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.