Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result

Why KPMG wants you to be prepared to pay more tax

Editor by Editor
March 12, 2015
in Uncategorized
Why KPMG wants you to be prepared to pay more tax
Share on FacebookShare on TwitterShare on Linkedin

KPMG Nigeria has urged Nigerians to prepare for higher taxes as the government continues to grapple with dwindling price of oil in the international market and the devaluation of the naira, explaining that Federal Inland Revenue Service (FIRS) and other revenue generating agencies in various states of the federation would be forced into more aggressive drive to raise revenue due to the drop in Nigeria’s foreign reserves and the devalued currency.

Speaking at KPMG’s breakfast meeting on tax, Victor Onyenkpa, partner and head, tax, regulatory and people services, said : “Don’t be too surprised if work on the Lagos-Ibadan Expressway is stopped, the reason would be that you can’t afford to finance it. So, if you put all these things together, it means aggressive tax drive. We are in the era of very aggressive tax drive. I make no mistake about it, it is even going to get worse than what you might have seen so far.”

Onyenkpa also said the FIRS taskforce, which has been going around major cities in the country enforcing tax payments by defaulting firms, will become more aggressive as government revenue continue to take hits due to the devalued naira.

RelatedPosts

Why A Drop In Inflation Does Not Necessarily Mean A Drop In Prices Of Commodities

20 Financial Terms You Need To Know In The Stock Market

He warned firms currently erring on their tax returns to quickly adhere to the law as they will soon come under serious scrutiny from the FIRS and other relevant agencies, saying “the focus of the task forces is on companies that are not compliant, so if you haven’t filed your returns, they are going to pay you a visit soon.

“So, the first step is to be compliant. By being compliant, you take yourself off their radar. That is extremely important. We also think that as a tax payer, you have to know your right under the law. You also need to engage professionals that can march the FIRS officials when they take you on.”

The firm also announced at the event that it was ready to organise more training to equip participants with the requisite knowledge and skills to effectively and legally manage issues around corporate, transaction and petroleum profits taxes as well as manage tax audits and understand the overall Nigerian tax administration system, among other things.

Related

Tags: News Review

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Citigroup says oil prices may crash to $65 by end of 2022 due to recession
    • Nigeria’s stock market closes bearish as market capitalization dips by N110 billion
    • IPOB disowns Peter Obi’s presidential bid, says he was never their member

    Follow us on social media:

    Recent News

    Crude oil, Oil down as China releases fuel reserves, Oil down as China releases fuel reserves

    Citigroup says oil prices may crash to $65 by end of 2022 due to recession

    July 5, 2022
    Bears market

    Nigeria’s stock market closes bearish as market capitalization dips by N110 billion

    July 5, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com