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Overview of the Voluntary Offshore Assets Regularization Scheme and Executive Order #008

Introduction The Voluntary Offshore Assets Regularization Scheme was launched by President Muhammadu Buhari on the 8th of October, 2018 and on the same date, an Executive Order (008) was signed by the President which became effective on the same date. Prior to this order, in his quest to fight corruptionRead More …

PAYE Calculator for Nigerian Employers and Employees

We have developed a useful tool for Nigerians to quickly calculate what the PAYE of an employee would be given some known parameters. Our PAYE calculator is easy to use with step-by-step instruction. To make the most effective use of it, you need to have the following information: The basic,Read More …

VAIDS Made Simple for Tax Professionals and Tax Payers

The then Acting President, Professor Yemi Osinbajo, SAN, GCON established the Voluntary Assets and Income Declaration Scheme (” VAIDS ” or the “Scheme”) vide the Executive Order No. 004 of 2017 (the “Order”). VAIDS is a time-limited opportunity for taxpayers to regularize their tax status relating to previous tax periods. InRead More …

How to Process Tax Refund from the FIRSNigeria

There are many possible reasons why a taxpayer may request a tax refund from the Federal Inland Revenue Service (the “Service” or FIRS). Taxpayers may have unutilised withholding tax credit, erroneous deduction VAT at source on zero-rated goods or exempted goods by taxpayer’s customers, overpayment of tax, erroneous payment ofRead More …

Nigerian Government Obtains List of 500 Elite Tax Defaulters

The Nigerian government has obtained a list of 500 tax defaulters who may have potentially lied on their tax returns. This revelation was made by the Minister of Finance, Mrs Kemi Adeosun during the National Executive Council meeting on Thursday, 23 November 2017.

PenCom Restricts Withdrawal from Voluntary Pension Contribution

The National Pension Commission has released a new Circular on Voluntary Pension Contribution. The Circular aims to curb high VC withdrawal, ensure appropriate tax payments & strengthen the process of VC administration in line with Draft Guideline on VC to be issued by the Commission. The Circular is effective 1Read More …

LASG to shut down offices of defaulting companies 

The Lagos State Government on Sunday said it will commence the process of shutting down the corporate headquarters of organisations in the State who have defaulted in remitting statutory taxes to government from Monday, 20 November 2017. In a statement signed by the Commissioner for Finance, Mr. Akinyemi Ashade, theRead More …