Wednesday, March 3

Tag: Tax

Ekiti State Taskforce Locks Children Inside their School after School Authority Fail to Pay Tax
News

Ekiti State Taskforce Locks Children Inside their School after School Authority Fail to Pay Tax

Ekiti state Taskforce has been accused of locking up children inside their school because the school authority failed to pay up their tax. The viral video making rounds social media, shows a parent complaining about the maltreatment of school children by the Ekiti state government. She said that she came to pick up her kids from the nursery school, but was surprised after she couldn’t get inside because Ekiti state task force locked the gates with the school children inside. The disappointed mom also slammed the task force for not giving notice to the parents in order for their children to stay at home, as she claims the children were not being attended to, due to the situation. She also showed video of the locked gate, as she revealed that the school was locked since morni...
Ahmed Musa’s Proposed Move to West Brom cut off due to club’s Reluctance to Pay his £60,000 weekly salary
Sport

Ahmed Musa’s Proposed Move to West Brom cut off due to club’s Reluctance to Pay his £60,000 weekly salary

Super Eagles captain, Ahmed Musa's proposed transfer to English Premier League club, West Brom has been terminated. Musa, who terminated his lucrative contract with Saudi Arabian Pro League side Al-Nassr last October, passed a fitness test under the supervision of West Brom's sports science and performance team at the training center last week Thursday. The club had earlier planned to sign him on a short term deal but club bosses have now reportedly rejected Musa saying his salary package of £60,000, with the club's board agreeing that the salary was too high for a player with a low resale value The club also pulled the plug on the deal because they have a limited transfer budget. According to reports from England, Musa's agent gave a deadline to West Brom to complete his t...
Inflation: FG Exempts Minimum Wage Earners From Tax
Politics

Inflation: FG Exempts Minimum Wage Earners From Tax

In order to reduce the impact of inflation on Nigerians, the Buhari administration, is, through the 2020 Finance Bill, proposing the exemption of minimum wage earners from Personal Income Tax. This is even as the President Muhammadu Buhari administration tried to justify the reduction of import duties on cars, saying the government will buy locally assembled vehicles. Buhari made these disclosures in his speech delivered virtually by Vice President Yemi Osinbajo, on Monday at the opening session of the 26th Nigerian Economic Summit Group Conference themed: "Building Partnerships for Resilience". And when coupled with other items in the proposed Finance Bill, and various economic policies of the Federal Government, these incentives would ensure the resilience of the Nigerian ec...
Using Tax From Herdsmen, Farmers To Subsidies Petrol Unfair – Garba Shehu
Politics

Using Tax From Herdsmen, Farmers To Subsidies Petrol Unfair – Garba Shehu

The Presidency says it will be unfair to use taxes collected from herdsmen and farmers to subsidise petrol which is only used by urban city dwellers and the elite. The Senior Special Assistant to the Media on Media and Publicity, Garba Shehu, said this on Channels Television’s ‘Politics Today’ programme on Friday. Shehu was reacting to criticisms targeted at the President, Major General Muhammadu Buhari (retd.), who had in his Independence Day speech, said it made no sense for petrol to cheaper in Nigeria than in Saudi Arabia. Many had lambasted Buhari for the comparison, insisting that the President ought to have compared the minimum wage in Nigeria with that of Saudi Arabia. Responding, however, Shehu said, “Is it fair that the taxpayers’ money…how many Nigerians have c...
Nigerian Government To Tax Netflix, Facebook, Twitter, Others
Politics

Nigerian Government To Tax Netflix, Facebook, Twitter, Others

The Federal Government plans to tax foreign digital service providers offering services to Nigerians and earning revenue in naira. Some of these service providers which are video streaming sites, social media platforms, and companies that offer downloads of digital contents are expected to pay digital tax to the Federal Inland Revenue Service. The Minister of Finance, Zainab Ahmed, had issued the Companies Income Tax (Significant Economic Presence) Order, 2020 as an amendment of the Finance Act 2019. The order aimed to impose tax on a foreign entity with respect to certain services or digital transactions if it had a Significant Economic Presence in Nigeria. It further stated that the finance minister may by order, determine what constituted SEP in Nigeria. Netflix, Face...
Ecobank Ordered To Pay N1.6Billion To FIRS For Evading Tax
Business

Ecobank Ordered To Pay N1.6Billion To FIRS For Evading Tax

The Tax Appeal Tribunal, Lagos Zone, has ordered Ecobank Nigeria Limited to pay N1,663,500,000 to the FIRS as Company Income Tax (CIT) for the year 2016. The bank had claimed it made no taxable profit and declared losses from its banking operation. Federal Inland Revenue Service (FIRS) Director of Communication, Abdullahi Ahmad, in a statement on Wednesday, said the Tribunal ruled on February 20, 2020 in Appeal No. TAT/LZ/CIT/024/2018. The Tribunal headed by Prof. A.B. Ahmed ordered Ecobank to pay N1,663,500,000 to the FIRS as Company Income Tax (CIT) for year 2016. Ecobank had sued the FIRS after it was asked to pay its excess dividend tax liability of N2,079,375,000, inclusive of interest and penalty for the Year of Assessment (YOA). The bank argued that the dividend i...
MTN’s $2 Billion Tax Case Revoked By Attorney-General, Abubakar Malami
Business

