile telecommunications companies to either appear before it on Wednesday or incur the wrath of the legislators.

Those affected include the chief… Read more

FG targets $1bn from tax amnesty scheme

2017-11-27 11:12 AM | by Nigeria Compliancehub

The Federal Government is targeting to rake in about $1 billion from the on-going Voluntary Income and Asset Declaration Scheme, VAIDS, before the deadline on March 31, 2018.

The Minister of Finance, Kemi Adeosun, who made this disclosure on the sidelines of the VAIDS training workshop in Lagos at the weekend,… Read more

FIRS rakes in N3.2tr in 10 months, says Fowler

2017-11-28 11:59 AM | by Nigeria Compliancehub

The Federal Inland Revenue Service (FIRS) has generated N3.233 trillion in 10 months. The amount is 79.35 per cent of the agency’s collection target for this year, its Executive Chairman Tunde Fowler said yesterday.

He spoke at an interactive session on the review of 2018–2020 Medium Term Expenditure Framework (MTEF) and… Read more

Government targets additional N6billion from VAIDS

2017-12-15 3:40 PM | by Nigeria Compliancehub

The Federal Government will rake in an additional N6billion from the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS) before the end of the year.

The sum is in addition to the N17billion already yielded by the scheme within six months.

This was disclosed in Lagos on Wednesday, by the… Read more

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