FIRS Extends Due Date For Filing 2023 Companies Income Tax Returns
“The relevant CIT returns shall, therefore, not attract Late Filing Penalty or interest for late payment if submitted to the Service on or before 31st August 2023.
Tag: tax
Tax Rights And Tax Obligations: Two Sides Of The Same Coin
According to the Constitution of the Federal Republic of Nigeria 1999: Section 24 (f) of 1999 Constitution (as amended) it states that “it shall be the duty of every citizen to declare his income honestly to appropriate and lawful agencies and pay his tax promptly”. This is a legal requirement and it is fundamental to the successful operations of the country. Mind you, it is not an option or a recommendation but an obligation of every Nigerian citizen.
FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021
Tax-to-GDP ratio is a measure of a nation’s tax revenue relative to the size of her economy as measured by Gross Domestic Product (GDP).
At United Nations ECOSOC, Nigeria Renews Call For Fair International Tax Practices
Nigeria, while calling for a global taxation regime under the United Nations, harped on the importance of enhancing domestic resource mobilization among member States to address their economic challenges.
Nigeria College of Taxation and Fiscal Studies Bill Passes Second Reading
A bill for an Act to establish the Nigeria College of Taxation and Fiscal Studies passed its Second Reading last week at the Senate. The presentation of the Bill was made by Senator Abdullahi Aliyu Sabi CON on the floor of the Senate Tuesday last week, where he noted that the institution, if established would provide professional and academic training as well as certification for tax administrators, tax practitioners and tax professionals across the country. In his presentation, Senator Sabi, who represents Niger North Senatorial District of Niger State stated that the College had become necessary given the important role…
Tax Administrators Must Match The Pace Of Global Technological Advancements — CATA President
“The global tax arena is continually changing,” he noted. “The growing reliance on technology for much of basic human needs, social interactions and business dealings means that the tax-turf remains in a state of constant flux.
TAXATION: Our Quota To Nation Building
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?
Tax Harmonisation: FIRS Signs MoU With FIRS For Joint Tax Operations And Audit
“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.”
Tax Harmonisation: FIRS Signs MOU with LIRS for Joint Tax Operations
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, Lagos State, Monday was executed by the Executive Chairman, FIRS, Mr. Muhammad Nami, and the Executive Chairman, LIRS, Mr. Ayodele Subair, and was witnessed by the Honorable Minister of State, Budget and National Planning, Prince Clem Agba as well as the Lagos State Governor, Mr. Babajide Sanwo-Olu. The MoU which…
FIRS Breaks Its 2021 Record, Collects N10.1 Trillion In 2022
“This collection was possible through collaboration with our stakeholders, from our colleagues at the Executive branch of government, to the members of the judiciary, to our brothers and sisters at the National Assembly, as well as the tax advisory committee, professional bodies, unions, and most crucially our taxpayers.”