Presumptive TAX: Equalizing the distribution of tax burden (I)

Taxation of the informal sector, particularly persons and businesses that are not properly structured or are unable to keep proper and detailed records of their business transactions, is a topical and challenging issue not only in Nigeria, but also in most developing countries. Almost every country in the world has at one time or the other been faced More...

by Peoples Daily | Published 2 years ago
By Peoples Daily On Thursday, November 20th, 2014
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Administration of current taxes in Nigeria

Education Tax (EDT) The Education tax decree No. 7 which was initially declared in 1993 was amended by Education Tax (Amendment) Decree No. 40 of 1998. As stated in the Act, 2% tax rate should be charged on the More...

By Peoples Daily On Thursday, June 12th, 2014
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Assessment procedure (I)

The overriding objective of assessment function is to ensure that all taxpayers, within a defined tax jurisdiction, are brought into the tax net and assessed correctly in order to plug all possible leakages. Generally, More...

By Peoples Daily On Thursday, May 29th, 2014
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The CGT – An untapped revenue goldmine

By Embuka Anna Taxation is arguably as old as mankind. In his book, Income Tax Law and Practice in Nigeria, Ola, C. S. said apart from revenue to the government, taxation is important to everyone and taxes collected More...

By Peoples Daily On Thursday, May 15th, 2014
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What constitutes ‘trade’ for TAX purposes: Guidelines for the general public

This article clarifies the FIRS’ position on what constitutes ‘trade’ or business for tax purposes. In accordance with the Companies Income Tax Act (CITA), and the Personal Income Tax Act (PITA), any trade More...

By Peoples Daily On Thursday, May 1st, 2014
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Tax implication of mergers and acquisitions

Merger is defined as ‘‘any amalgamation of the undertakings or any part of the undertakings or interest of two or more companies or the undertakings or part of the undertakings of one or more companies and one More...

By Peoples Daily On Thursday, April 17th, 2014
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What constitutes ‘trade’ for tax purposes: guidelines for the general public

This article clarifies the FIRS’ position on what constitutes ‘trade’ or business for tax purposes. In accordance with the Companies Income Tax Act (CITA), and the Personal Income Tax Act (PITA), any trade More...

By Peoples Daily On Friday, March 28th, 2014
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Tax implications of the adoption of the international financial reporting standards (IFRS) – Part 2

IAS 11 – CONSTRUCTION CONTRACTS The current practice for determining contract revenue by FIRS shall be sustained. Only costs attributable to certified work done shall be allowed for tax purposes in line with More...

By Peoples Daily On Thursday, March 13th, 2014
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Fighting tax evasion in Nigeria

By Ogbole A. Frank One. Introduction For the development and growth of any society, the provision of basic infrastructure is necessary. This explains why government shows great concern on how funds can be made available More...

By Peoples Daily On Thursday, February 27th, 2014
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Facts about obtaining, updating and validating your taxpayer identification number

The Taxpayer Identification Number (TIN) is a unique number allocated and issued to identify a person (individual or Company) as a duly registered taxpayer in Nigeria. It is to be used by that taxpayer alone. Registration More...