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Taxation Without Justification?


This question is prompted by the news of the huge tax bill (N248 million, reduced from an initial sum of N1.2 billion) recently slammed by the Tax Appeal Tribunal on a former President of the Nigerian Bar Association, Chief J.B. Daudu, SAN. Reportedly made up of arrears of Withholding Tax and Value Added Tax, for the years 2010 – 2017, the said assessment is virtually unprecedented, at least for a professional – let alone a legal practitioner of Chief Daudu’s stature. Accordingly, few would be surprised if he fights it all the way to the Apex Court.
I believe the news brings to the fore, the taxing powers of the National Assembly under the Constitution. This appears to be straight forward enough, at least if the provisions of Item 59 of the Exclusive Legislative List are anything to go by. Read along with Section 4(3) of the Constitution, they simply state that the National Assembly shall have the exclusive power to legislate on “taxation of profits, incomes and capita ....

Bendel State , Nigeria General , Lagos State , Rivers State , James Chen , Adam Hayes , Revenue Service , Revenue Service Establishment , National Assembly , Apex Court , Petroleum Profits Tax , Companies Income Tax , Supreme Court , Nigerian Bar Association , High Court , Tax Appeal Tribunal , Withholding Tax , Value Added Tax , Chief Daudu , Exclusive Legislative List , Federal Inland Revenue Service , Federal Board , Inland Revenue , Companies Income Tax Act , Petroleum Profits Tax Act , Personal Income Tax Act ,

FG finances record mixed performance - Vanguard News


Vanguard News
FG finances record mixed performance
On
·  Analysts see downside to 2021 targets
 
 
The state of the finances of the Federal Government of Nigeria, FG, appears to be running on mixed performance following a record rise in actual revenue against target.
But this is coming with a significant increases in deficit level, dampening the speculations that the three-month consistent rise in oil price would have meant that the financial pressures on the government arising from the adverse impact of Coronavirus Pandemic may have started easing off.
Information available to the
Vanguard Public Finance Report has indicated that as at December 2020, the budget implementation report of the Ministry of Finance shows that the Federal Government had realised 73.4 percent (or ₦3.9trillion) of its budgeted revenue of ₦5.4trillion for the year. ....

Emeka Anaeto , Enterprises Goes , Company Income Tax , Central Bank , Sector Coalition , Kindly Share This Story , Federal Government , Coronavirus Pandemic , Vanguard Public Finance Report , Value Added Tax , Afrinvest West Africa , Fiscal Responsibility Act , Finance Act , Capital Gains Tax Act , Personal Income Tax Act , Private Sector Coalition , Share This Story , நிறுவனங்கள் செல்கிறது , நிறுவனம் வருமானம் வரி , மைய வங்கி , துறை கூட்டணி , கைஂட்லீ பகிர் இது கதை , கூட்டாட்சியின் அரசு , வான்கார்ட் பொது நிதி அறிக்கை , மதிப்பு வரி , நிதி பொறுப்பு நாடகம் ,

PIB Passage Will See Changes to Oil Companies' Taxes, Says Ahmed


By Nume Ekeghe
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said the passage of the Petroleum Industry Bill (PIB) currently being considered by the National Assembly will lead to changes to taxation in the industry and generate more funds to the federal government.
She said this yesterday in her welcome address at the virtual public consultation for the Finance Act, 2020.
She also disclosed that economic activities in the country had started recovering gradually, saying the federal government has adopted appropriate counter-cyclical fiscal policies to accelerate economic recovery.
Ahmed explained: “It is important to note that the tradition of enacting annual Finance Bill does not preclude the need for more fundamental legislative reforms to our key taxing statutes. ....

Zainab Ahmed , Nume Ekeghe , Company Income Tax , National Assembly , Petroleum Industry Bill , National Planning , Petroleum Profits Tax , Oil Gas Export Free Zone , Finance Act , Finance Bill , Petroleum Profits Tax Act , Personal Income Tax , Company Income Tax Act , Capital Gains Tax Act , Stamp Duties Act , Gas Export Free Zone Act , Excise Tariff , Value Added Tax Act , நிறுவனம் வருமானம் வரி , தேசிய சட்டசபை , பெட்ரோலியம் தொழில் ர சி து , தேசிய திட்டமிடல் , பெட்ரோலியம் ப்ராஃபிட்ஸ் வரி , எண்ணெய் வாயு ஏற்றுமதி இலவசம் ஸோந் , நிதி நாடகம் , நிதி ர சி து ,

Legislature, judiciary now bound by procurement law ― Ahmed


Legislature, judiciary now bound by procurement law ― Ahmed
Legislature, judiciary now bound by procurement law ― Ahmed
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For the first time since it was enacted in 2007, the Public Procurement Act has been made mandatory for both the legislative and judicial arms of the Federal Government.
This fact was made known, on Monday, by Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, while giving a breakdown of aspects of the 2020 Finance Act, which became effective on January 1, 2021.
“Other key reforms in the Finance Act, 2020 include restrictions on the Cost-to-Revenue Ratios of Government and State-Owned Enterprises to increase operating surplus remittances; reforms extending the Public Procurement Act, for the first time, to cover the Judiciary and the National Assembly, as well as shortening procurement periods, increasing procurement mobilization fee thresholds from 15 per cent to up to 30 per cent, and providing for e-procuremen ....

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Finance Act 2020: Implications For Individuals And Employers Of Labour - Tax


Background
The President of Nigeria assented to the Finance Bill 2020 on 31
December 2020. The Act which takes effect from 1 January 2020
introduced amendments to several tax and fiscal laws including the
Personal Income Tax Act (PITA) and the Capital Gains Tax Act
(CGTA). Broadly, the changes provide clarity to some previously
grey areas, address areas of possible non taxation or double
taxation and introduced an income exempt category.
We highlight the changes and their implications for individuals
and employers in this alert.
Redefinition of Gross Income
Section 33(2) of PITA has been amended as follows;
For the purposes of this Section, gross
income means income from all sources less all non-taxable ....

National Housing Fund , National Minimum Wage , Finance Bill , Personal Income Tax Act , Capital Gains Tax Act , Consolidated Relief Allowance , Gross Income , Third Schedule , Minimum Wage , Pay As You Earn , Significant Economic , Professional Management , Double Tax Agreements , Finance Act , Reform Act , Finance Act 2020 Implications For Individuals And Employers Of Labour , Employment And Hr , Employee Benefits Amp Compensation , Income Tax , Tax Authorities , தேசிய வீட்டுவசதி நிதி , தேசிய குறைந்தபட்சம் ஊதியம் , நிதி ர சி து , தனிப்பட்ட வருமானம் வரி நாடகம் , மூலதனம் ஆதாயங்கள் வரி நாடகம் , தொகுக்கப்பட்டு துயர் நீக்கம் கொடுப்பனவு ,