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DEEMED PROFIT ASSESSMENT ON TURNOVER BASIS BY FIRS

Section 30(1)(a) of the Companies Income Tax Act (CITA) grants the Federal Inland Revenue Service (FIRS) power to assess a company to tax on a fair and reasonable percentage of its turnover where:

FIRS PLACING LIEN ON TAX PAYERS’ (BANK ACCOUNT)

The Federal Inland Revenue Services (FIRS) recently wrote to banks to appoint them as collection agents of taxpayers considered to be in default of tax payments. In order to achieve this, the FIRS has directed the relevant banks to freeze

PROPOSED AMENDMENT TO TAX LAWS

The federal executive council has approved two executive orders and five amendment bills to remove value-added tax on residential properties and amend the company income tax law.