MTN’s $2 Billion Tax Case Revoked By Attorney-General, Abubakar Malami

Nigeria's attorney general has withdrawn a $2 billion tax demand against South African telecoms giant MTN Group, the company and attorney general said on Friday, in a closely watched case that investors say has damaged Nigeria's appeal. In a letter filed with the Nigerian Stock Exchange, MTN said the government had decided to drop its case and refer the issue to tax and customs authorities "with a view to resolving contentious issues". "We are very pleased with the decision of the (attorney general) and we commend him for his wisdom," MTN Nigeria's Chief Executive Ferdi Moolman said in a statement. In a statement, the office of Attorney General Abubakar Malami said the decision "demonstrates unflinching commitment to the rule of law where all statutory agencies will be allowed...
Nigerian Man Exposed In The USA, Sent To Jail Over $12 Million Tax Fraud
News

Nigerian Man Exposed In The USA, Sent To Jail Over $12 Million Tax Fraud

A Nigerian man, Babatunde Olusegun Taiwo, has been sentenced to four years in prison for stealing the identities of US citizens to file fraudulent tax return claims, made possible through data leaked in security incidents, The Guardian reports. The US Department of Justice (DoJ) in a statement said Taiwo, alongside co-conspirators including Kevin Williams, used the personal identifying information (PII) of individuals leaked due to a data breach at a payroll company to file false returns with the US Internal Revenue Service (IRS). DoJ said Taiwo and his co-conspirators filed more than 2,000 fraudulent tax returns that claimed more than $12 million in refunds, of which the IRS paid out $889,712. “The Department remains committed to prosecuting those who use stolen identities to steal ...
FIRS Gives 30-day Grace For Tax Clearance Certificate
News

FIRS Gives 30-day Grace For Tax Clearance Certificate

The new Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, has approved a 30- day window to enable taxpayers in the country obtain Tax Clearance Certificate (TCC). This information was announced by the tax agency in a statement personally signed by the tax chief and then issued on Sunday via the official Twitter page of the organisation. Mr Nami, in the statement titled Facilitating 2020 Tax Clearance Certificate (TCC) Issuance, explained that this move was designed to make things easy for taxpayers and assist them meet their obligations as they might need TCC. The Executive Chairman noted that the offer to ease issuance of TCC was in accordance with the provisions of Section 101 (1) of CITA LFN 2004 and in conformity with Self-Assessment Regulation...
We Must Tax The Rich Mercilessly – Aregbesola
Politics

We Must Tax The Rich Mercilessly – Aregbesola

Rauf Aregbesola, minister of interior, says for Nigeria to solve the problem of poverty, the rich must be taxed mercilessly. Speaking at the 70th birthday of Abiola Ajimobi, former governor of Oyo state, he said tax from the rich could be used to create wealth to help the poor. “We must mercilessly tax the rich, if we are to cure the problem of poverty. We have two contending forces, the poor and the privileged rich,” he said. “The rich have no problem, they are comfortable. The problem is the poor and they are in the majority. And the point is if the rich failed to address this problem, the comfort of the rich will be taken away, so they must release much of their money to help the poor.” This is not the first time that Aregbesola will make known his position on taxing wea...
Senate Okays 7.5% VAT And 6 Other Tax Hikes
Politics

Senate Okays 7.5% VAT And 6 Other Tax Hikes

The Senate on Thursday passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country. The bill specifically seeks an increment of the value-added tax from five per cent to 7.5 per cent. It also seeks an increment in the Companies Income tax, Customs and excise, Petroleum Profit Tax, Stamp duties, personal income tax and Capital Income tax. The Minority Leader, Enyinnaya Abaribe, and Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, however, raised objections to the bill. They said the increment in taxes would further compound the sufferings and pains of Nigerians.
Osinbajo Reveals How State Governments Can Tax Nigerians, Generate More Revenues
Politics

Osinbajo Reveals How State Governments Can Tax Nigerians, Generate More Revenues

Vice President Yemi Osinbajo has challenged states in Nigeria to explore ways of increasing their internal revenue generation and boosting their agricultural production. Osinbajo urged states to do more to harness the entrepreneurial spirit of Nigerians. The vice president stated this while delivering the keynote address at the 18th Meeting of the Joint Planning Board (JPB) and National Council on Development Planning (NCDP), in Asaba, Delta State capital. He said, “states must engage in careful and well-thought-out strategic planning in order to articulate and implement priorities derived from strategic thinking based on comparative advantages.” According to Osinbajo, the event themed, 'State Fiscal Sustainability and Economic Diversification in Nigeria', reflected the co...
Senate Proposes Law To Tax Nigerians For Using Data And DSTV
Politics

