By Hope Nejo, JKNewsMedia Reporter THE LAGOS State Internal Revenue Service (LIRS) has set a statutory deadline for employers and corporate entities operating in Lagos State to file their 2025 Annual Tax Returns, reminding all affected organisations of their legal obligations. JKNewsMedia.com reports that the service stated that, in line with...
By Jemimah Wellington, JKNewsMedia Correspondent A NEW 7.5 percent Value Added Tax (VAT) will be applied to bank transfers and Unstructured Supplementary Service Data transactions, following notices issued to customers by Nigerian banks including Moniepoint. The customer notice, obtained on Wednesday said the VAT charge will take effect from ...
By Jemimah Wellington, JKNewsMedia Correspondent ADMINISTRATIVE PENALTIES under Nigeria’s tax framework now impose a N5,000,000 sanction on companies and statutory bodies that award contracts to persons who are not registered for tax. The measure is contained in the Nigeria Tax Administration Act (NTAA), which sets out penalties for different...
By JKNewsMedia Reporter GROWING EVIDENCE of diet-linked illnesses propelled fresh demands for a stronger sugar-sweetened beverage tax during a Senate public hearing, where health officials, civil society groups and public-health advocates urged lawmakers to abandon the fixed N10-per-litre duty and adopt a percentage-based system tied to retai...
By Jemimah Wellington, JKNewsMedia Reporter SEVERAL NIGERIAN banks have reported a payment of about N205.6 billion as part of their windfall tax for the 2024 financial year, according to an audit filed with the Nigerian Exchange Limited (NGX). However, the total payments fall significantly short of the N1 trillion expected by the Federal Gove...
