Taxation

FBN Holdings salutes resolution of tax issues for Bank Holding Companies

The management of FBN Holdings Plc has expressed delight at the timely resolution of tax issues which has engendered an equitable taxation regime for Bank Holding Companies in the nation.
Nigerian Banks and Tax Implications for Holding Companies

Being a Paper presented by Prince Rasaq Kunle Quadri, FCTI; President/Chairman of Council THE CHARTERED INSTITUTE OF TAXATION OF NIGERIA (CITN) titled THE HOLDING COMPANY MODEL: TAX IMPLICATIONS FOR NIGERIAN BANKS at the 4th Annual Banking & Finance Conf
Nigeria loses N90b to tax evasion in four years in auto industry, says Rewane

Despite claims of surpassing revenue target by the Customs Service, Nigeria is said to have lost a whopping N90 billion ($550million) in revenue from tax evasion to the grey market operators in the automobile industry over the last four years, the Managin
Nigerian Ports: A Car Smuggler’s Paradise

Nigeria lost N90bn ($550m) in revenue (from tax evasion) to the grey market of the automobile industry of the country over the last 4 years.
Company and Personal Withholding Tax Regime

Withholding Tax (“WHT”) is an advance tax payment which is deducted and withheld from any income or disbursement due to a taxable person or to a taxable corporation, for onward remittance to the relevant tax or government collecting authority, against a f
Clarification on the Implementation of the Consolidated Relief Allowance in the Personal Income Tax

The attention of FIRS has been drawn to the misunderstanding of the concept of the “Consolidated Relief Allowance” as provided in section 33(1) of the Personal Income Tax (Amendment) Act, 2011 by a section of the tax payers.
FIRS reaches all-time high of N3.4trn revenue in eight months

The Federal Inland Revenue Service (FIRS) said it realised N3. 4 trillion tax revenue in the last eight months of the year.
Dangote Cement sues Nigerian govt over cement waiver

Dangote Cement Limited on Tuesday sued Nigerian Government before a Lagos Federal High Court over a cement waiver granted to one of his major competitor in the cement manufacturing industry, Ibeto Cement Company.
FIRS recovers over N2.17bllion tax debts from seven notable firms

The Chief Executive Officers of seven Lagos-based engineering, telecommunications, cable television, and trading conglomerates were arrested at the weekend by officials of the Federal Inland Revenue Service (FIRS) over alleged non-remittance of various
National Tax policy guidelines and rules

The National Tax Policy seeks to provide a set of guidelines, rules and modus operand! that would regulate Nigeria's tax system and provide a basis for tax legislation and tax administration in Nigeria.
Launching of the National Tax Policy and Nationwide Tax Identification Number

Launching of the National Tax Policy and Nationwide Tax Identification Number
Legal Alert for February 2012: Personal Income Tax (Amendment) Act, 2011

Legal Alert for February 2012: Personal Income Tax (Amendment) Act, 2011
Tax Alert - Employee's Compensation Act

Tax Alert - Employee's Compensation Act
The Personal Income Tax (PIT) Act, 2011

The Personal Income Tax (PIT) Act, 2011
Nigeria grants 5-yr tax holiday to India's Spanco BPO arm

Nigeria grants 5-yr tax holiday to India's Spanco BPO arm
Tax evasion: FIRS arrests Arik boss, others over N3.5bn

Tax evasion: FIRS arrests Arik boss, others over N3.5bn
Workers to Enjoy Tax Relief under New Law

Workers to Enjoy Tax Relief under New Law
Are Nigerians paying a high price for tax havens?

Are Nigerians paying a high price for tax havens?
DETAILED-LIST-OF-ITEMS-EXAMPTED-FROM-VALUE-ADDED-TAX-(VAT)--INFO-9701 (3)

DETAILED-LIST-OF-ITEMS-EXAMPTED-FROM-VALUE-ADDED-TAX-(VAT)--INFO-9701 (3)
Who is Next? FIRS recovers Tax Arrears

The Federal Inland Revenue Service has recovered more than N11.9billion tax arrears from five oil companies. The bulk of the money recovered came from Agip, which paid over $57.79million (N8.09billion). Halliburton just had to be on the list......