Senate Proposes Law To Tax Nigerians For Using Data And DSTV

A bill for an Act to introduce tax on communication and cable television services scaled first reading at the Senate on Wednesday. The introduction of the tax, it was learnt, was to replace the 2.2 per cent increase in the Value Added Tax being planned by the Federal Government. The Bill for an Act to establish the Communication Service Tax was sponsored by a former Senate Leader, Ali Ndume. Briefing journalists shortly after the first reading of the bill was taken by the Senate, Ndume said the imposition of tax on communication service was a better way of distributing wealth in such a way that would not affect the ordinary people. He said increasing VAT would have very devastating effects on the economy as it would raise prices of goods and services. The bill provides t...
Oyo State: Churches, Mosques With Revenue-earning Businesses Will Pay Tax
Politics

Oyo State: Churches, Mosques With Revenue-earning Businesses Will Pay Tax

The Oyo state government says churches and mosques with revenue-generating ventures and businesses will not be exempted from paying taxes and applicable levies. John Adeleke, executive chairman of the Oyo state internal revenue service, made this known while addressing journalists on Sunday in Ibadan. The taxman said the government is working to capture other areas that had not been explored to generate more revenue instead of increasing taxes on business enterprises to boost internally generated revenue (IGR). On the government’s decision to exempt churches and mosques from paying taxes, Adeleke clarified that those with revenue-earning ventures and other businesses would pay taxes, levies and other fees as applicable. “A culture of an efficient and leak-proof collection i...
Leilana Fartha Wants Nigeria To Tax Vacant Houses
News

Leilana Fartha Wants Nigeria To Tax Vacant Houses

Ms Leilana Fartha, UN Special Rapporteur on the Rights to Adequate Housing, on Monday urged the Federal Government to impose vacant home tax with a view to addressing housing challenges in the country. Fartha at a news conference in Abuja, expressed concern over human rights crisis presented by poor living conditions in Nigeria’s informal settlements. According to her, the informal settlements house about 69 per cent of the urban population. She said: “Most residents in Nigeria’s ballooning informal settlements live without access to even the most basic services, like running water. “And they lack any security of tenure, forcing them to live in constant fear of being evicted. “My 10 days fact findings visit to Nigeria has presented an economic inequality in the country, ...
We Will Not Increase Tax To Improve IGR – Oyo State Governor, Seyi Makinde
Politics

We Will Not Increase Tax To Improve IGR – Oyo State Governor, Seyi Makinde

Oyo State government has assured all stakeholders in the state that the present administration will not increase tax on small and medium scale enterprises (SMEs) in its drive to soar up its revenue base. The Chairman, Oyo State Board of Internal Revenue (BIR), Aremo John Adeleke gave the assurance in a statement issued and signed by the Permanent Secretary, Ministry of Information, Culture and Tourism, Dr Bashir Olanrewaju on Sunday. According to Adeleke, in the stead of increase tax, the state would rather look into areas that were not captured in its tax net to improve the internally generated revenue. He added that, the plans of Governor Seyi Makinde’s government is to build and nurture the growth of SMEs in the state and not to burden them with heavy tax that could drive t...
France Imposes Digital Tax On Google, Apple, Facebook, Amazon
News

France Imposes Digital Tax On Google, Apple, Facebook, Amazon

The French Parliament on Thursday adopted, by a final vote of the Senate, the introduction of a tax on `GAFA’, making France one of the first countries to impose a tax on digital giants. The GAFA tax refers to an acronym for Google, Apple, Facebook and Amazon. The digital tax is endorsed by the opposition-controlled upper house, paving the way to the eurozone second largest power to unilaterally tax internet giants by three per cent on much of their digital sales in France. This is related to advertising, websites and the resale of private data. The tax was initially adopted by the National Assembly, the lower house of parliament, on July 4. GAFA targets digital companies with global annual sales of more than 750 million euros ($845.6 million) and sales in France of at l...
Nigerians Became Poorer In Buhari’s First Term – The Economist
News

Nigerians Became Poorer In Buhari’s First Term – The Economist

The Economist reviewed the first term of President Muhammadu Buhari and concluded that Nigerians became poorer during his first four years in office. The London magazine, in the publication, which was posted on its website on Thursday, said while the Nigerian economy was “stuck like a stranded truck,” average incomes fell during the four-year period covering 2015 to 2019. The Economist in its report said based on the thinking of the International Monetary Fund, the average income of Nigerians “will not rise for at least another six (years).”The report partly reads; “The Nigerian economy is stuck like a stranded truck. Average incomes have been falling for four years; the IMF thinks they will not rise for at least another six (years). The latest figures put unemployment at 23 per c...
Sani-Bello sets up strategic committees for Inauguration
News

