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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RMAFC: MDAs, states, LGs owe N168bn tax liability

The Ministries, Departments and Agencies (MDAs) of federal, state and local governments are collectively indebted to Federal Government in tax obligations of about N168 billion, New Telegraph has learnt.     The amount, which represents unremitted taxes obligations these bodies are expected to pay into the federation account, was uncovered by tax audit exercise conducted by Revenue Mobilization Allocation and Fiscal Commission (RMAFC).   Acting Chairman of RMAFC, Alhaji Shettima Umar Abba Gana, told New Telegraphthat the amount was arrived at if penalties to be paid by the defaulting agencies…

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Cleric tasks Nigerians on regular tax payment

A cleric, Rev. Ifeanyi Okonkwo, has appealed to Nigerians to cultivate the habit of paying taxes regularly to enhance rapid development of the country. Okonkwo gave the counsel while delivering a homily at the Anglican Church of Ascension, Enugu. According to the cleric, the nation would attain rapid development and fast economic growth if citizens faithfully paid their taxes and other dues. He also urged Christian traders to make the payment of taxes voluntary for the overall development of the nation. “God sanctions every individual to contribute to the common-fund…

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Lagos Assembly exempts churches, mosques, others from tax

The Lagos State House of Assembly has exempted Churches, Mosques, public cemeteries and burial grounds from the Land Use Charge Bill it passed into law yesterday.   The lawmakers also passed the Embedded Power Supply Bill into law, stating that the new law would provide for development and management of sustainable power supply in the state.   However, the Land Use Charge Bill entitled “a Bill for a law to provide for the consolidation of property and land-based charges and make provisions for the levying and collection of land use…

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TIN: Curbing tax evasion with renewed vigour

The Federal Government’s order compelling ministries, departments and agencies’ (MDA) contractors to produce their Taxpayer’s Identification Number (TIN) as a condition to be paid, if strictly enforced, could tame evaders. ABDULWAHAB ISA reports   The downturn in economic activities has made government to be resourcefully ingenious. By excavating other sources to augment income shortfalls, government is leaving nothing to chance. In scouting for an additional revenue sources, the authoriies are oblivious of leakages in existing revenue lines. In Nigeria, taxation remains the only sure source of income for government to…

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Osun charges tax officers to generate N5bn monthly

Osun State Government yesterday gave its tax officers a marching order to generate N5 billion in tax payment from the people of the state every month. He charged residents in the state to cooperate with the tax officers with the prompt payment of their taxes in order to enjoy the dividends of democracy. The state’s Commissioner for Finance, Alhaji Bola Oyebamiji,who gave the charge while addressing workers from his ministry, appealed to them to go round the state and enforce the payment of tax by the people. He added that,…

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Tax returns: FIRS seals 3,000 properties in Abuja –Fowler

The Federal Inland Revenue Service (FIRS), says it has sealed off over 3,000 properties in the Federal Capital Territory (FCT), Abuja for failing to file annual tax returns. The Chairman of FIRS, Babatunde Fowler, disclosed this at a one-day media sensitization workshop on Voluntary Assets & Income Declaration Scheme, VAIDS, on Thursday in Abuja. Fowler, who represented the Minister of Finance, Kemi Adeosun, said the affected properties, which belong to individuals and corporate organisations, were sealed off since the VAIDS tax amnesty policy programme was launched last July. “We have…

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