HomeNews Updates

News Updates

  • How to Resolve Tax Disputes

    • October 28, 2022
    • Posted by: admin
    • Category: Taxation
    No Comments

    The mechanisms for resolving tax disputes are outlined in the tax laws of Nigeria. Although different tax laws have varied deadlines for filing returns and filing appeals, the general process is basically the same. The tax authorities check each taxpayer’s return for accuracy once it is filed. The tax authorities would apply an assessment event

    read more

  • Online gaming operators’ taxes are now being directly collected by FIRS.

    • October 27, 2022
    • Posted by: admin
    • Category: Uncategorized
    No Comments

    The Sentinal National Payment Gateway and Electronic Solution is being used by the Federal Inland Revenue Service (FIRS) to start deducting taxes from online gambling transactions at the point of sale. The Sentinal National Payment Gateway is a transaction processing system that allows integrated payment services providers to deduct taxes at the points of transaction

    read more

  • How to perform PAYE Tax Reconciliation

    • October 25, 2022
    • Posted by: admin
    • Category: Taxation
    No Comments

    A Pay-As-You-Earn (PAYE) Tax reconciliation is a payroll tax reconciliation that verifies that the amount computed for PAYE tax matches the actual amount payable. Reconciliations on a regular basis reduce payroll tax exposure. An employer may perform a reconciliation exercise every quarter, every two years, or every year. Before reconciling taxes, it is essential to

    read more

  • Calculation of PAYE in Nigeria

    • October 24, 2022
    • Posted by: admin
    • Category: Taxation
    No Comments

    Personal Income Tax (PIT) is a tax levied on individuals including sole proprietorships, partnership, unincorporated trustees, joint ventures, etc. It is imposed based on source and residency rules. The two key legislation are the Personal Income Tax Amendment Act 2011 (PITAM) and Finance Act 2020. An individual or employees is liable to tax in Nigeria

    read more

  • How to File for Value Added Tax (VAT) on FIRS TAXPROMAX

    • October 19, 2022
    • Posted by: admin
    • Category: Taxation
    No Comments

    All companies must file their VAT returns on or before the 21st day of the following month.The provisions of the Finance Act of 2020 allow the Federal Inland Revenue Service (FIRS) to automate the filing and payment of tax returns, and as a result, the FIRS has launched the TaxProMax application.The software serves as a

    read more

  • Power of FIRS in tax administration

    • October 18, 2022
    • Posted by: admin
    • Category: Taxation
    No Comments

    The Federal Inland Revenue Service (FIRS) is empowered by Section 8 of the FIRS Act to assess individuals, including businesses and enterprises, and to collect, account for, and compel payment of any taxes that may be owed to the government or any of its agencies.The FIRS can order anyone, including a bank, to pay funds

    read more

  • The Federal government task accountants to work on generating revenue and economic sustainability.

    • October 17, 2022
    • Posted by: admin
    • Category: Economics, Finance & accounting, Financial
    No Comments

    Nigeria is counting on your professional support to ensure that economic sustainability becomes a national culture, the minister of finance, budget, and national planning Zainab Ahmed has told the group of accountants that make up the Institute of Chartered Accountants of Nigeria (ICAN) as they assemble in Abuja for this year’s conference. At the 52nd

    read more

  • Quick Recap on Witholding Tax (WHT)

    • October 14, 2022
    • Posted by: Eughulu
    • Category: Taxation
    No Comments

    Withholding Tax (WHT) is a method used to collect Income Tax in advance WHT is deducted at varying rates ranging from 5% to 10% depending on the transaction The due date for filing WHT returns is 21st day of every succeeding month Penalty for late filing of returns is N25, 000 for the first month

    read more

  • ICAN 52nd Annual Accountants’ Conference Host 2023 Presidential Candidates

    • October 13, 2022
    • Posted by: Eughulu
    • Category: ICAN
    1 Comment

    Yesterday, October 12, 2022, presidential candidates for the 2023 general election gave speeches at the 52nd ICAN conference. The theme of the 52nd Annual Accountants Conference was ‘Nigeria: Adapting Sustainability for Economic Prosperity.’ It was intended that each presidential candidate would speak to the audience during the conference, not the vice presidential candidate. Inadequate electricity supply

    read more

  • Members of ICAN sue FIRS over Tax seal

    • September 30, 2022
    • Posted by: Eughulu
    • Category: Taxation
    No Comments

    Some accountants have filed a lawsuit against the Federal Inland Revenue Service (FIRS) in the Federal High Court of Lagos regarding the plan to require tax practitioners to use the seal of the Chartered Institute of Taxation of Nigeria (CITN) starting on October 1, 2022, when filing annual returns with the Service. Chief Afolabi Igbaroola,

    read more