The Lagos State government has unveiled an ambitious plan to generate N200 billion annually by expanding its income tax base to include remote workers and leveraging digital solutions for enhanced revenue collection.
In 2023, eleven Nigerian banks incurred a total of N575.168 billion in taxes, marking a significant 175% increase compared to the N209.608 billion incurred in 2022.
Global tax and advisory service firm, KPMG Nigeria has criticised the 50% windfall tax on the bank’s foreign exchange revaluation gains recorded in 2023 stating that it could result in a legal dispute.
The federal government is currently looking into a temporary suspension of the N10 tax on Sweetened Sugar Beverages (SSBs) as part of an economic stabilisation plan.
The Federal Inland Revenue Service (FIRS) says tax collection in the first quarter of the year increased by 56% to N3.94 trillion when compared to the N2.52 trillion it collected in the same period of last year.
Kenyan President William Ruto, on Wednesday withdrew proposed tax increases contained in the controversial finance bill 2024 in response to widespread protests.
A review of the recently released Company Income Tax (CIT) report for the first quarter of 2024 reveals that income tax payment by companies in manufacturing, agriculture and 12 others declined by a minimum of 16%.
The Federal Government, in partnership with the United Nations Development Program (UNDP) and the Organisation of Economic Co-operation and Development (OECD), has launched the Tax Inspectors Without Borders- Criminal Tax Investigation Programme (TIWB-CI)
Global tax and advisory firm, KPMG has criticized the federal government and Central Bank of Nigeria (CBN) on its move to implement the cybercrime levy stipulated in the 2024 Cybercrimes Amendment Act stating that no country can tax its way to prosperity.
Former President of the United States, Donald Trump faces a potential financial setback of approximately $100 million due to improper tax deductions related to his Trump Tower skyscraper in downtown Chicago.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that approximately 90% of the tax revenue deposited into the government treasury originates from just nine tax heads.
Nigerians involved in the wholesale and retail trade, as well as the repair of motor vehicles and motorcycles, witnessed a staggering 98% increase in their total tax contributions to the nation's coffers, with the total tax paid in 2023 hitting a record N253.07 billion.
