Hitherto, the Nigerian economy is still faced with insufficient tax revenue due to lofty level of tax avoidance via loopholes mastery by tax payers to reduce tax burden on their income. Diverse reforms have been formulated and implemented to encourage tax payment in the Nigerian economy, but none has efficaciously delivered the main objective of the government.
ADDRESSING REGULATORY INSTITUTIONAL INTEGRITY TO ENHANCE VOLUNTARY TAX COMPLIANCE IN THE NIGERIAN FORMAL SECTOR
It is an open secret that the revenue staff and revenue consultants used for these exercises have exploited the tax culture to cajole taxpayers to part with money in exchange for under-reporting of liabilities, which nevertheless have become the subject of review again and again.
The electricity sector, a sub-set of the energy sector of an economy, is marked with a great deal of significance due to its unrivaled contribution to everyday activity in the econmomy.
Regards to our earlier publication on the need for Multinational Enterprises (MNEs) adherence to Country-by-Country report in Nigeria in July, 2018, which allows the report to be functional currency of the ultimate parent entity of an MNE group (KKC Watch, 2018).
The discovery of oil in Nigeria has left many with the question: is the sector a blessing or a curse to the economy? This is as a result of many challenges the sector has brought to the country through the abandonment of other strategic sectors such as Agriculture and economic challenges via volatility in the price of oil which is an exogenous factor in the economy’s model.
The conflict between the verdict on VAT remittance by two divisions of the Tax Appeal Tribunal (TAT) in Abuja and Lagos has been a lingering issue for about two years now: The Abuja tax verdict on the case between Gazprom Oil & Gas Nig. Ltd vs Federal Inland Revenue Services (FIRS) and Lagos; Vodacom Business Nig. Ltd vs FIRS.
Albeit, the effective date is yet to be announced by the authority, but the information is released to prepare taxpayers ahead of the new development requirements in Lagos State.
Transfer pricing documentation is coordinated through the arm’s length principle. Transfer pricing is the price at which related firms transact. The documentation requires taxpayers ensuring transaction records within the firm are kept in line with the arm’s length principle.