Abuja – The speaker of the House of Representatives, Rt. Hon Yakubu Dogara, yesterday reiterated the resolve of the legislature to domesticate all pending treaties, memoranda of understanding and agreements that will bring benefit to Nigerians. Dogara said this while speaking to a Korean delegation that paid him a courtesy… – Continue reading
When the first flames of the Arab Spring began to burn, a Tunisia suffering from decades of mismanagement, inequality and abuse broke free from under the long reign of Zine Al-Abidine Ben Ali. As the government fell and the turmoil in the country spread across the region, the sheer scale… – Continue reading
Nigeria’s tax authority—the Federal Inland Revenue Service—has incorporated into its tax audit procedures certain of the recommendations included in the OECD’s base erosion and profit shifting (BEPS) project. For instance, the tax authority is scrutinizing transactions between Nigerian subsidiaries and their foreign related parties, especially those related parties located in… – Continue reading
KPMG Professional Services has stressed the need for companies operating in Nigeria to always pay their tax as required by law in order to improve business performance and create shareholder value. The professional services firm made this call at a press conference to announce the launch of its survey report… – Continue reading
A number of multinational companies have been in the news recently for alleged tax malpractices. Various countries which are facing budget deficits are convinced that additional tax revenues can be collected, especially from multinational companies. What is it all about? A business typically faces many risks. A risk is the… – Continue reading
Macky Sall, the Senegalese president, tells journalists on the sidelines of the Malta migrants summit that Africa would have no need of handouts if wealthy governments stopped multinationals avoiding legitimate taxation in their countries African leaders have rejected a European Union bid to curb migration with aid payments as “not… – Continue reading
Article by Patrick W Martin and Ashley Fife With a net worth of USD77.1 billion, Mexican telecoms businessman Carlos Slim Helú was ranked the second richest person in the world in a 2015 survey.1 At the end of 2014, 16 of Mexico’s citizens were on Forbes’ billionaires list.2 As for… – Continue reading
The government has been accused of opening a loophole that allows super rich individuals and multinational companies to avoid taxes. The Tax Justice Network (TJN), a lobby group, has sued the government over agreements, which it says are robbing Kenya of the ability to raise revenues domestically, driving the country… – Continue reading
MTN has consistently prided itself as the foremost telephone company that is getting Nigerians talking the most. Now the South African company is about to set tongues wagging across networks with revelations that it has routinely been shipping billions of naira overseas to avoid paying its fair share of tax… – Continue reading
Rwanda has commissioned an audit into recent merger and acquisition deals involving foreign firms in its latest effort to clamp down on tax avoidance among multinational corporations. This comes amid growing concern that multinational companies move profits from the countries where they are generated and, in so doing, reduce national… – Continue reading
The British Virgin Islands (BVI) said it is already committed to publishing an anti-money laundering action plan after another worrying report emerged; this time listing the territory among the top 10 countries to which identified United Kingdom criminal assets have been laundered. The BVI is actually the only Caribbean country… – Continue reading
South Africa is allowing MTN potentially lucrative tax credits on money sent from its African operations to a letterbox company in Mauritius. Last week, amaBhungane and Finance Uncovered, a global reporting project, exposed how MTN’s African subsidiaries send billions in management fees to MTN International in Mauritius. The Mauritian entity… – Continue reading
Gov. Udom Emmanuel of Akwa Ibom has decried what he called the high rate of tax evasion in Nigeria, describing it as inimical for the development of the country. Emmanuel said this at the opening of the Mandatory Professional Training Programme of the Chartered Institute of Taxation of Nigeria (CTIN)… – Continue reading
Emmanuel Mayah, Jeff Mbanga, Francis Kokutse and Nick Mathiason contributed to this joint investigation by the M&G Centre for Investigative Journalism (amaBhungane) and Finance Uncovered, a global reporting project involving journalists in 54 countries. Shortly after Cyril Ramaphosa left MTN to become South Africa’s deputy president last year, he lashed… – Continue reading
MTN Uganda has been accused of failing to provide evidence to justify shifting huge amounts of cash out of Uganda to a briefcase company located in Mauritius, potentially lowering its tax bill in Uganda – the subject of which remains an ongoing dispute with Uganda Revenue Authority, it has emerged…. – Continue reading
NIGERIA’S recent rating as “third to the last” on the 2015 global ranking of “Ease of paying taxes” is a good indication of why the country is not earning as much as it should from taxation. The country’s ranking as 187 among 189 economies covered by the survey, which assessed… – Continue reading
Two hundred miles off the coast of Morocco, the Canary Islands remainamong Spains farthest-flung territories, appearing as a few specks of volcanic rock against the endless Atlantic blue. Tourists roast on its beaches, and everything moves at a snails pace. That includes, unfortunately, the economy, which suffers from high unemploymentand… – Continue reading
A new report by global consulting outfit, Price¬waterhouseCoopers (PwC), released on Monday has indicated that expanding com¬pliance burden, more audits and the potential for increased and double taxation remain key hurdles facing companies due to the rapidly evolving global tax landscape. The report’s findings showed that the demand for greater… – Continue reading
