The introduction of the Finance Act 2021 as amended, has brought a significant shift in the taxation landscape for non-resident companies, primarily through the concept of Significant Economic Presence.
Nigeria has continuously attained worldwide triumph in sports throughout the years, resulting in significant economic benefits from diverse sport-related endeavours. Nevertheless, it is imperative to recognize the obstacles in efficiently evaluating and collecting relevant taxes and take critical steps to correct them.
Understandably, in response to the significant decline in revenue from crude oil sales and the persistent increase in the country's debt burden, Nigerian economic authorities appear to believe that a reliable approach to generating funds is by raising both tax rates and expanding the scope of taxed items
Despite all these measures set in place to curb tax evasion in Nigeria, the problem remains elusive.
fraud under taxation involves evasion and non-compliance by individuals and firms being involved in fraudulent schemes intended to evade or reduce tax liability
As part of the ongoing reforms of the tax systems in Nigeria. Tax Appeal Tribunal is set up by the federal government to adjudicate all tax disputes arising from operations of the various Tax laws as spelt out in the fifth schedule to the FIRS (Establishment) Act, 2007.
Section 29(12) of the Companies Income Tax Act (CITA) mandates the notification of the Board that is the Federal Inland Revenue Service, and the acquisition of their guidance and clearance regarding potential tax liabilities under the Capital Gains Tax (CGT) Act.
The collection of Value Added Tax (VAT) has become a contentious issue in Nigeria, sparking debates and legal battles between the Federal Government and state governments
This essay provides an extensive analysis of the venture capital landscape in Nigeria, exploring its historical development, major players, challenges, and opportunities
