Stretching the law on taxation of severance benefits via withholding tax on capital gains

Stretching the law on taxation of severance benefits via withholding tax on capital gains

Lagos State Internal Revenue Service (LIRS) has issued a public notice to notify employers of the exercise of its powers to appoint them as its agent in connection with employees’ tax obligation on severance benefits. It specifically request employers to deduct and...
Government chases after VIPs & HNIs to regularise their tax status in Nigeria

Government chases after VIPs & HNIs to regularise their tax status in Nigeria

The tax landscape in Nigeria is changing fast and efforts at bringing taxable individuals into the tax net is gaining momentum. Those who have not been tax compliant in the past are being advised to take advantage of the 9-month tax amnesty scheme through Voluntary...
The latest business competitiveness ranking: How close is Nigeria to the Promised Land?

The latest business competitiveness ranking: How close is Nigeria to the Promised Land?

It is heartwarming to read the latest doing business report of the World Bank and Nigeria’s giant leap to 145th among 190 economies on the ease of doing business. Nigeria gained 24 places on the latest ranking, an improvement on the prior year’s ranking of 169, and...
Nigeria considers new tax amnesty framework through Voluntary Asset and Income Declaration Scheme

Nigeria considers new tax amnesty framework through Voluntary Asset and Income Declaration Scheme

In a bid to grow Nigeria’s tax revenue and raise non-oil tax to GDP ratio from current level of 6% to 15% by 2020, Voluntary Asset and Income Declaration Scheme (VAIDS) is to be implemented. The National Executive Council (NEC) has granted approval-in-principle for...

Dealing with multiplicity of taxes – #TaxWiseNG Episode 17

There are many tools at the disposal of government for the management of the economy. Monetary policy and fiscal policy are the two most widely recognized. These two policies have various mechanics available to government to drive the economy in a given direction....

Employer’s Annual Return: 25 Days to Deadline – #TaxWiseNG Episode 16

A warm welcome to you. Happy New Year. It’s the first episode of our weekly tweetax session in 2016 – #TaxWiseNG. We are already 6 days into the year. If FG’s target of N1.45 trillion tax revenue is accrued daily, N23.8 billion should be in the kitty by now....