November 23rd, 2021 Latest Reports

Game of Comparisons: Kano’s High VAT but Compared with Whose?

Value Added Tax (VAT) is a consumption tax levied on a product at every point of sale when value is being added. It is collected by the Federal Inland Revenue Service. At every stage of production up to the ultimate level of the final buyer, value added tax is paid.

November 17th, 2021 Latest Reports

2019 Audit Report: FIRS Approved N5.61 billion Capital Allowance to Companies without Certificate of Acceptance, Forfeits N1.68 billion in Revenue

The Federal Inland Revenue Service (FIRS) approved a Capital Allowance of N5.61 billion for 13 companies and also failed to collect the statutory 30% Company Income Tax (CIT) of the total capital allowance given to these companies. The revenue lost by this failure is N1.68 billion.