Sani-Bello sets up strategic committees for Inauguration

Niger State Governor, Alhaji Abubakar Sani-Bello has set up two committees to spearhead his inauguration for his second term. The two committees are the Project, Policy, Programmes and Appraisal Committee and the Inauguration Committee. The Project Policy Programmes and Appraisal Committee which is chaired by the Deputy Governor, Alhaji Ahmed Muhammed Kesto is to identify government policies and its implementation status, compile all executed and ongoing projects in the last four years and appraise the performance of the administration in the last 4 years. The 65 man Committee will also identify challenges encountered in the course of project execution in the last four years, propose and recommend any further project /activity that will take the state to the next level, review the...
Lil Wayne pays off $14 million tax debt
Celebs

Lil Wayne pays off $14 million tax debt

Legendary rapper, Lil Wayne, has reportedly paid off a massive $14 Million Tax Debt, according to court records obtained by The Blast. Lil Wayne recently coughed up $14 million to settle his tax debt. The IRS filed releases of two separate federal tax liens against Wayne. In February 2011, Wayne paid off a $1.13 million tax lien and later on the year he was hit with another lien, this time for $5.6 million. By 2012, the rapper paid $7 million to the IRS to get them off of his back, but in 2016, it was reported that he owed them $900,000. Back in 2017, the liens accused Wayne of failing to pay $7,341,399.07 in 2011 and $6,853,545.77 in 2012 for a grand total of $14,194,944.84. It’s understood the rapper must have cleared off the massive debt from the settlement money he received...
Unremitted Taxes: Kaduna, Kano Drag FG Agencies to Tax Tribunal
News

Unremitted Taxes: Kaduna, Kano Drag FG Agencies to Tax Tribunal

Kaduna and Kano State governments through their Boards of Internal Revenue have taken some federal government agencies to the North West Zone of the Tax Appeal Tribunal. They are dragging the agencies to the tribunal sitting in Kaduna for failure to remit taxes to them. The Kaduna State board of internal revenue, dragged the Ahmadu Bello University, Zaria, before the Tribunal on Wednesday, with respect to unremitted Pay-As-You-Earn and withholding taxes, totaling N6.16bn. The amount was for all taxes due, to the Kaduna State government, but were unremitted, between 2007 and 2012. The tribunal, which has just been newly reconstituted, with Umaru M. Adamu as Chairman, also attended to tax issues against Kaduna Polytechnic, brought before it for unremitted pe...
LCCI: Infrastructure Deficit Erodes Nigerian Business’ Competitiveness
News

LCCI: Infrastructure Deficit Erodes Nigerian Business’ Competitiveness

The Lagos Chamber of Commerce and Industry (LCCI) has raised the alarm that high excise duties on locally-produced goods and challenges of exporting made-in-Nigeria products, as well as the inaccessibility of the Lagos ports on account of the bad roads, have created an excruciating business environment, which has seriously hamstrung business activities in the country and eroded the country’s capacity to compete. The LCCI, whose position was contained in a report titled, ‘Infrastructure Deficit in Nigeria: The Way Forward, the LCCI,’ decried the challenges of exporting made-in-Nigeria products to other ECOWAS countries and poor investment climate. The report acknowledged that infrastructure play critical role in promoting economic growth, improving standards of living, poverty reducti...
Nigerian Fashion Designer Mai Atafo Office Gutted By Fire
Celebs

Nigerian Fashion Designer Mai Atafo Office Gutted By Fire

Popular Nigerian fashion designer Mai Atafo office was over the night engulfed in a fire which burnt down properties worth millions of Naira in the office. The designer who made the announcement via his Instagram page, acknowledged the swift response of the men of the Lagos State Fire Service, whom he claimed arrived at the scene 5 minutes after they were contacted. He wrote: Today I say a BIG thank you to the Lagos State Government Fire Service for a remarkable job well done. This is clearly the first time I can say I have seen my tax in action. A call to 767 at 11:30pm on Saturday night and 5 minutes later give or take we had men from the fire service in full action. Speed, expertise and dedication from the firemen saved the day and I am still full of gratitu...
Over 6,772 Billionaires Don’t Pay Tax In Nigeria – FIRS
News

Over 6,772 Billionaires Don’t Pay Tax In Nigeria – FIRS

The Federal Inland Revenue Service (FIRS) has vowed to go after the bank accounts of defaulting taxpayers who are raking in billions in Nigeria but are not paying taxes. FIRS Chairman, Tunde Fowler, in a statement on Sunday, disclosed that all banks in the country would do substitution on accounts for such identified taxpayers. “There are over 6,772 of such defaulting billionaire taxpayers being identified by the FIRS, leveraging on banks data,” Fowler said. He noted that most of such taxpayers, who have between N1b and N5 billion in their accounts have no Taxpayer Identification Number, TIN, or have TIN and have not filed any tax returns as taxpayers. “What we have done is what we call ‘substitution‘ which also is in our laws which empowers us to appoint the banks as collecti...
FIRS Set To Commence Audit Of Taxpayers Nationwide — Fowler
News

