TAXATION

  The co-chair of the Bill and Melinda Gates Foundation, Bill Gates, stated yesterday that Nigeria’s tax collection rates are low, pointing out that this poses a challenge to financing critical sectors like health and education. Gates made these remarks during Nutrivision 2024, a Pan-African youth dialogue on nutrition held...

Chief Femi Otedola, chairman of FBN Holdings and Geregu Power Plc, has thrown his weight behind the new windfall tax policy of President Bola Tinubu’s administration. The windfall tax policy is targeted at charging 70 percent of banks’ foreign exchange (FX) gains. In a statement on Wednesday, Otedola condemned the...

  Lagos State Governor, Mr. Babajide Sanwo-Olu, and his counterparts from Sokoto and Borno States have emphasised the need to make the country’s tax system more transparent and accountable to Nigerians to boost confidence and voluntary compliance. The governors made the call at the ongoing 26th Annual Tax Conference organized...

  The presidency, through its Committee on Fiscal Policy and Tax Reforms, has announced that there is a need to increase the value-added tax (VAT) rate. Chairman of the committee, Taiwo Oyedele, disclosed this while informing Nigerians the VAT revenue-sharing formula would be reviewed. He spoke at a policy exposure...

  The Federal Inland Revenue Service (FIRS) has filed criminal charges against Binance, a renowned cryptocurrency exchange platform. The lawsuit, filed at the Federal High Court in Abuja under case number FHC/ABJ/CR/115/2024, accuses Binance of violating four separate tax laws. Below is the list of the tax laws allegedly violated...

    The Nigerian Investment Promotion Commission (NIPC) has revealed that the Federal Government approved tax holidays for 34 companies in 2023. Lovina Kayode, Head of Incentives Administration at the commission, made this announcement during an end-of-the-year press briefing held in Abuja on Friday. The disclosure comes in the wake...

  The Lagos State Internal Revenue Service (LIRS) has announced the immediate deployment of an upgraded process for the collection of Hotel Occupancy and Restaurants Consumption Tax (HORCT) in Lagos State. The Executive Chairman of the LIRS, Mr. Ayodele Subair, in a public notice directed at members of the public,...

  President Bola Tinubu on Tuesday directed the immediate implementation of fiscal policy and tax reforms recommendation of a report on the ‘quick-win achievement’. The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed this while briefing journalists in Abuja after the committee met with the president...

According to the recent Internally Generated Revenue (IGR) report from the National Bureau of Statistics (NBS) which was released today, October 23, 2023, Lagos, Rivers and the Federal Capital Territory (FCT) generated the highest amounts of internally generated revenue in 2022. According to the NBS, these are the major highlights...

Acting executive chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has tasked staff of the agency to key into his vision of making the revenue body one that rests on the accuracy of data for its operations and has merit as its signpost. In a statement issued by...