The Central Bank of Nigeria (CBN) expects to achieve 2.38 per cent Gross Domestic Product (GDP) growth rate in the fourth quarter of this year.
Dr Hassan Mahmoud, the Deputy Director, Financial Policy and Regulation Department in CBN, said this in Yola at the 2019 workshop for financial journalists sponsored by the Nigeria Deposit Insurance Corporation (NDIC).
Mahmoud said that the GDP growth target would be an improvement over the third quarter growth rate of 2.28 per cent.
“If you are looking at the 1.1 per cent that we did in 2015/2016, and 2.28 per cent that we did in the third quarter of 2019, we will see that we have really moved substantially”.
President Muhammadu Buhari has named Mr. Muhammad M. Nami as the new chairman of the Federal Inland Revenue Service (FIRS).
He replaces Mr. Babatunde Fowler, whose tenure expired on Monday.He is a tax consultant and graduate of the Ahmadu Bello University, Zaria, Kaduna State.
“Mr. Muhammad, a well-trained tax, accounting and management professional with highly rated qualifications and professional practice and licenses from relevant professional bodies, has almost three decades of practical work experience in Auditing, Tax Management and Advisory and Management services to clients in the banking, manufacturing, services and public sectors as well as non-profit organisations,” the Presidency said in statement by spokesperson, Garba Shehu.
Buhari also approved the composition of the board of FIRS.
Sectoral distribution of Value Added Tax (VAT) data for Q3 2019 reflected that the sum of N275.12bn was generated as VAT in Q3 2019 as against N311.94bn generated in Q2 2019 and N273.50bn generated in Q3 2018 representing -11.81% decrease Quarter-on-Quarter and 0.59% increase Year-on-Year.
Did You Know that tax incentives are deductions, exclusions or exemptions from a tax liability offered as an enticement to engage in a specified activity that would benefit the economy of a country in the long run?
Did You Know that tax incentives are government measures intended to encourage individuals and businesses to either invest money into the economy or save money by reducing the amount of tax they are liable to pay
Did You Know also knowthat, in Nigeria, there are some incentives on Personal Income Taxes (PIT)?
The following are the four fundamental facts you need to know about the incentives given for PIT in Nigeria:
The National Bureau of Statistics recently released Q3 2019 reports and I had cause to actually wonder if perhaps we were finally getting something right. The recent border closure and its attendant effects have been met with a lot of reactions from people across all divides in Nigeria. It was a sudden paradigm shift. For once, it was looking like the leadership had finally found the nerve to make certain daring changes and because this wasn’t something we were quite used to, the resulting apprehension was quite understandable in all fairness.
Taxation, according to the Business Dictionary is defined as “a means by which governments finance their expenditure by imposing charges on citizens and corporate entities”. The term “taxation” is said to however apply to all involuntary levies, from income to capital gains to estate taxes irrespective of whether they are legal or not.
On July 1, 2019, Nigeria’s Federal Inland Revenue Service (FIRS) made the Income Tax (Common Reporting Standard) Regulations 2019 (the Regulations) to regulate how financial institutions are to report on the accounts maintained by persons that are not tax-resident in Nigeria or the United States of America. In this brief, we itemize 12 things your financial institution should know and do under the Regulations
On the
dashboard, Click payment. Select Taxes; then select P-A-Y-E
Fill in
the company’s details in the Employee Section and the description section
Click
Browse; select your schedule which should include details such as the name of
the employees, their citizenship, gross monthly salary, monthly tax deductible,
monthly tax remitted
Click
upload. Your payment goes straight to the Lagos State Internal Revenue Service
(LIRS)
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