Retired members of staff of the Nigeria LNG Limited have united themselves under an association known as ‘NLNG Alumni Association,’ which has been registered with the Corporate Affairs Commission (CAC) as a legally recognised organisation. According to a statement issued yesterday by the body, the association was formed with the sole aim of connecting … Continue reading "NLNG Retirees Form Association"
Introduction The propriety of an administrative notice issued by the Federal Inland Revenue Service (“FIRS”), directing a bank to freeze an account of a customer allegedly in default of a tax obligation, seems to have been judicially settled . Whether or not such an administrative notice constitutes a lien, which can operate to impede the … Continue reading "Nigeria: Is A Lien Placed By FIRS On A Taxpayer’s Bank Account A Valid Encumbrance Against Garnishee Order?"
The Finance Act and oversight functions of tax authorities came under heavy hammer Thursday in Lagos as the pioneer president of Chartered Institute of Taxation of Nigeria (CITN), Chief Ajibola Olorunleke, adjudged the Excess Dividend Tax provision as illegal, just as Dame Gladys Simplice, the current helmsman, urged tax regulatory activities to be centralised. According to … Continue reading "Excess Dividend Tax is illegal –Expert"
Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), has been elected president of the African Tax Administration Forum (ATAF). At the election, which held in Pretoria, South Africa, on Wednesday, Fowler polled 13 votes ahead of the four secured by his Togolese opponent. In his acceptance speech on behalf of Nigeria, Fowler … Continue reading "Fowler, FIRS chairman, elected president of African tax body"
The Federal Inland Revenue Service (FIRS) on Tuesday solicited the support of Lagos Inland Revenue Service (LIRS) to meet the N8.5trillion target given to it by President Muhammadu Buhari to fund the 2020 budget. It also said some multinational companies refused to declare their profits, thereby defaulting in tax payment since 2011. It called for … Continue reading "FIRS Solicits Lagos Support For Revenue Target"
The Secure Act of 2019 eliminated many of the advantages the so-called stretch IRA offered heirs. A Roth IRA conversion can ease what amounts to a “tax-aggedon” but has its own drawbacks. There are several ways to ease a Roth tax bite, including converting in a year when high-deductible health expenses reduce taxable income. ferrantraite … Continue reading "Here’s a way to beat the tax burden for IRA heirs"
Over one million illegal operators still active, says ABCON Illicit Financial Flows (IFFs) out of Nigeria may not subside unless the Central Bank of Nigeria (CBN), takes a bold step in designing preventive measures and enforcing regulations that would curb commercial banks and individuals arbitrariness engaged in the crime. The stakeholders, who gathered in Abuja, … Continue reading "Stakeholders berate CBN over $17 billion illicit financial flows"
Tory activists are in uproar this morning over varying reports of tax raising measures Boris Johnson and Sajid Javid are considering for next month’s Budget. Plans currently being mooted include cuts to pension tax relief and the introduction of a recurring property tax that could replace stamp duty. Critics have been quick to say that … Continue reading "Why the government is planning a tax raising Budget"
Both cases illustrate two of Reilly’s Laws of Tax Planning. The Fourth Law – Execution isn’t everything, but it’s a lot. And the Eleventh Law – Pigs get fed. Hogs get slaughtered. And in the Carter case the IRS runs into the Fourth Law saving the Carters and their partner from hefty penalties. We’ll tackle the Carter … Continue reading "Tax Court Denies Millions In Easement Deductions"
Between January and December 2019, the Federal Government generated the sum of N1.17tn from Value Added Tax. When compared to the target of N1.7tn set by the Federal Government in the 2019 budget, the amount represents a shortfall of about N530bn. A breakdown of the N1.17tn VAT revenue, as contained in the Central Bank of … Continue reading "Nigeria earned N1.17tn from VAT in 2019 – CBN"