06/12/2023
“On a year-on-year basis, Net Taxes on Products grew in real terms by 10.30 per cent in Q3 of 2022, and 11.18 per cent in Q4 of 2022 compared to 6.22 per cent and 67.99 per cent in Q3, and Q4 of 2021.”
06/08/2023
The report, which is produced twice a year, assesses recent economic and social developments and prospects in the country.
06/07/2023
Since July 2022, the Federal Government has tried, many times, to implement a five per cent excise duty on telecom services to boost revenue generation.
06/06/2023
The judge ruled that the tribunal erred by relying on the definition of interest in the ITA to conclude that the said fees charged by the lender in respect of the transactions were interest and thus exempt from excise duty.
06/01/2023
Tax collection rates have hovered between 5%-6% of gross domestic product over the past 12 years
06/01/2023
The new penalties for single returns outstanding will rake in R243 million for SARS over just four-and-a-half months – a lot more than the R138 million in penalties imposed so far this year for multiple returns outstanding.
05/30/2023
“The correct data is important so that SARS may pre-populate income tax returns and auto-assess the identified taxpayers correctly.”
05/26/2023
These taxes, it suggests, would more than double the suggested selling price.
05/24/2023
VAT is not the only tax paid on certain goods, however.
05/23/2023
These higher collections will be realised through proposed amendments to the Income Tax Act and the Excise Duty Act.
05/23/2023
VAT was introduced in September of 1991 through the VAT Act, with the goal of replacing sales tax.
05/17/2023
The immediate key indicators of the tax policy successes will be the growth of collections
05/16/2023
They primarily relate to defining ‘beneficial ownership’ in line with international standards – which refers to people who benefit from and have ownership rights over assets held in a trust.
05/15/2023
Zenith Bank’s income tax expense amounted to N20.59 billion in Q1 2023, up 110 percent from N9.79 billion in the same period of 2022.
05/12/2023
SARS has now encouraged taxpayers to make submissions ahead of the due date to avoid last-minute challenges and potential delays that may be encountered.
05/12/2023
The tax cuts will come as a major boost to the aviation industry
05/12/2023
Tax experts have deemed the new proposal to be a loophole which is subject to abuse by civil servants
05/09/2023
The amendments to the Tax Tribunal Act and the Tax Procedures Act (TPA) will also grant more power to the KRA commissioner-general to go after tax cheats while taking away its powers to abandon taxes.
05/08/2023
The proposal is also sweetened by providing a specific time of 120 days for the KRA to carry out and finalise an audit for purposes of ascertaining the refund due to a taxpayer. Previously there was no time limit for the KRA audit.
05/05/2023
The Treasury in the newly published Finance Bill also deleted sections of the law that allowed the halving of value-added tax (VAT) on all petroleum products to eight percent.