FIRS Set To Commence Audit Of Taxpayers Nationwide — Fowler

Mr Tunde Fowler, Executive Chairman, Federal Inland Revenue Service (FIRS), on Thursday said that the Service would soon commence the audit of taxpayers across the country. Chairman of the Federal Inland Revenue Service, Mr. Tunde Fowler Fowler stated this in Lagos while delivering a keynote address at a stakeholders meeting on “Tax Administration and National Revenue’’. The stakeholders’ meeting was aimed at charting the way forward in the country’s tax administration and the challenges hindering a robust tax regime. Fowler said that the nationwide audit would ensure increased tax revenue collection, improved service delivery to taxpayers and enhanced voluntary compliance. He called on stakeholders to support efforts at repositioning the nation’s tax administration syst...
FG Demands Fresh $2bn Tax Arrears From MTN
News

FG Demands Fresh $2bn Tax Arrears From MTN

The Federal Government is asking MTN Nigeria to pay fresh N2bn tax arrears on imported equipment and payments to suppliers. It was gathered that the Attorney General of the Federation, Abubakar Malami, in a letter to the company, said the tax arrears dated back to 10 years. “The Attorney General notified MTN that his office made a high-level calculation that MTN Nigeria should have paid approximately $2bn in taxes relating to the importation of foreign equipment and payments to foreign suppliers over the last 10 years,” a statement signed by the Public Relations Manager, MTN Nigeria Limited, Funso Aina, stated on Tuesday. This fresh demand is coming barely one week after the Central Bank of Nigeria asked the telecommunication company and its bankers to repatriate $8.1bn it all...
James Rodriguez On Spanish Taxman’s Hit-List
Sport

James Rodriguez On Spanish Taxman’s Hit-List

Spain’s taxman wants Bayern Munich’s Colombian midfielder James Rodriguez to pay 11.65 million euros ($13.64m) for evading taxes when he played at Real Madrid, the El Mundo daily reported Thursday. James, who moved to Bayern Munich last year, is accused of having evaded 6.35 million euros in taxes, mainly linked to his image rights, and would have to pay that amount plus a fine and interests for a total of 11.65 million euros, it reported. Citing sources close to the case, the daily said James was transferred to Real Madrid from Monaco for 80 million euros mid-2014, but that year he registered as a non-resident. Tax authorities, though, reportedly believe he should have registered as a resident, which means he should settle the difference, or 6.35 million euros, related to his...
President Trump Comes For Amazon
News

President Trump Comes For Amazon

Amazon could be in trouble as the American president seems not to be happy with the company. President Donald Trump took to Twitter to hit at Amazon for not paying taxes and putting thousands of retailers out of business.
Lagos State And The Politics Of Taxation
News

Lagos State And The Politics Of Taxation

The government of Lagos state seems to be currently in the eye of the storm over its introduction of a law, a property tax as it were, known as the Land Use Charge Act of 2018, which repeals a similar law of 2001, and consolidates ground rent, tenement rate, and neigbourhood development levy. The Land Use Charge is payable in respect of all real estate in the state. But it is probably the most controversial move that has been made by the Akinwunmi Ambode administration in Lagos state, an administration that has so far enjoyed tremendous goodwill on account of its huge investment in infrastructure and human capital development in the last three years. Stakeholders have complained about the rate of increase (up to about 400%), lack of adequate consultation and communication, and the impro...
Shakira Pays $24 Million To Settle Spanish Tax Debt
Entertainment

Shakira Pays $24 Million To Settle Spanish Tax Debt

Superstar Shakira has handed over more than 20 million euros ($24.6 million) to tax authorities in Spain, a report said Tuesday. Shakira, who is a partner to Barcelona player, Gerard Pique had been accused of not paying taxes despite being a resident between 2011 and 2014. Catalan daily El Periodico reported that the Colombian award-winning singer had paid the money “to settle part of the debt claimed by Spain’s tax authorities”, corresponding to what she allegedly owes for 2011. The fiscal authorities filed an official complaint to prosecutors in Barcelona accusing her of not paying taxes, sparking an investigation, Jose Miguel Company, spokesman for the prosecutors’ office, told AFP. The official complaint only covers the period from 2012 to 2014, however, as the timeframe to prosecu...
Lagos Sues Davido, AY Over Tax
Entertainment

Lagos Sues Davido, AY Over Tax

The Lagos State Government has begun moves to tackle high-profile tax defaulters in the state and ensure high level of compliance with its tax laws. As part of this initiative, the state government has moved against some celebrities in the state, who are alleged to be tax evaders despite their earnings from their business. A court paper, sighted by Sunday Punch on Saturday, indicated that the state government had dragged sensational singer, David Adedeji Adeleke, popularly known as Davido, before the court for alleged tax evasion. Also, a reliable source in government told Sunday Punch that the state had equally moved against popular comedian, Ayo Makun, better known as AY, for allegedly failing to pay tax. Davido, the Chief Executive Officer of HKN Music, Lagos, has been charged befor...
Lagos Begins Arrest Of Tax Defaulters
News

