Tag: TAXATION

Tinubu sets up Presidential Committee on fiscal policy, tax reforms

Aminu Imam

President Bola Ahmed Tinubu yesterday approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms, in line with his promise to remove all barriers impeding business growth in Nigeria. According to an issued statement by the President’s Special Adviser on Special Duties, Communications and Strategy, Dele Alake, the committee, which will be chaired by Fiscal Policy Partner and Africa Tax Leader at PricewaterhouseCoopers, (PwC), Taiwo Oyedele will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform,…

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“Nigeria’s economic growth is weak, needs more taxes”, says Finance Minister, Zainab

Aminu Imam

Nigeria’s economy may have been growing over the last seven quarters, but this growth rate is not strong enough to drive the needed developments in the country, and for this to happen, more people need to pay their taxes.  This was one of the views expressed by Zainab Ahmed, minister of finance during a plenary session at the on-going 28th Nigerian Economic Summit (NES28). These consecutive quarters of economic growth have not resulted in improved standards of living for the average Nigerian, as alluded to by the minister, who said…

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FG shifts implementation of telecoms, beverage taxes to 2023

Aminu Imam

The Federal Government, through the Budget Office of the Federation, has revealed that it will begin the implementation of its proposed excise duties on telecommunication services and beverages in 2023. This is despite backlashes from the Minister of Communications and Digital Economy, Isa Pantami, and the Manufacturers Association of Nigeria, (MAN). Discussing the tax, which is under the purview of the Nigeria Customs Service, (NCS), the Government said the NCS would introduce frameworks for recovering duties, taxes, and appropriate fees from transactions conducted over electronic networks. Explaining one of the…

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Amidst economic hardship, Finance Minister hints at additional taxes for Nigerians in 2022

Aminu Imam

The Minister of Finance, Zainab Ahmed, has disclosed that there might be an introduction of new tariffs and levies for its citizens in 2022, as according to her, “the economy was now on a recovery path”. Mrs. Ahmed made this known yesterday, while addressing ‘stakeholders’ during a public hearing on the 2021 Finance Bill, organised by the House of Representatives Committee on Finance, in Abuja. She said that a couple of ”reforms and amendments” had been recommended in the draft 2021 Finance Amendment Bill, adding that more will be introduced…

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Tax dispute: Tribunal adjourns ruling, as Multichoice deposits N8bn with FIRS

Aminu Imam

Multichoice Nigeria Limited (MCN), owner of Nigeria’s satellite televisions’ popular subscription-based platforms, DStv, Gotv, says it has complied with the directives of the tax appeal tribunal, (TAT), by depositing with the FIRS an amount required by the law.  The company stated this yesterday, at the resumption of the tribunal hearing over the alleged N1.8 trillion tax evasion dispute. Recall that in August, the tribunal, sitting in Lagos, ordered Multichoice to pay 50 percent of a N1.8 trillion tax backlog to the FIRS. At the hearing, counsel to MultiChoice Nigeria Limited,…

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Labour fumes over FG’s plan to tax non-alcoholic drinks

Aminu Imam

…Says excessive taxation killing food, beverage sector Organised Labour in the Food and Beverage sector has raised the alarm over plans by the Federal Government to impose excise duty on non-alcoholic drinks, warning that such tax will cripple the sector. Under the aegis of Food, Beverage and Tobacco Senior Staff Association, (FOBTOB), Labour decried excessive taxation of the industry, contending that should the government go ahead with the imposition of the excise duty, the sector could collapse. President of FOBTOB, Jimoh Oyibo spoke at the Labour Writers Association of Nigeria,…

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Pastors in Nigeria should pay Pentecost tax – Osinbajo

Aminu Imam

Vice President Yemi Osinbajo has urged pastors in Nigeria to pay Pentecost Tax. Osinbajo stated this while speaking in Lagos yesterday, during the public presentation at the book launch of “Kumuyi, Defender of the Faith”. The book is a biography of Pastor Folorunsho Kumuyi, Founder and General Superintendent of Deeper Christian Life Ministry. According to the VP, a successful preacher of Christ should give the Pentecost tax. He further said that people who need to succeed in their endeavours owe the society three forms of taxes. The VP explained that…

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FIRS to collect N5tr tax from Twitter, other social media platforms

Aminu Imam

…Raises 2022 tax collection by nearly 30% The Federal Inland Revenue Service, (FIRS), says it has set up an international unit that would tax giant digital companies like Twitter, Facebook and other social media platforms in 2022. The Executive Chairman of FIRS, Mohammed Nami, made this on Wednesday, during his appearance before the public hearing by the House of Representatives Committee on the 2022-2024 Medium Term Expenditure Framework, (MTEF), and Fiscal Strategy Paper, (FSP). According to him, the 2022 projected revenue from FIRS rose by N5 trillion due to registration of Twitter and other…

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FIRS to collect N5tr tax from Twitter, other social media platforms

Aminu Imam

The Federal Inland Revenue Service, (FIRS), says it has set up an international unit that would tax giant digital companies like Twitter, Facebook and other social media platforms in 2022. According to the executive chairman of FIRS, Mohammed Nami, the tech giants have been included in the country’s tax bracket, adding that its new international tax department has been charged with the tax collection. The new development, which was made known on Wednesday, shows that the administration of President Muhammadu Buhari is going forward with its plan to tax the…

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FIRS threatens deduction of taxes from defaulters’ bank accounts

Aminu Imam

The Federal Inland Revenue Service, (FIRS), has warned that it shall commence the deduction of taxes directly from the bank accounts of defaulters. This warning was issued on Wednesday by the agency, in a statement signed by the FIRS’s Director of Communication, Abdullahi Isma’ila. The Gederal Government’s revenue collector said the warning became necessary following rising cases of willful and illegal withholding of taxes collected by companies, corporations, ministries, departments, and agencies (MDAs) and other agents of collection. It said necessary steps will be taken “to recover taxes due from…

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