News as it breaks
According to him, the passage of the Nigerian Peace Corps Bill is not only timely, reassuring and a renewed hope for the Nigerian youth, but also a pointer to the fact that the political elites is still very much conscious of the social challenges confronting the youth and therefore, passionate on proffering solutions to the challenges to same in order to place the youth in the front burner of our national life.
The Two-Pillar Solution, a proposal by the OECD Inclusive Framework, is a set of proposed rules, endorsed by 138 countries across the world as a uniform solution to the tax challenges of the digitalised economy, as well as Base Erosion and Profit Shifting.
the MoU between the Nigerian and UK revenue authorities would see the two countries collaborating on Capacity Building
“Why I pay taxes” By Salisu Na’inna Dambatta “As a villager, I loathed paying taxes, or what they called revenue, in our weekly open air market,” said Maitabo, the livestock trader who is now an industrialist in the big city where he established factories that turned out a basket of…
Unfortunately some people do not see the need to pay taxes yet they want government to miraculously meet their needs by fulfilling its responsibilities. How can that be, where will the funds come from?
The government needs taxes as sustainable sources of funding social programmes like health, education, infrastructure and other services which are important to achieve the common goal of a prosperous, functional and orderly society and most importantly to foster the country’s economic growth and development.
It is interesting to note that the report also stated that the N10.1 trillion does not include tax waived on account of various tax incentives granted under different laws which according to FIRS amounted to N1,805,040,163,008.
Another breakthrough that was instrumental to this historical feat in the FIRS is the opening of 25 new satellite tax offices across the country as part of the agency’s goal to “bring tax services nearer to the taxpaying public while bringing FIRS nearer to the public”. According to the FIRS, the purpose of the new tax offices was to “help bring many taxpayers into the tax net, help fill companies income tax, and value added tax as well as monitor compliance with other taxes,”
“Other nations even within the Sub-Sahara region are doing between 14 to 15 percent. If you talk about developed countries, they are doing 35 to 40% and that is what makes them developed countries because indeed, it is really an avenue for you to support your government and hold them accountable.”
The Federal Inland Revenue Service (FIRS) yesterday signed a Memorandum of Understanding (MoU) with the Lagos Internal Revenue Service (LIRS) where the two tax authorities would collaborate on joint tax audit, investigation and automatic exchange of information. The MoU signing ceremony which took place at the State House, Marina,…
