Egberi Augustine & Co

Egberi Augustine & Co A Firm of Chartered Accountants. Our Services are; Auditing, Accounting, Taxation and Capital market advisory services

31/10/2019

hi

26/08/2019

Outrage as government reintroduce tax regime to capital market transactions

The Federal Inland Revenue Service (FIRS) announces the resumption of Value Added Tax (VAT) collection from stock market transactions. Analyst says investors will cough out at least N60.11 billion into government coffers in one year. The move, however, has drawn criticism from some stakeholders who said it would amount to double taxation.

The Federal Government had in 2014 granted a tax holiday on all stock market transactions, a deliberate attempt at reducing the high cost of transaction in the market and making it more attractive to investors.On the expiration of the tax exemption on July 24, 2019, dealing members were mandated to charge VAT on all commissions applicable to capital market transactions with effect from July 25, 2019.

The estimate, based on the N1.20 trillion total equity turnover of 2018, is in addition to the Withholding Tax (WHT) of 10 per cent applicable to dividend payments in Nigeria. The tax is deducted by the investee company before remittance of dividends to shareholders in line with Section 80 of the Companies Income Tax Act (CITA).

Analyst says the reintroduction of tax regime on equity transactions in the capital market is a disincentive to investment.

17/07/2019

TAX ASSESSMENT FOR PRINCIPAL OFFICERS
The tax law requires all principal officers of companies especially chairmen, managing directors, executive directors, and chief financial officers to fill self-assessment returns with the Federal and State Inland Revenue Services within six months of the end of their accounting year.

This implies that all companies with a financial year end of 31st December 2018, must fill their self-assessment returns not later than 30th June 2019, as this is in accordance with relevant tax laws.

However if your financial year end falls later than 31st December 2018, you will have to add six month to determine the due date you must file the return.

Do the right thing, so you won't be caught on the wrong side of the law.

For more information and assistance, kindly send an email to [email protected], or call 08033909762

10/09/2018

Tax Evasion: FIRS to go after 6,772 billionaires tax defaulters.
Kodus if the govt can do this. It baffles me that in this country less than 1% of the citizen is super rich while more than 99% are super poor. The poor are subjected to pay tax while the super rich evade tax. This is a clear case of injustice and a mis-normal.
Govt need to address the root cause of this. For me I think govt should create more awareness and make simplify the process of tax administration.
In addition, Govt should be accountable in the deployment of tax proceed.
For sure, the FIRS should expect resistance and possible fight-back. Hence the need for it to put all its act together for the success of this drive.

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