Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD (2)?
In our last edition of InsideTax publication, we explored the concepts of tax avoidance and tax evasion and the impact of tax leakages on government revenue. We also highlighted some ways through which tax evasion occurs in Nigeria.
FIRS invites stakeholders to engagement meeting
The Federal Inland Revenue Service (FIRS) has invited stakeholders to an engagement meeting to discuss tax processes and measures that can be taken towards ensuring that tax compliance process is easier and more convenient for taxpayers.
FIRS introduces six electronic tax services
The Federal Inland Revenue Service (FIRS) has announced the introduction of six (6) new electronic tax services (e-services). The available e-services are: • e-Registration: for registration of new taxpayers with FIRS for the various taxes • e-Stamp Duty: for payment of stamp duties on qualifying documents • e-TaxPayment: for payment of all Federal Government taxes and levies through any of the following platforms – Nigeria Inter-Bank Settlement System (NIBSS), Remita and Interswitch • e-Receipt: for receiving and verifying e-receipts generated for taxes paid through the new e-TaxPayment • e-Filing: enables taxpayers file their tax returns through the FIRS’ Integrated Tax Administration System (ITAS) • e-TCC: this platform will enable taxpayers apply for, receive and verify authenticity of their electronic tax clearance certificates (e-TCC) The initiatives underscore the efforts of FIRS towards ensuring that key tax processes are automated in order to improve transparency, ease and speed of tax administration; for…
FG introduces new interest rate regime for outstanding tax payments
In its renewed bid to minimise tax evasion, deter non-compliance and promote voluntary compliance, the Federal Government of Nigeria has announced a new interest rate regime for unpaid taxes.
Accounting for VAT in Nigeria – Cash or Accrual basis?
The Value Added Tax Act (VATA or the Law), 2007 governs the administration of VAT in Nigeria. VAT is levied at each stage of the production chain at 5% of the value of the taxable good or service supplied, but it is eventually borne by the final consumer, being a consumption tax.
Evidence of tax payment will soon become a prerequisite for issuing passports – FIRS
As part of the strategy to drive tax compliance, provision of tax clearance certificate (TCC) may soon become a prerequisite for issuance of National passport (what is commonly referred to as “international passport”). This is according to the statement credited to the Executive Chairman of the Federal Inland Revenue Service (FIRS) at the meeting of the Joint Tax Board (JTB) in Abuja, on Monday, 28 November 2016. This requirement is being planned to apply to both fresh applications and renewals of old passport.
FIRS extends window for waiver of penalty and interest for members of NASME
Federal Inland Revenue Service (FIRS) on Friday, 25 November 2016, issued a public notice formalizing its extension of the tax amnesty window exclusively for members of the National Association of Small and Medium Enterprises (NASME). The new deadline date for members of NASME is 31 December 2016 and all applications for grant of waiver are to be submitted to FIRS, through the association.