Lagos Begins Arrest Of Tax Defaulters

The Lagos State Government has directed all its revenue agencies to commence enforcement of payment by all tax defaulters with immediate effect. Commissioner for Information and Strategy, Mr. Steve Ayorinde, in a statement, lamented that many residents were not fulfilling their civic obligation of paying their taxes and that the prevailing situation would adversely affect government’s infrastructural renewal drive currently ongoing across the state. Ayorinde said government had concluded plans to go all out to enforce the tax laws so as to bring more Lagosians into the tax net.
What Does The Government Use Our Taxes For – Caroline Danjuma Asks
Celebs

What Does The Government Use Our Taxes For – Caroline Danjuma Asks

 Actress Caroline Danjuma has bemoaned the situation of things in the country following givenrmnet's decision to increase the toll-gate fee.She wrote; “On my out of Lekki this morning I received this notifying me that within 4 days there will be an increment to the toll gate tariff.. The question is what do this Govt take the citizens for.. ATM machines they can collect from at will??.. things are extremely tough in this country for the lay man . Suicidal rate is extremely high .. Drug abuse is now a norm because people are trying to get high to get away from the pain, leading to the deaths of young vibrant youths in the society . I would like to know in details and statistics what the government uses our taxes for . 1. The hard currency rate is still increasing against the Naira.. this...
Responsible Govt Should Spend Tax revenue Judiciously – Ex-Presdient Obasanjo
News

Responsible Govt Should Spend Tax revenue Judiciously – Ex-Presdient Obasanjo

Former President, Chief Olusegun Obasanjo, has said that every responsible citizen must pay tax, as it is a major source of revenue to drive the economy. He however said if the people are faithful with the payment of tax, responsible government should spend the tax revenue judiciously. Speaking at the public presentation of a book, A Review of Tax System In Nigeria written by Assistant Inspector General of Police, Tunde Ogunsakin, at the Nigerian Institute of International Affairs (NIIA) Lagos on Saturday, Obasanjo, the chairman of the occasion, stressed that one of the major challenges of Nigeria is because it has not been able to determine the amount of tax revenue it loses annually. His words: “This book is very readable. In a way, it is technical but more of a layman than tech...
Jorge Mendes Among Cristiano Ronaldo Advisers Brought Into Tax Fraud Case
Sport

Jorge Mendes Among Cristiano Ronaldo Advisers Brought Into Tax Fraud Case

Portuguese agent Mendes is being imputed into the case because Ronaldo referred to him and fellow representatives Luis Correia and Carlos Osorio as his closest 'team' who he 'pays very well not to have problems and this sort of nonsense'.According to El Mundo, judge Monica Gomez Ferrer wants to verify the trio's degree of participation and responsibility in the winger's 14.7 million euro image rights tax discrepancy when court reconvenes on October 19.
SEC To Sanction Capital Market Operators, Public Limited Companies Over Tax Default
News

SEC To Sanction Capital Market Operators, Public Limited Companies Over Tax Default

The Securities and Exchange Commission (SEC) has asked all Capital Market Operators (CMOs) and Public Limited Company (PLCs) to strictly comply with a new executive order on Taxpayers on Voluntary Assets and Income Declaration Scheme (VAIDS) or face penalty. The Executive Order on VAID signed by the Acting President Prof. Yemi Osinbajo on June 29, 2017 stated that, taxpayers who are under all relevant Federal and State Tax laws are advised to regularize their tax status by honestly declaring their assets and incomes from sources within and outside Nigeria. “SEC wishes to state that commencing from March 31, 2018, all CMO’s and PLC’s shall be required to show evidence of compliance with VAIDS or a clean tax status as part of their mandatory submissions to the Commission. Failure to co...
Rapper DMX Busted On Tax Fraud Charges
Celebs

Rapper DMX Busted On Tax Fraud Charges

Rapper DMX has been arrested in New York on federal tax fraud charges. Prosecutors say the rapper, whose given name is Earl Simmons, owes $1.7 million in taxes and has engaged in a multi-year scheme to conceal millions of dollars of income from the Internal Revenue Service. Prosecutors say Simmons raked in millions from his songs, including the 2003 hit “X Gon’ Give it to Ya,” and avoided paying taxes by setting up accounts in other’s names and paying personal expenses largely in cash. The 46-year-old Yonkers native was arrested on Thursday. He’s to appear in Manhattan federal court on Friday. A telephone call to his previous lawyer’s office went unanswered. In 2015, Simmons spent more than two months in a New York jail for failing to pay child support.
150 Wealthy Nigerians Face Asset, Tax Probe
News

