The Finance Bill, 2019
The Finance Bill, 2019 (the Bill), presented by President Muhammadu Buhari alongside the 2020 Appropriation Bill to a joint session of the National Assembly on 8 October 2019, has been passed by both the Senate and the House of Representatives.Submission of a “finance bill” or fiscal legislation with the budget/Appropriation Bill is not new in […]
Dividend Tax (Section 19)
The application of dividend tax as become something lot of companies don’t put in perspective when considering if to declare dividend or not. It is quite understandable that most business entities tend to be more concern about pushing business progress than considering the consequences especially on tax matter. I think it should be of more […]
Tax Tip
In resent time, tax audit has been the order of the day both from The Federal Inland Revenue Service and State Internal Revenue Service. It is true that government of the day is currently going through the hardship of fulfilling all campaign promises with the little fund available from the sharp drop in crude oil […]
Federal Inland Revenue Service – Tax Clearance Certificate (TCC)
I have received several question on the process to follow in getting a tax clearance certificate (TCC). First what is a TCC? TCC is a certificate issued by the Federal Inland Revenue Service to incorporated companies for every tax year (Tax year means January to December each year). The issuance of a TCC indicates that […]
All you need to know about VAIDS
On 29th June 2017, the Acting President, Prof. Yemi Osinbajo, SAN formally launched the Voluntary Assets and Income Declaration Scheme (VAIDS). The Scheme will commence on 1 July 2017 and last for a period of 9 months. VAIDS is an initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment […]