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...
Accumulated withholding tax credits and rights of taxpayer to offset tax liabilities: #TaxWiseNG Episode 24

Accumulated withholding tax credits and rights of taxpayer to offset tax liabilities: #TaxWiseNG Episode 24

In a bid to shore of government revenue, the Federal Inland Revenue Service (FIRS) is doing everything possible to expand the tax net and collect due taxes. The current fiscal landscape calls for no less response. Needless to say that the country is going through...

My Top Ten Tax Takeaways from NEC Retreat – #TaxWiseNG Episode 23

The National Economic Council (NEC) had a two-day retreat recently with far-reaching decisions. Vice President Osinbajo as Chair of NEC, 36 Governors, some Ministers and heads of relevant government agencies were present. The Retreat was declared opened by President...

FIRS Changes Gear With Compliance and Enforcement – #TaxWiseNG Episode 20

If you live, work or run a business in Nigeria, you should have sensed it that FIRS is changing gear with compliance and enforcement drive. “Boys are not smiling” is an appropriate expression for the mood at the Revenue house. How can they smile, when the weight of...

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....