The Minister of Finance, Mrs. Kemi Adeosun, has unfolded federal government’s plan to roll out tax incentives for the manufacturing sector in a bid to stimulate the economy, stressing that the proposed incentives were aimed at stimulating the economy and get it out of recession next year.
Briefing journalists at the end of the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja, she regretted that the manufacturing sector was challenged because of foreign exchange issues triggered by inconsistencies in forex […]
The governor of Central Bank of Nigeria (CBN), Godwin Emefiele has proposed to the federal government to introduce mobile phone call tax.
The Governor, breaking the news at the 2016 Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday in Lagos, said such tax, targeted at the middle, upper class and long phone call makers, can generate N100 billion annually into the federal government account.
Speaking on the theme: “Policy options for reversing Nigeria’s economic downturn” […]
It was gathered that the Federal Executive Council (FEC) on Wednesday approved a bilateral agreement for the avoidance of double taxation in business deals between Nigeria and Singapore.
The approval, ratified at the 22nd meeting of FEC, presided over by Vice President Yemi Osinbajo, would also prevent tax evasion on income and capital benefits between Nigeria and Singapore.
The Minister of Finance, Mrs Kemi Adeosun, told State House correspondents that the objective of the agreement was to facilitate more trade between Nigeria […]
Neymar’s €45 million tax debt scuppered a summer transfer to Paris Saint-Germain, according to French newspaper L’Equipe.
This summer, the Brazil international’s agent, Wagner Ribeiro, claimed the French champions had offered his client €40m per year after tax and that a private jet and a chain of hotels bearing his name would be thrown into the deal.
However, L’Equipe say this information was wide of the mark. Instead, PSG were reportedly ready to activate Neymar’s former minimum fee release clause of €192m […]
According to reports, the Chairman, Dangote Groups, Mr. Aliko Dangote, on Thursday urged government at all levels to reduce the multiple taxes placed on small and medium businesses.
Dangote said in a statement in Lagos that the small and medium enterprises would perform better if given tax holidays or seasonal exceptions.
He said, “With the way the economy is going now, we are in a time when the government should loosen some of its tight regulations so that businesses can grow.
“Small and […]
Former President Olusegun Obasanjo has advocated tax incentives for wealthy Nigerians so as to contribute to the fund meant to wage war against cancer.
Obasanjo stated this in Abeokuta, Saturday while delivering a paper at a special fund raising for the establishment of cancer awareness and diagnostic center.
Obasanjo said the call became necessary in view of the fact contained in a medical report that Nigeria would be having 21 million new cases of cancer with an attendant effect of 13 million […]
According to reports, the Nigeria Labour Congress (NLC) has demanded a fair tax justice system that will make it mandatory for business organisations to pay tax that is equal to their investment.
The union says at least 50 billion Naira is taken out of Africa annually and that the time to arrest the trend is now.
The NLC President, Ayuba Wabba, believes Africa is being impoverished by the local and multi-national companies which enjoy a tax haven without contributing their profits to […]
The England national team is in turmoil once again as caretaker manager Gareth Southgate is reportedly caught up in a tax avoidance scheme.
The 46-year-old is alleged to have invested in two partnerships set up by Ingenious, an investment firm with a shady reputation.
Southgate joined back in 2004 while he was still a player, and is one of a number of high-profile footballers to have been involved with the company.
According to the Daily Mirror, Ingenious owes £620million to HM Revenue and […]
The Federal Government has been advised to consider collecting taxes on petroleum products which is a goldmine for generating funds.
The Petroleum Products Pricing Regulatory Agency (PPPRA) says that taxation of petroleum products like fuel, diesel, kerosene and gas holds a huge revenue potential for Nigeria.
This is contained in a report PPRA made available to the Ministry of Finance and obtained by newsmen at the conclusion of the two-day National Revenue Retreat in Kano.
According to Reports, PPPRA says the introduction of […]
Barcelona superstar, Lionel Messi, has been handed a 21-month jail sentence for tax evasion, but is unlikely he will go to prison.
The player and his father, Jorge, were found guilty of three counts of tax fraud. Between 2007 and 2009, Messi and father failed to pay tax authorities €4.1million (£3.5m), which was tax on image rights earnings.
Jorge Messi absolved his son of any wrongdoing, with the 28-year-old claiming he did not “read the documents, but only signed them.”
Under Spanish law, […]
Popular Nollywood actress, Omotola Jalade has debunked allegation that she was a tax defaulter.
Following her ongoing #DontPushMe campaign on Twitter which she started over poor power supply in Lagos state, reports emerged that the actress does not pay tax and as such, had no right to call out the government on tax matters.
Recall that on her social media war (#DontPushMe campaign) with the Nigerian government, Omotola is known for addressing serious societal issues.
She had recently lashed out at the Lagos […]