Tax & Accounting consulting firm in Nigeria.
According to Section 41 of PITA, all taxable persons are required, without notice or demand, to file a return of their income in the prescribed form and containing specific information in relation to their income and taxes thereon with the tax authority of their State of residence. The return should contain income earned from all […]
The Federal Inland Revenue Service (FIRS) and First Bank Plc, have opted for out of court settlement in an N25 billion damages suit filed against them by an indigenous company, Biatemp Ventures Ltd over alleged account manipulation. The company had sued FIRS and First Bank before a Federal High Court, Abuja, demanding N25 billion special […]
One of the cardinal principles of every tax system is equity. By this it means the taxpayers, who are subject to the authorities of the state contribute to its upkeep in proportion to their income and ability. By extension, the principle of equity posits that taxpayers, depending on their level of income, are treated equally […]
It is on record that the bulk of taxpayers in Nigeria are salary earners who are on the Pay- As- You Earn (PAYE) platform. Few of the self-employed and even private sector operators are captured in the tax net; which explains why the internally generated revenue (IGR) profile of most of the government at all […]
…generates N3.5tn from taxes in eight months The Executive Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, said on Thursday that the government would sell properties built and developed in corporate names across the country on which taxes were not being paid. Fowler disclosed this in Lagos at a stakeholders’ meeting, where he noted that […]