Tax news

The Role of Tax Amnesty Programs in Encouraging Voluntary Disclosure and Reducing Evasion.

Introduction: Tax amnesty programs are powerful tools employed by tax authorities to encourage voluntary compliance, boost revenue, and bring previously undisclosed assets into the formal economy. In Nigeria, where combating tax evasion is a priority, tax amnesty programs have become instrumental in fostering a culture of voluntary disclosure. This article explores the significance of tax …

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Key Features of Nigeria’s Social Insurance Trust Fund System.

Introduction: In the complex and ever-evolving landscape of social security in Nigeria, the Social Insurance Trust Fund (SITF) stands out as a critical component in ensuring the well-being of the nation’s workforce. This article aims to unravel the key features that define Nigeria’s Social Insurance Trust Fund system, shedding light on its intricacies and the …

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Navigating Tax Compliance: A Comprehensive Insight.

In its most fundamental essence, tax compliance is generally defined as the extent to which taxpayers adhere to tax laws. The pivotal question arises: does ‘compliance’ denote intentional or obligatory conduct? If taxpayers merely conform due to imminent threats or inducements, this may not qualify as genuine compliance, even if the entire tax is collected …

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TAX IMPLICATIONS OF FREE TRADE ZONE TRANSACTIONS IN NIGERIA.

In its pursuit of increased foreign and local investments, Nigeria has strategically established Free Trade Zones (FTZs) – a practice not unique to Nigeria but embraced globally by countries like Tanzania, Libya, China Hong Kong, and others. Nigeria boasts 42 licensed FTZs, with 14 currently operational. A Free Trade Zone (FTZ) is a designated economic …

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UNDERSTANDING THE VAT (MODIFICATION) ORDER OF 2021.

In September 2021, the VAT (Modification) Order was signed, and it was subsequently issued by the Minister of Finance, Budget, and National Planning in October, with a commencement date of 30th July 2021. This Order brings about significant modifications and expansions to the list of exempted goods and services outlined in the First Schedule to …

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UNDERSTANDING NIGERIA’S COUNTRY-BY-COUNTRY REPORTING REGULATIONS.

Nigeria embraced the Country-by-Country Multilateral Competent Authority Agreement (CbC MCAA) on January 27, 2016, paving the way for the introduction of the Income Tax (Country-By-Country Reporting) Regulations in 2018. This regulatory framework serves as a crucial administrative tool for Country-By-Country (CBC) reporting in Nigeria, aligning with the OECD’s Base Erosion and Profit Shifting (BEPS) Action …

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NIGERIA’S FINANCE BILL 2021: NOTABLE PROPOSALS AND CHANGES.

The Finance Bill 2021 has been presented to the National Assembly for deliberation, featuring substantial amendments to 12 different laws, set to take effect in 2022. Here are the key proposed changes introduced by the Finance Bill 2021: Capital Gains Tax Company Income Tax Federal Inland Revenue Service Establishment Act Nigeria Police Trust Fund (Establishment) …

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UNDERSTANDING THE TAXATION OF INSURANCE BUSINESS IN NIGERIA.

The Companies Income Tax Act, Cap C2, LFN 2004 (“CITA”) serves as the overarching income-tax administrative framework for companies operating in Nigeria. Notably, Section 16 of CITA is specifically tailored to address the unique income-tax administrative requirements of companies within the insurance sector. In a significant revision brought about by the Finance Act 2021 (“The …

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OPTIMIZE YOUR FINANCES THROUGH STRATEGIC TAX PLANNING.

Overlooking the importance of tax planning can result in costly mistakes. Individuals who neglect careful planning often find themselves paying more in taxes than necessary, leading to frustration. Fortunately, there are proactive measures to avoid such pitfalls, and tax planning stands out as a crucial strategy. Tax planning involves the development of a financial strategy …

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Management and Tax Implications of Bad Debts: A Focus on FIRS Practices.

Introduction: In the normal course of business operations, organizations often encounter bad debts, defined as expenses arising from irretrievable or uncollectible account receivables. Managing bad debts involves assessing their impairment on a forward-looking basis and reporting them in financial statements, adhering to International Financial Reporting Standards (IFRS) 9 on “Financial Instruments.” Various reasons contribute to …

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