Rep. Ahmed Jaha (APC–Borno) has raised concerns about certain provisions in the Tax Reform Bill that need to be addressed before it becomes law. Jaha voiced his concerns on Wednesday during an interview after the House of Representatives passed the bill for a second reading in Abuja. He criticised a clause granting the Chief Executive … Read more
Taiwo Oyedele, Chairman of the Presidential Committee set up by President Bola Tinubu on Fiscal Policy and Tax Reforms has expressed concern on plans by President Donald Trump to establish an external revenue service. TheNewsGuru.com (TNG) reports President Trump revealed plans to establish the external revenue service on Monday during his swearing in … Read more
Kwara State Internal Revenue Service (KW-IRS) on Wednesday reiterated the importance of tax to economic and infrastructural development, warning that defaulters could no longer hide in the state. The agency’s Head of Department, Corporate Planning, Mr Muhammed Audu, in a sensitisation programme held in Ilorin on Wednesday, also enlightened the citizens on new … Read more
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has urged private companies, government’s Ministries, Departments and Agencies (MDAs) and other employers of labour in the territory to file their employee annual tax returns for 2024. The acting Executive Chairman, Mr Michael Ango, who made the call in a statement in Abuja on Sunday, … Read more
A Professor of Accounting and Financial Development, Prof. Godwin Oyedokun, has urged the Nigeria Labour Congress (NLC) to ensure its members understand the basics of the Tax Reform Bill. Oyedokun, who lectures at Lead City University, Ibadan, gave the advice at a Dialogue on the “Tax Reform Bill” organised by NLC on Saturday. … Read more
In response to the Central Bank of Nigeria’s (CBN) proposal for a 70% tax on the excessive profits banks made from naira devaluation in 2023—profits which increased by at least 51% due to President Bola Tinubu’s economic reforms—there has been a noticeable rise in banks’ philanthropic activities. The proposed excess profits tax, or windfall tax … Read more
The Kogi State Government has declared that the presentation of parents’ Tax Clearance Certificate (TCC), is a mandatory condition for admission into tertiary institutions. Mr Sule Enehe, Chairman, Kogi Board of Internal Revenue Services, announced the condition at a media chat in Lokoja on Wednesday. Enehe said that the policy introduced two years … Read more
The Benue State Government has sealed City Bay Park, belonging to Rep. Asema Achado (APC/Gwer East/Gwer West), for non-payment of prescribed tax. Achado confirmed the sealing of the recreational park to newsmen during a press briefing on Thursday in Makurdi. The lawmaker said that the leisure park and event centre was sealed on … Read more
By Emeka Ndu, FCA The recent furore generated by the tax reform bills sponsored by the Tinubu administration has elicited the need to look at the entire concept of tax action in Nigeria. This article will look at an often ignored aspect of taxation, that of taxing residual wealth from generation to generation. As Nigeria continues to … Read more