President Tinubu has signed Nigeria’s tax reform bills into law.
The four tax reform bills are;
The reform seeks to increase investor confidence, improve the tax system’s efficiency, and boost the economy.
The World Bank (WB) brought a soothing relief to the Nigerian economy with its Ease of Doing Business 2018 Report. Each year, WB releases this report which compares business regulation for local firms in 190 economies. Nigeria’s ranking soared from 169 to 145 thus representing the country’s highest annual progress (14.2 percent) over a decade….
One of the objectives of the Nigerian tax system is Flexibility. Taxes in Nigeria should be flexible enough to respond to the changing environment. Taxpayers are a major stakeholder in the Nigerian tax system. Without taxpayers or taxable activities in the economy, there will be minimal need for tax authorities. Work-from-home policy, supply-chain interruptions, restricted…
What is VOARS? VOARS means Voluntary Offshore Assets Regularization Scheme. President Muhammadu Buhari issued the Executive Order 008 called Voluntary Offshore Assets Regularization Scheme (“VOARS” or “the Scheme”) on 8 October 2018. The Scheme allows Nigerian taxpayers to declare their offshore assets and pay the corresponding taxes within 12 months. As a form of tax…
Tax is a compulsory charge by the government on goods, services, income, or profits of persons. There are different parameters for determining who, when, how, and where to pay taxes in Nigeria. After a taxable person registers with the revenue authority, the next step is to know the type and amount of tax to pay….
Six months ago, the Federal Inland Revenue Service (FIRS) appointed banks as agents of defaulting taxpayers an annual bank turnover of NGN1 billion. The goal was to freeze the bank account balances and distrain properties of tax debtors. Now, FIRS intends to recover tax debts from 40,000 businesses with the help of banks and the…
“To be?” or “Not to be?” “Would President Mohammadu Buhari assent to the National Housing Fund (Establishment) Bill, 2018? That was the question on the lips of the Nigerian masses as they awaited the President’s verdict on the National Housing Fund (Establishment) Bill, 2018 at the Senate’s plenary session of April 2, 2019. The National…