150 Wealthy Nigerians Face Asset, Tax Probe

The Federal Government has engaged Kroll, a United Kingdom-based forensic and assets-tracing firm, and some other foreign firms to trace the assets of very wealthy Nigerians at home and abroad. The names of 150 very wealthy Nigerians are on the list for the first batch of the exercise, which is expected to last for some months. The Minister of Finance, Mrs. Kemi Adeosun, confirmed at a press briefing in Lagos on Thursday that the government had engaged some foreign firms to trace the local and foreign assets of some high net worth Nigerians. She, however, refused to give the names of the other foreign firms the Federal Government had engaged for the exercise nor names of the wealthy Nigerians whose assets are being traced. Adeosun said the objective of the exercise was to match...
Stolen British Supercars Shipped To Thailand In Tax Scam
News

Stolen British Supercars Shipped To Thailand In Tax Scam

More than 120 supercars were seized as authorities dismantled an elaborate tax avoidance scam in Britain and Thailand. Dozens of luxury vehicles including Lamborghinis, Porsches and BMWs were stolen from British streets as part of the scam. It used a range of complex methods to bypass the hefty taxes levied on supercars imported into Thailand, which usually stand at around 328%. One tactic for avoiding the taxes involved dismantling cars, shipping them from the UK in parts and reassembling them in Thailand. Other scammers simply lied to customs officials about what kind of car was being imported. Eight Lamborghini Aventadors were declared to be cheaper Gallardo models, and customs officials either failed to notice or deliberately ignored the obvious discrepancy. The most ...
Bayelsa Govt Seals Chinese Firm Over N109 Million Tax Liability
News

Bayelsa Govt Seals Chinese Firm Over N109 Million Tax Liability

The Bayelsa Board of Internal Revenue, BIR, on Wednesday sealed off a Chinese company, Hilong Oil Services and Engineering Company Limited over alleged tax default of N109.5 million. The enforcement team of BIR comprising armed police officers and personnel of the Nigeria Security and Civil Defence, NSCDC, sealed off the company’s premises located at Elebele, Ogbia Local Government Area of Bayelsa. The News Agency of Nigeria, NAN, reports that soldiers guarding the premises had initially prevented the enforcement team access until an official of the company intervened. The Director of Compliance, BIR, Robert Lokoson, who led the enforcement team, said the state government authorised the operation in order to recover a tax debt of N109.5 million owed it by the company since 2013. ...
Angel Di Maria Handed One-Year Jail Term For Tax Fraud
Sport

Angel Di Maria Handed One-Year Jail Term For Tax Fraud

Paris Saint-Germain forward Angel Di Maria has been given a suspended one-year jail sentence and fined £1.76m for tax fraud in Spain. Di Maria admitted two counts of tax fraud totalling £1.16m during his four-year spell with Real Madrid between 2010 and 2014, related to his image rights. The 29-year-old made a deal with Spanish tax authorities to avoid a trial, with each of the two counts coming with a six-month sentence. But he will almost certainly not spend any time behind bars as sentences of under two years in Spain are suspended providing the convicted person has no criminal record. Di Maria left Madrid in August 2014 and signed a five-year deal with Manchester United after a £59.7m deal was agreed. He would only play for one season at Old Trafford before moving on to PSG in the...
Gambia Shuts Down Jammeh’s Newspaper Over Tax
News

Gambia Shuts Down Jammeh’s Newspaper Over Tax

The Gambian government has shut down a former pro-government newspaper, the Daily Observer, for not paying taxes since 2007 during regime of exiled former President Yahya Jammeh. They are accused of owing the state D17 million (over $300,000) in taxes. The Gambia Revenue Authority (GRA) issued the national newspaper a closure notice on Wednesday ordering them to cease publication, the head of the company Pa Modou Mbowe confirmed to local media. “I can confirm to you that the Daily Observer has been closed by the Barrow government. I received a letter today from the Gambia Revenue Authority instructing us to cease publication,” he said. “The paper is owing the state D17 million taxes dating back to 2007. The paper is also indebted to other companies,” he added, saying the letter indic...
Cristiano Ronaldo Vows So ‘Stay Quiet’ Over Tax Fraud Allegations
Sport

Cristiano Ronaldo Vows So ‘Stay Quiet’ Over Tax Fraud Allegations

Cristiano Ronaldo said “sometimes the best answer is to be quiet” in the wake of allegations he defrauded the Spanish tax office of £14.7m. The Portugal captain has been accused by Madrid’s regional state prosecutor of four counts of tax fraud relating to image rights payments. Ronaldo’s representatives have denied the allegations while the 32-year-old’s club side, Spanish and European champions Real Madrid, have also thrown their support behind the forward and backed him to prove his innocence. The four-time Ballon d’Or winner spoke briefly when quizzed on the subject by reporters following a training session with Portugal on Wednesday, saying he had a “clear conscience”. And Ronaldo issued another short message on social media on Thursday. Accompanying a photo of himself h...
Cristiano Ronaldo Tax Accusations A ‘Surprise’ And ‘Injustice’ – Lawyer
Sport

