CIT in Nigeria Collection Surges by 151% in Q2 2024. The Nigerian federal government’s Company Income Tax (CIT) collection skyrocketed by 150.83% in the second quarter of 2024, reaching a record N2.47…
Category: Nigeria
Nigeria Plans VAT Increase to 10%, Offers Tax Cuts
Nigeria Plans VAT Increase to 10%, Offers Tax Cuts. The Presidential Committee on Fiscal Policy and Tax Reforms has proposed raising Nigeria’s Value Added Tax (VAT) from the current 7.5% to 10%…
Nigeria Unveils Ambitious Crypto Tax Reforms to Boost Economy, Regulate Digital Assets
Nigeria Unveils Ambitious Crypto Tax Reforms to Boost Economy, Regulate Digital Assets. Nigeria’s Federal Inland Revenue Service (FIRS) is taking a significant step towards regulating the country’s burgeoning cryptocurrency market, valued at…
Nigeria Targets Crypto in New Tax Overhaul
Nigeria Targets Crypto in New Tax Overhaul. The Nigerian government is moving to bring the booming cryptocurrency industry under its tax net as the Federal Inland Revenue Service (FIRS) is set to…
Review of 70% Windfall Tax on Banks- Nigerian Bank Directors
Review of 70% Windfall Tax on Banks. Bank directors in Nigeria have called on the National Assembly to revisit the recently imposed 70% windfall tax on commercial banks, urging lawmakers to engage…
Nigeria Exempts VAT on CNG Products, Pharmaceuticals, Imported Food Items to Boost Economy
Nigeria Exempts VAT on CNG Products, Pharmaceuticals, Imported Food Items to Boost Economy. The Nigerian federal government has announced a significant exemption from Value Added Tax (VAT) on Compressed Natural Gas (CNG)…
CAC Nigeria Issues 90-Day Ultimatum to Dormant Companies to File Tax Returns
CAC Nigeria Issues 90-Day Ultimatum to Dormant Companies to File Tax Returns or Face Deregistration. The Corporate Affairs Commission (CAC) of Nigeria has issued a 90-day ultimatum to over 91,000 dormant companies,…
Tax Clearance Now Compulsory For Housing Transactions In Lagos
Tax Clearance Now Compulsory For Housing Transactions In Lagos. The Lagos State Government has mandated tax clearance for all housing transactions. To stop fraud and protect allottees, the Sanwo-Olu-led administration has made…
Nigeria: Kano Market Unions Pocket Cattle Tax
Nigeria: Kano Market Unions Pocket Cattle Tax. Market unions in Kano state impose a ₦500 weekly levy on individual cattle but end up remitting nothing to the state government. Investigations have revealed…
213 Tax Waiver Applications in Nigeria Still Pending Five Years Later
213 Tax Waiver Applications in Nigeria Still Pending Five Years Later. The applications for tax waivers submitted by 213 companies pending for five years after the Nigerian Investment Promotion Commission received them….