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Some traders at the popular Oshodi Market on Thursday identified multiple taxations, the absence of parking space and threats by touts as some of the pressing challenges facing traders in the market. Traders in interviews with the News Agency of Nigeria at Oshodi said that these challenges were affecting their profit margin. Alhaji Tajudeen Lateef, the Vice-Chairman (Babaloja) of Oshodi Market, explained that businesses in the market also suffer from a lack of access to loans. Read more: https://innerkonsult.com/oshodi-traders-lament-parking-space-multiple-taxations/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |
The senator representing Abia-South Senatorial District of Abia State in the Senate, Enyinnaya Abaribe, has described the 2020 budget as “nothing but a budget of taxation.” The senator added that the budget is not “sustainable.” President Muhammadu Buhari presented the 2020 Appropriation Bill to the joint sitting of the National Assembly on Tuesday. He had christened it ‘Budget of Sustaining Growth and Job Creation.’ Read more: https://innerkonsult.com/this-is-nothing-but-a-budget-of-taxation-abaribe/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |
The Nigeria Employers’ Consultative Association (NECA) has rejected Federal Government’s proposed imposition of fresh taxes or levies on Nigerians to fund the reconstruction of tollgates on federal highways across the country. It argued that for the tolling policy to see the light of the day, no additional burden, in form of any tax or levy should be placed on businesses and individuals to fund the toll system.Director General of NECA, Timothy Olawale told The Guardian that individuals and businesses have already been over burdened with several taxes and even proposed additional taxes such as the mobile tax and increased Value Added Tax (VAT). Read more: https://innerkonsult.com/neca-rejects-additional-taxes-to-fund-rebuilding-of-tollgates/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |
It is common knowledge that Nigeria’s tax to Gross Domestic Product (GDP) ratio is one of the lowest in the world. At under 6%, it is far below the sub-Saharan African average of 20%. Nigeria is reputed to be among the countries in the world with the lowest tax compliance rate as recently corroborated by the American billionaire and philanthropist, Bill Gates, who said without the credibility of the Government, Nigerians will not pay tax. Taxation, being a social contract, is expected to be fulfilled by both parties involved, i.e. citizens pay tax while the Government is seen as using such funds for public good. With the relatively low Internally Generated Revenue (IGR) from taxation across the States of the Federation, it is therefore not surprising that the Nigerian economy is heavily dependent on the oil sector to fund its expenditure. According to the International Monetary Fund (IMF), the oil sector accounts for over 95 percent of export earnings and about 40 percent of government revenues. Read more: https://innerkonsult.com/taxation-in-the-era-of-global-information-exchange/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |
Oyo State Government has reiterated its assurance to the people of the state that the administration will not increase tax on business enterprises to increase the Internally Generated Revenue (IGR) of the state. Executive Chairman, Oyo State Internal Revenue Service (OYSIRS), John Adeleke, who gave the reassurance in a chat with journalists in his office, said that Governor Seyi Makinde was applying sympathy and empathy in his dealings on the matter since the new administration came to office. Read more: https://innerkonsult.com/well-not-increase-tax-to-improve-igr-oyo-state-reassures-entrepreneurs/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |
The mathematical theory of transitivity states that, if A is equal to B and B equal to C, then A is equal to C. Given the latest cuts in corporate taxes, one would hope that this theory was as simply applicable to India’s languishing capital expenditure cycle: that, by reducing corporate taxes, demand increases, capacity utilization improves and consequently, private capex revives. Of course, a tax cut is always welcome as it will add to companies’ kitties. Read more; https://innerkonsult.com/corporate-tax-cuts-wont-spur-capex-cycle-immediately/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |
The Association of National Accountants of Nigeria says it has in the last four decades invested in capacity building to advance the accounting profession in the country. The First Vice President of the association, Prof Benjamim Osisioma, stated this while delivering an anniversary lecture titled, “ANAN at 40: Read more: https://innerkonsult.com/anan-recounts-achievements-at-40-inducts-526-fellows/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |
The Vanguard news one of the nations leading news paper, has retracted a story and also apologised to the vice president over a story published on their website. The retraction and apology story reads. On our website publication of Monday, September 23, 2019, we published a story titled “N90 Bn FIRS Election Fund: Read more: https://innerkonsult.com/vanguard-retracts-90bn-firs-story-against-vice-president/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |
The Federal Government has urged General Electric to refund N360 million and two million dollars excess withholding tax (WHT) deducted from Arco Petrochemicals Engineering Company Limited, through its business dealings with General Electric (GE) International Operations Nigeria. Read more: https://innerkonsult.com/illegal-tax-deductions-firs-to-refund-2m-others-to-general-electric/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |
The federal government shouldn’t increase Value Added Tax (VAT) just because Nigeria has the lowest VAT rate in the world as its economic conditions are not the same with countries with high VAT, the Association of National Accountants of Nigeria (ANAN) has said. The president of ANAN Prof. Muhammad Akaro Mainoma who spoke at the ANAN 24th annual conference which began in Abuja yesterday also said what the federal government should focus on is to expand the tax nets to capture those presently not paying taxes. Read more: https://innerkonsult.com/accountants-to-fg-dont-increase-vat/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |
The Federal Inland Revenue Service (FIRS) recently released the Income Tax (Common Reporting Standard) Regulations (The Regulations). The Regulations seek to give effect to various international conventions, treaties and guidelines between Nigeria and other contracting States with respect to mutual administrative assistance, automatic exchange of financial account information and compliance with common reporting standards and the relevant provisions of the FIRS (Establishment) Act and Companies Income Tax Act relating to FIRS' power to call for returns and access taxpayer's records. Read more: https://innerkonsult.com/firs-releases-the-income-tax-common-reporting-standard-regulations-2019/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |
The Nigerian Economic Summit Group has emphasised the need for the government to reduce the number of taxes levied on businesses in the country. The NESG said out of about 3,000 forms of taxes operational across the country from the federal to the local government level, only four of them generated 96 per cent of government revenue. Read more: https://innerkonsult.com/nesg-advocates-reduction-in-taxes-competitive-economy/ Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com |