Cristiano Ronaldo Tax Accusations A ‘Surprise’ And ‘Injustice’ – Lawyer

Cristiano Ronaldo is surprised by accusations that he defrauded Spain’s tax office of €14.7 million in unpaid taxes and feels they are unjust, one of his lawyers has said. A Spanish state prosecutor accused the Real Madrid forward of “taking advantage of a business structure created in 2010 to hide from fiscal authorities income generated in Spain from image rights.” However, lawyer Antonio Lobo Xavier rejected the accusations and insisted that Ronaldo did not break any laws. “It has come as a complete surprise and the player feels that it is an injustice,” he told Portuguese station SIC Noticias, as reported by Marca. “There was no lack of a declaration [of income]. There was a declaration according to criteria that apparently isn’t the criteria the Spanish fiscal authorities ...
Bauchi State To Tax Churches And Mosques
News

Bauchi State To Tax Churches And Mosques

Bauchi State Government has made a decision to start registering and taxing all religious organisations, Punch reports. The Commissioner for Religious Affairs and Community Relations, Baba Madugu, said data of all churches and mosques is being gathered. He made this known while speaking on the achievements of the ministry since 2015. He mentioned that the Bauchi State government had spent N95,111, 300 for Quranic recitation competitions annually in the last two years. He also said the details of these worship places will help the State to centralize all the religious activities, improve security and political benefits and this will in turn promote maximum service delivery. “The ministry intends to embark on the registration of worship places and taxing beneficiary organisations...
Cristiano Ronaldo Faces Up To 5 Years Jail Term For Tax Fraud
Sport

Cristiano Ronaldo Faces Up To 5 Years Jail Term For Tax Fraud

Real Madrid superstar, Cristiano Ronaldo could face a five-year prison sentence in Spain for tax fraud summing up to 15million Euros between 2011 and 2013.  The country's tax office have passed a file to prosecutors, who will decide whether to press charges against the Portuguese Real Madrid attacker. This is coming in days after Spain's Supreme Court confirmed a 21-month jail term handed down last year to Barcelona forward, Lionel Messi and his father Jorge, who manages his finances.  Both were convicted in 2016 of defrauding Spain of 4.1m euros (£3.5m) in taxes.
What Does Public Utility Levy Mean? Mixed Reactions Trail New LASG Levy
News

What Does Public Utility Levy Mean? Mixed Reactions Trail New LASG Levy

Following the announcement by the Lagos State Government through the Ministry of Environment that the State will commence collection of an annual Public Utility Levy, Mainlanders and other Lagosians have expressed their dissatisfaction on the move by the government. According to the State Commissioner for Environment, Dr. Babatunde Adejare who spoke during the 2017 Press Briefing of the State which held yesterday, Tuesday, April 18, 2017, the government has introduced an Environmental Trust Fund which “will provide payment of fees to service providers, concessionaries and contractors under the Cleaner Lagos Initiative.” Speaking on the new utility levy, he said “a Public Utility Levy (PUL) will be paid annually on all properties in the State into an Environmental Trust Fund.” He a...
FIRS Seals Kabo Airlines, Others Over N200 Million Tax Liabilities
News

FIRS Seals Kabo Airlines, Others Over N200 Million Tax Liabilities

The Federal Inland Revenue Services, FIRS, today sealed the offices of Kabo Airlines, Monaco Ventures Limited and Paki International Motors, all in Kano, over tax liabilities. Kabo Airlines owes N149,707,949.03 from the assessment year of 2004 to 2013. According to the head of the enforcement team in Kano, Bukar Gana, the airline’s liabilities are made up of Income Tax (IT) and Education Tax (ET). He explained that the company did not contest the liabilities, an action which led to the sealing of its premises on Ashton Road, Kano State. Also sealed was Paki International Motors, which owes Company Income Tax (CIT) totaling N51,148,117.57, accumulated between 2008 and 2014. The enforcement similarly sealed Prince Hotel (Sojuna Hotel) over N8,359, 680.76 liability from 2014 to 2016....
UK May Change Finance Model If Out Of EU
News

UK May Change Finance Model If Out Of EU

Britain could change its economic model to regain competitiveness if it were to leave the European Union without an agreement on market access, British finance minister Phillip Hammond says. In a thinly veiled threat that Britain could use its corporate tax as a form of leverage in Brexit negotiations, Hammond has told German newspaper Welt am Sonntag he hopes Britain will remain a European-style economy with corresponding tax and regulation systems. "But if we are forced to be something different, then we will have to become something different," Hammond said when asked directly about Britain's plans to lower corporate tax. "If we have no access to the European market, if we are closed off, if Britain were to leave the European Union without an agreement on market access, t...