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As the world business organization, the International Chamber of Commerce (ICC) promotes international trade, responsible business conduct, and a global approach to regulation. In today’s interconnected global economy, value added tax (VAT) has become an increasingly important source of revenue for countries worldwide. With more and more countrie

A Lagos State Prosecutor, Mrs Y. A. Pitan, has told an Igbosere High Court in Lagos that former Super Eagles captain, Austin Okocha, has not liquidated the alleged tax debt he owed the state. Pitan told Justice Adebayo Akintoye on Tuesday that Okocha had visited the Lagos Internal Revenue Service office but failed to settle the 2017 income tax. “

The National Bureau of Statistics (NBS) says Nigeria generated N billion from value-added Tax (VAT) in the first quarter of 2019, representing a decline N9billion from the N billion generated in Q . This is contained in a Sectoral Distribution of VAT report for the first quarter 2019 released by the bureau. This, it said, represented a 3.01 per cen

When the ongoing integration of different biometric databases in Nigeria is completed, it is anticipated that the figure on the taxpayer database will grow to 45 million individuals, inclusive of corporate payers. In essence, the taxpayer database has expanded from 10 million that was inherited by President Buhari in 2015 to 35 million as at the en

‘EU spent €20m on Nigeria’s tax, budget other reforms’ The European Union (EU) Support to Federal Government Reform Programme (EU-SUFEGOR) spent a whooping €20m on varieties of reforms to deepen good governance in Nigeria. The Team Leader of the EU-SUFEGOR, Prof. Olaseni Akintola-Bello, said this in Abuja at the formal winding off of the

A former Deputy Governor of the Central Bank of Nigeria, Obadiah Mailafia, has said that the Lagos State Government is using corrupt consultants to collect tax from the people. Mailafia, who described the act as daylight robbery, called on the people of Lagos to rise against such extortion and corruption. The former CBN deputy governor said this du

A national consensus seems to have emerged that increasing the Value Added Tax (VAT) rate at this point will deepen the economic misery of the average Nigerian already overburdened by the yoke of broken social infrastructure. For the hard-pressed workers, such proposition will only mean that the government is desirous of retrieving with the left ha

The immediate past National President/Chairman of the Council of Association of Professional Bodies of Nigeria, Mr Gabriel Fasoto, has disabused the minds of many young tax practioners when he said the practice of taxation as a profession is a distinct discipline from accountancy. The past president, Chartered Institute of Taxation said the clarifi

The Minister of Finance, Mrs Zainab Ahmed on Friday in Abuja, inaugurated a steering committee for ‘Project Lighthouse’ initiative. ‘Project Lighthouse’ is the government’s data mining unit in the Federal Ministry of Finance, saddled with the responsibility of compiling data of tax payers during the implementation of the Voluntary Asset a

The publisher of National Daily Newspaper, Sylvester Ebodaghe, has questioned the National Assembly on the new guidelines released for the accreditation of journalists. Ebodaghe during an interview on Channels Television’s breakfast programme, Sunrise Daily, said it is not the job of the Parliament to demand a journalist’s tax clearance before

Trouble is brewing for recalcitrant tax evaders in Nigeria, as the Minister of Finance, Mrs Zainab, Shamsuna Ahmed, on Friday inaugurated the Steering Committee for “Project Lighthouse” in line with government’s blueprint to aggressively collect more taxes and grow its non-oil revenue base. Project Lighthouse is an initiative which entails us

Chartered Institute of Taxation of Nigeria (CITN), and the Association of Chartered Certified Accountants (ACCA), have signed a Memorandum of Understanding (MoU), on professional curriculum exchange and membership recognition between the two institutions. The pact will define how CITN and ACCA would collaborate to develop ACCA’s tax and law varia

The Federal High Court sitting in Lagos, on Tuesday, 21st May 2019, has for the umpteenth time held that only members of the CITN can practice taxation in Nigeria pursuant to the relevant provisions of the CITN Act. This was the outcome of the suit instituted in 2018 by five members of ICAN by way of originating summons challenging the authority of