Tag: Tax
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FG retrieves N17bn in 6 months from tax defaulters – FIRS
he Federal Inland Revenue Service (FIRS), said it collected N17 billion from tax evaders through the Voluntary Assets and Income Declaration Scheme (VAIDS) between June and December. The Chairman of the Service, Mr Babatunde Fowler disclosed this on Thursday in Abuja at a public enlightenment workshop on VAIDS organised by the Federal Ministry of Finance…
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Nigeria @57: TStv Africa debuts as FG grants operator, investors 3-year tax relief
The Federal Government has granted a 3-year tax relief to the newly inaugurated Pay TV operator in the country, TStv Africa, as well as tax free dividends to all investors in the company. The Minister of Information and Culture, Alhaji Lai Mohammed, announced this on Sunday night in Abuja at a dinner to mark the…
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Accountability in governance as panacea for raising tax conscious populace
The Minister of Finance, Kemi Adeosun is known for her regular complaints of low tax compliance (especially amongst the elites) in Nigeria. Hence the incumbent administration’s resolve to go after tax evaders. The Nigerian tax system has undergone several reforms geared at enhancing tax collection and administration with minimal enforcement cost. The recent reforms include…
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FIRS shuts MRS Oil over N497m tax debt
The Federal Inland Revenue Service on Wednesday closed down an MRS Oil’s facility in Lagos over a tax debt amounting to N497.1m, an action the agency described as part of measures being taken against tax-defaulting companies in the country. An enforcement team, led by Mrs. Anita Erinne, reportedly sealed off the premises of the MRS…
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First class, business class air tickets will be taxed – Kemi Adeosun
The Minister of Finance, Kemi Adeosun, on Thursday, said the Federal Government has signed a policy to tax first class and business class air tickets alongside other luxury goods. Adeosun made the remarks while answering live questions from Nigerians on Facebook. When asked her thoughts on taxing first class tickets and luxury coaches, the minister…
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Tax fraud: Messi escapes jail term, as court rules he pays €252,000 fine instead
Lionel Messi and his father saw their suspended prison sentences for tax fraud reduced to fines by a Barcelona court on Friday. The pair had been convicted of hiding image rights royalties in offshore accounts and had been given suspended jail terms of 21 and 15 months. Messi will pay 252,000 euros ($287,000) and his…
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In Case You Missed It: Full Text of Executive order signed by Osinbajo on tax payment
…as order takes effect today (July 1) The Acting President, Prof. Yemi Osinbajo, on Thursday signed Executive Order, No. 004 of 2017, to authorise federal and state governments to allow defaulting taxpayers to voluntarily declare their asset and income, pay due taxes and obtain some benefits in return. The Order followed the formal launching of…
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BREAKING: Ronaldo summoned for July 31 tax hearing
Real Madrid star Cristiano Ronaldo, accused of evading 14.7 million euro ($16.5m) in tax, has been summoned to appear before a judge in Spain on July 31, judicial sources told AFP on Tuesday. The 32-year-old Portuguese star is facing four charges of fraud through offshore companies between 2011 and 2014. Ronaldo has denied the charges.…
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EGRP: We must divert attention from oil to revenue generation, mobilization – Adeosun
The Minister of Finance, Mrs Kemi Adeosun, has said that the best road map to economic recovery for Nigeria is to frontally and finally face other sources of revenue generation and mobilization from taxes and by encouraging local production, instead of relying on oil and borrowings. “The problem is not that our debt service is…
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Apple challenges EU tax ruling
U.S. tech firm Apple launched on Monday a legal challenge against the European Union (EU)’s decision that it should pay billions of unpaid taxes to Ireland. The EU accused Ireland of giving the U.S. multinational illegal state aid with tax arrangements in the country, and ruled in August that it should pay back 13 billion…