ATCON: CST’ll jeopardise N450bn yearly tax to govt

●As lawmaker advises Nigerians to talk less on phone   The Association of Telecommunications Companies of Nigeria (ATCON) has warned the Federal Government may end up losing taxes from telecom operators, which is about N450 billion annually, if the Communications Service Tax (CST) bill is passed into law. According to the operators, the bill, which seeks to impose nine per cent tax on all communications services, will force many Nigerians to reduce their consumption of the services, thus leading to revenue decline for the service providers. President of ATCON, Mr…

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FG realises N35bn from tax recoveries

The Federal Government realised over N35 billion in tax recoveries out of N92.7 billion tax liabilities by tax defaulters as it deepened enforcement reforms to shore up its non-oil revenue.The tax reforms initiative increased the number of taxpayers to 19 million with additional of over five million new taxpayers enrolled, Minister of Finance, Mrs. Zainab Ahmed disclosed over the weekend in Lagos while interfacing with journalists on major economic mileages of the current administration. The government, in 2017 introduced Voluntary Asset and Income Declaration Scheme (VAIDS), a time-limited opportunity for…

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Tax: ‘Govts should do more to unlock technology’

Tax authorities could do more to realise the full potential of new technology to reduce the tax compliance burden on taxpayers, according to the 2019 edition of the annual Paying Taxes report, produced by PwC and the World Bank Group. The report has found that the global average results for the compliance burden for business taxation are almost unchanged across four key measures: time to comply (237 hours); number of payments (23.8); Total Tax and Contribution Rate, or TTCR (40.4 per cent) and Post-Filing index (59.6 out of 100). Paying…

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Osun monarch tasks residents on prompt payment of tax

Osun state traditional ruler, the Oluwo of Iwo, Oba AbdulRasheed Adewale Akanbi has urged residents of the state to cooperate with Governor Gboyega Oyetola in the area of tax by ensuring they pay their tax as when due with a view to facilitating development. Oba Akanbi said this during a “Thank-You” visit by the governor to Iwo at the weekend. He said: “There is no other way than to pay tax. We cannot continue to rely on funds from the Federation Account if we want to develop this state. What…

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Income Tax: Big banks pay N97bn in nine months

  Against the background of mounting concerns over the low level of internally generated revenue (IGR) in the country, a review of the nine months ended 30 September 2018 financial results of Nigeria’s big banks showed that they paid a total of N97.12 billion as income tax during the period. The lenders are Zenith Bank, Guaranty Trust Bank, United Bank for Africa (UBA), FBN Holdings, Access Bank and Ecobank Transnational Incorporated (ETI). The figure, however, represents a 5.65 per cent drop from the N102.93 billion paid by the six lenders…

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N9.8bn Tax Debt: FIRS shuts NDPHC HQ

The Federal Inland Revenue Service (FIRS) yesterday sealed the headquarters of the Niger Delta Power Holding (NDPHC) over tax liabilities totaling N9, 831,368, 259.90. Led by Mrs. Anita Erinne, the FIRS enforcement team went to the NDPHC headquarters at the Central Business District in Abuja with a warrant of distraint signed by the FIRS Chairman, Mr. Tunde Fowler. According to the warrant, the liabilities, comprising Corporate Income Tax, Education Tax, Value Added Tax and Withholding Tax, were incurred between 2007 and 2017. The FIRS had, on Thursday, also sealed the…

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FG reconstitutes tax appeal tribunals

The Federal Government has reconstituted the Tax Appeal Tribunals in the six geo-political zones as well as Lagos and the Federal Capital Territory. Minister of Finance, Mrs. Kemi Adeosun, approved the reconstitution. The reconstitution of the Tribunals, according to a statement issued yesterday by Media Assistant to the minister, Oluyinka Akintunde, was in accordance with Section 2(1) of the Fifth Schedule of the Federal Inland Revenue Service (FIRS) Establishment Act. The Tribunals would adjudicate over disputes arising from the operation of Federal Tax Laws and Regulations in the country. “The…

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Tax: N1bn refund justifies insurers’ outcry

      ●Insurers intensify campaign for tax review     The lingering tax controversy between Nigerian underwriters and the Federal Inland Revenue Service (FIRS) has continued to receive attention as the former keeps faith in its ability to tackle the issue, just as a whopping N1 billion has been refunded to them as excess payments. The controversial section 16 of CITA 2007 has been a burden on underwriters, and over the years, there have been calls for its review to relieve the underwriters of the burden. Specifically, the National Insurance Commission…

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Tax underpayment: FG identifies 130,000 individuals, firms

  The Federal Ministry of Finance has identified a new batch of over 130,000 high net worth individuals and companies who it says probably underpaid taxes.   Minister of Finance, Mrs. Kemi Adeosun, revealed this yesterday while appearing on the Good Morning Nigeria programme of the Nigerian Television Authority (NTA).   The Minister disclosed that a data of individuals and companies suspected of underpaying taxes was currently being compiled by “Project Lighthouse” in preparation for the closure of the on-going Voluntary Assets and Income Declaration Scheme (VAIDS), which ends on…

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Tax evasion: FG, states go after property owners

…probes Maitama, Asokoro, Garki, Banana Island, Lekki, Ikoyi properties The Federal Government has extended its searchlight on tax evaders with properties in highbrow areas of the country. A Presidency source told newsmen yesterday in Abuja that the Federal Government, through its data mining programme tagged “Project Lighthouse”, had received documents on property owners across the country from state governments. According to the source, the first set of property owners to come under scrutiny for tax compliance are owners of properties in Maitama, Asokoro, Garki II, Wuse II in the Federal…

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