The informal sector to benefit from the contributory pension scheme
In a bid to strengthen the post-retirement financial capability of all working Nigerians, the National Pension Commission (PenCom) has finalised plans to launch the Micro Pension Plan
FIRS warns defaulting taxpayers about potential restriction on their bank accounts
Federal Inland Revenue Service (FIRS) has issued a warning to defaulting taxpayers on the impending lien to be imposed on their bank accounts for non-compliance
Deadline for filing of annual employees’ tax returns (Form A)
Section 41 of the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended) requires all individuals to submit their individual tax returns (Form A) with the relevant tax authority. This return is for all income earned from all sources in the preceding year and it is due for submission by 31 March of every year.
Court bars local government councils from creating new taxes and levies
A High Court of the Federal Capital Territory on Monday, 14 January 2019 ruled that Local Government Area Councils in the Federal Capital Territory lack authority to impose taxes and levies that are outside the purview of the Constitution of the Federal Republic Of Nigeria and Taxes and Levies (Approved List for Collection) Act (TALC)
FIRS releases guidelines on Mutual Agreement Procedure in Nigeria
The Federal Inland Revenue Service has issued guidelines setting out steps that taxpayers must follow for initiating Mutual Agreement Procedure (MAP).