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The filing of Companies Income Tax Returns for the 2022 Year of Assessment, due on 30th June 2022, has been extended to 31st August 2022, for companies who were unable to meet up with the deadline as at the end of June, 2022. The extension of this deadline is contained in a Press Release issued by the Federal Inland Revenue Service (FIRS), and signed by the tax authority’s Executive Chairman, Muhammad Nami, where it noted that it had taken this decision after receiving “numerous calls from companies for the extension of time to submit the Companies Income Tax (CIT) returns…

Accuses States of being ill-advised, beggarly and lazy The powers of the Federal Inland Revenue Service, (FIRS) to recover unremitted taxes deducted by States and Local Governments is well in order, and accords with the country’s fiscal laws. This position was stated by the Global Economic Policy Initiative (GEPiN), an economic policy think tank, in a statement it issued on Sunday, responding to the Communique issued by the Body of Attorneys-General of the 36 States of the Federation (BOAG) at the end of their meeting in Lagos where they warned Federal Government Agencies to stop issuing threats to state governments…

Former President Olusegun Obasanjo stunned residents of Abeokuta, Ogun State, on Saturday when he turned himself into a commercial tricycle rider, popularly called Keke, picking and dropping passengers across the capital. According to Premium Times, Mr Obasanjo started the trip from the Moshood Abiola Way end of the road, near the Nigeria National Petroleum Corporation (NNPC) mega station. The former president, dressed in his native Yoruba native attire with a fez cap, was spotted carrying passengers from the take off spot and heading towards the end of the popular Kuto market in the town. The development, part of activities to…

The Lagos Division of the Court of Appeal today July 1, 2022, convicted and sentenced Senator Peter Nwaoboshi, senator representing Delta North Senatorial District at the National Assembly, to seven years imprisonment The court ordered that his two companies, Golden Touch Construction Project Ltd and Suiming Electrical Ltd, be wound up in line with the provisions of Section 22 of the Money Laundering Prohibition Act 2021. The Appellate Court’s ruling followed the success of the appeal by challenging the judgment of Justice Chukwujekwu Aneke of the Federal High Court which on June 18, 2021 discharged and acquitted the defendants of…

Leadership Newspaper’s MARK ITSIBOR writes on the need for Nigeria to improve its revenue by harmonising the current tax systems Nigeria has three tax revenue objectives: to develop our economy that does not lean too heavily on resource wealth; institutionalise a healthy tax culture among Nigerians; and create a participatory system of taxation whereby the taxpayers and other stakeholders understand and accept that they have equal stakes in the tax system. But that set of objectives are now being defeated by the current multiple taxation system in the country. Evidence has shown that beyond negatively affecting the operations of companies,…

The House of Representatives member representing Egor/Ikpoba-Okha Federal Constituency of Edo State, Jude Ise-Idehen has died. Family source told TheWill that Hon. Idehen died on Friday morning. While details of the sad development are sketchy, THE WHISPERER reports that Idehen, a member of the Peoples Democratic Party (PDP) and former member of Edo State House of Assembly, was a devout Catholic.