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News

 
25 OCT

Taxation of interest benefits from employee loan

The Chairman of the Lagos State Board of Internal Revenue issued a public notice to the tax payers in Lagos to clarify the tax implication of the interest on loan granted to employees by their employers. DEFINITION OF EMPLOYEE LOAN According to the public notice, employee loans are granted by employer to her employees for

25 MAY

Tax Amnesty in Nigeria: A success or failure

Overview of Tax Amnesty Tax Amnesty is a time restricted opportunity for a group of identified tax payers to pay a specified amount in exchange for forgiveness of a tax liability (including interest and penalties) with respect to past tax period or periods and without fear of criminal prosecution. In most circumstances, the same law that

25 OCT

FG approved new interests rate on defaulters of unpaid taxes for 2017 fiscal year

The Federal government of Nigeria through the Minister for Finance announced on May 22, 2017 a new interest rate which will be applicable on unpaid tax debts for 2017 fiscal year. According to the minister, new applicable interest rate shall be five percent over the prevailing Minimum Rediscount Rate of the Central Bank of Nigeria