Tag: Tax
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Only 110 People Pay Above N10m in Taxes in Lagos – Sanwo-Olu
Governor of Lagos State, Mr Babajide Sanwo-Olu, has disclosed that out of the 4.5 million taxable adults living in the metropolis, only 110 pay taxes worth over N10 million. Mr Sanwo-Olu made this disclosure during the question and answer segment of The Platform Nigeria, an event organised by The Covenant Christian Church Place, Iganmu, Lagos,…
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Only 700,000 out of 22 million Lagosians pay taxes regularly – LASG
The Lagos State Government has disclosed that only 700,000 out of the 4.8 million Lagosians registered as taxpayers are active taxpayers out of a population of about 22 million people. The state Commissioner for Economic Planning and Budget, Mr. Samuel Egube disclosed this in his address at the Lagos Central Senatorial district Y2020 Budget Consultative…
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Elumelu tasks government on favourable tax policies
…says The Average Business Owner in Nigeria is a local government authority Chairman, Heirs Holdings and Founder, Tony Elumelu Foundation, Tony O. Elumelu has called for far reaching Tax reforms and for the National Assembly to urgently pass the Executive Tax bill into law. Elumelu made this statement as he delivered the keynote address at…
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Trump tax showdown: U.S. Democrats set April 23 deadline for IRS
U.S. congressional Democrats on Saturday headed for a showdown with the Internal Revenue Service over President Donald Trump’s tax returns, setting a new hard deadline of April 23 for the federal tax agency to hand the documents over to lawmakers. In an April 13 letter that appeared to move Democrats closer to a federal court…
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Tax paying culture will change Nigeria’s economy – Buhari
President Muhammadu Buhari says the Federal Government will continue to sensitize and encourage Nigerians to cultivate the culture of paying taxes by ensuring fair implementation policy and effective utilisation of resources. Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, said Buhari stated this when he received the leadership of the…
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ATAF sets agenda on how Africa can benefit maximally from taxing digital economy
…as experts gather to brainstorm, propose solutions to digital tax evasion, illicit financial flows, other tax challenges in Africa Reputed as the world’s second largest and second most-populous continent, being behind Asia in both categories with over 1.216 billion population (2016 estimate) and covering six per cent of earth’s total surface area and 20 percent…
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NOVA Merchant Bank declares N1.15bn in profit after tax, continues to focus on scaling its business
NOVA Merchant Bank Limited has declared a profit after tax of N1.15 billion for the year ended 31st of December 2018, a significant increase from N510.6 million achieved in 2017, marking a 125% increase. The result is achieved as it begins to reap the benefits of its investments in its operations, technology and people. …
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FIRS generates N23bn unpaid taxes from corporate firms
The Federal Inland Revenue Service (FIRS) has generated over N23 billion in unpaid taxes from the recently suspended substitution exercise on corporate bank accounts, which was marked by the imposition of restriction on the accounts of tax-defaulting organisations. This was disclosed in Lagos on Thursday by Mr. Babatunde Fowler, the FIRS Chairman. The FIRS boss…
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Transcorp Sets Record Performance with Profit After Tax of N20.6bn
Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s leading diversified listed conglomerate, has announced its audited results for the year ended 31st December 2018, with a 94% growth in Profit After Tax (PAT) of ₦20.6bn in 2018 compared to ₦10.6bn in the prior year. The Group recorded an unparalleled improvement within the year as turnover grew…
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FIRS targets 85,000 millionaire tax defaulters
The Federal Inland Revenue Service (FIRS) in collaboration with other stakeholders such as the Nigeria Police Force, will continue to go after wealthy tax defaulters in 2019, the Service Executive Chairman, Tunde Fowler, has said. He said this yesterday in Abuja when the Acting Inspector-General of Police, Mohammed Abubakar Adamu paid a courtesy visit to…