The Federal Inland Revenue Service said it had registered about 700,000 new corporate taxpayers in the last one year in a bid to widen the tax net and boost government revenue.
The agency also said it had commenced a voluntary compliance initiative aimed at assisting taxpayers to file tax returns as and when due, calculate their income, expenditure and tax liabilities, with a view to remitting the same to the FIRS.
The Executive Chairman, FIRS, Mr. Tunde Fowler, stated these at the African Tax Administration Forum and International Monetary Fund seminar in Cape Town, South Africa.
Fowler, according to the statement, said that as a result of the autonomy granted the FIRS in 2007, the agency had been able to grow the tax revenue from N1.84tn that year to over N4.5tn in 2015.
The FIRS boss explained that the agency had also initiated and implemented various revenue collection projects and programmes to increase tax revenue.
Some of them are the upgrade of the existing tax offices, education and enlightenment activities for taxpayers and the introduction of the National Taxpayer Identification Number.
The statement read in part, “The FIRS chairman said that revenue authorities could function with less public service bottlenecks and have access to the resources required to deliver on their mandate for domestic resource mobilisation and funding for governments across Africa.
“He noted too that political support from the topmost level by political officeholders and general policy direction from the supervisory ministries of finance would be critical to the success of the revenue authorities.”
Nigeria Corporations Paid N238.1 Billion Income Tax Via E-channels in 2020
Companies in Nigeria have started embracing electronic payment platforms established to ease the tax payment process and facilitate accountability.
According to the National Bureau of Statistics (NBS), businesses operating in Nigeria paid the highest amount of taxes through electronic channels in five years in 2020.
The statistics office puts the total amount paid in Company Income Tax (CIT) through the electronic channels at N238.1 billion in 2020.
The amount represents 16.9 percent of the total CIT paid in 2020 as more businesses adopt safer online payment methods.
NBS noted that payments were done through E-transact, E-tax pay and Remita.
However, a further breakdown of the report showed taxes fell by 13.5 percent from N1.63 trillion in 2019 to 1.41 trillion in 2020 due to the lockdown that crippled business activities in the first half of the year.
Taxes paid by Nigerian owned companies declined by 2.78 percent from N813.17 billion in 2019 to N790.58 billion in 2020. While taxes paid by international companies declined from N615.52 billion achieved in 2019 to N388.77 billion in 2020.
Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes
Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.
In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.
Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.
In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.
Portland Paints, Chemical and Allied Products Plc Agreed to Merge
Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.
In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).
Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.
“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.
“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”
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