The International Monetary Fund (IMF) has suggested that Nigeria may need additional taxes to fund an expanded cash transfer program for vulnerable populations. This suggestion is probably informed by findings by the Fund that, despite…

Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has dispelled misconceptions about the capital gains tax (CGT) reforms, saying the objective is to create a fairer and more efficient tax framework that…

Segun Ajayi-Kadir, Director General of the Manufacturers Association of Nigeria (MAN), has supported the proposed tax reform bill before the National Assembly to clarify long-standing misinterpretations on tax incentives for export…

Tax contributions from foreign companies in Nigeria rose significantly by 44% in the first nine months of 2024, according to the latest report from the National Bureau of Statistics (NBS). The NBS’s Company Income Tax (CIT) report revealed…

On August 8, 2023, President Bola Ahmed Tinubu, GCFR inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms, in Abuja. This committee, established four weeks prior, is chaired by Taiwo Oyedele, a former Fiscal Policy…

The Federal Inland Revenue Service (FIRS) has extended the deadline for filing 2023 Companies Income Tax returns by two months, thereby giving companies that failed deadline, more time to file their returns. Originally, the 2023 year of…

Federal Inland Revenue Service(FIRS) has extended the filing of Companies Income Tax Returns for the Year 2021 by two months to 31 August 2022. The former deadline was on 30th June 2022. The Executive Chairman, Muhammad Nami, in a…

A total of N532.48 billion from company income tax (CIT) has accrued to the Federal Inland Revenue Service (FIRS) in the first quarter (Q1) of 2022 says the National Bureau of Statistics (NBS). The Companies Income Tax (CIT) is a tax on…

The National Bureau of Statistics (NBS) has understated the company income tax paid by the banking industry in the first quarter of the year, computing a paltry N9,255.990,682.37 for the entire financial services sector, a figure far lower…

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler, has urged the National Assembly to make a law that will send tax evaders to jail. Mr Fowler said over 40,000 eligible taxpayers who record between N100…