NEW YORK, Sept. 28 (Yonhap) — Nigerian President Muhammadu Buhari has vowed to make efforts to quickly resolve the issue of double taxation avoidance with South Korea. South Korea and Nigeria signed a double taxation avoidance agreement in 2006 to help boost two-way investment and trade, though the West African… – Continue reading
The print media was awash on Tuesday, September 1, 2015 with reports of Gov. Ayo Fayose’s threat that no private school in Ekiti State will be allowed to commence school activities this Session unless it pays a tax of N150,000 and that anybody who buys one cow to be slaughtered… – Continue reading
Chevron’s tax filings face repeated challenges from the United States and other global tax authorities, according to a new union-backed report that calls on world governments to crack down on the energy giant’s alleged profit-shifting tactics. The world’s largest trade union body, the International Trade Union Confederation (ITUC), has called… – Continue reading
Nigeria’s 85 percent tax on onshore crude oil production is dissuading local investors from taking over assets from international oil companies, said Folorunso Alakija, an energy tycoon and the nation’s richest woman. Famfa Oil Ltd., founded in 1991 by Alakija, 64, has sought to acquire stakes in onshore oil fields,… – Continue reading
Victoria Seychelles — Promoting cooperation between African countries and increasing trade and industry have been the main focus of diplomatic work of the outgoing Nigerian High Commissioner to Seychelles, Solomon Akintola Oyateru, during his term in office. High Commissioner Oyateru made this statement in an interview with the press at… – Continue reading
A civil society group focused on transparency in the oil and gas sector has criticized the interim Offshore Processing Agreement, OPA, between the Nigerian National Petroleum Corporation, NNPC, and three multinational trading companies to boost the supply of refined petroleum products in the country. The Africa Network for Environment and… – Continue reading
PRELIMINARY statistics on the 2015 African Capacity Report (ACR) released yesterday in Addis Ababa, Ethiopia showed that there were significant improvements in revenue collection over the last decade (2006-2015) in Nigeria and 44 other African countries. But despite the cheering news, the report said effective mobilisation of domestic resources in… – Continue reading
In the overview of tax treaties as published on the website of the Irish Revenue, the Irish Revenue has published a statement announcing that the Convention between the Government of Ireland and the Government of Ukraine for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect… – Continue reading
Aug 24 (Reuters) – Switzerland expects to adopt a new law by the end of the year that will speed restitution of illicit funds stashed in the Alpine country, where thousands of ‘politically exposed persons’ are believed to hold bank accounts, a top Swiss official said on Monday. Swiss authorities… – Continue reading
Taxes are the enforced proportional contributions from persons and property, levied by the state by virtue of its sovereignty for the support of government and for all public need. From the above definition it is seen that taxes are contributions to a common pool by the people for the use… – Continue reading
A report by PriceWaterHouse Coppers (PwC) that chart the top risks in the global insurance sector and the growth concerns of insurance CEOs shows that cyber risk, interest rates and growing tax burden are now among the top risks for insurers, reports Business Day. This is indicative of how high… – Continue reading
CAPITAL flight to offshore tax havens, estimated at between US$21 trillion to US$32 trillion, poses a major challenge especially in tackling income inequality, poverty and debt issues. In total, 10 million individuals around the world hold assets offshore, with almost half of the minimum estimate of US$21 trillion to US$9.8… – Continue reading
DAKAR – Africa is usually perceived as a net beneficiary of the global financial system, with aid and investment flowing to the continent from richer parts of the world. This is simply not true. Illicit capital flight is draining Africa dry – costing the continent about one trillion dollars over… – Continue reading
Pakistan’s FBR has stated that $200 billion stashed in Swiss banks accounts by Pakistanis cannot be recovered. It seems that FBR and Federal Government is unaware that on the basis of a formal request by Nigeria, $700 million in Swiss bank accounts belonging to corrupt late former head of state… – Continue reading
Nigeria and Singapore have concluded plans to sign agreements to strengthen their bilateral air services and curb double taxation on investments in both countries. The Nigeria’s Ambassador to Singapore,Amb. Nonye Rajis-Okpara, disclosed the plan in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja. Rajis-Okpara said… – Continue reading
With revenue from petroleum taxes at its lowest point in fifteen years, Nigeria is under even more pressure to tackle tax evasion and pursue other revenue enhancing initiatives. Indeed, experts have found that tax evasion plays a significant part in the over $50 billion that the continent loses every year… – Continue reading
The chairman, Senate Committee on Establishment and Public Service Matters, Aloysius Etok, yesterday, revealed that Nigeria has lost over N2 trillion as a result of tax evasion by capable companies and cybercrimes perpetrated by some Nigerians. Etok made this disclosure during his address at the valedictory session of the National… – Continue reading
The Taiwanese Trade Mission in Nigeria has called for effective collaboration with the Nigerian Government to avoid double taxation on Taiwanese investments in Nigeria. This is contained in Mission’s bulletin released in Abuja on Wednesday. It stated that the collaboration would also ensure protection of Taiwanese investments in Nigeria and… – Continue reading
From today, negotiation on the Investment Promotion and Protection Agreement (IPPA) between Nigeria and Singapore will start in Abuja, aimed at enhancing business between the two countries. Revealing this in an interview with the African Independent Television (AIT), Nigerian High Commissioner to Singapore. Mrs. Nonye Rajis-Opara, said there would be… – Continue reading
Senators and members of the House of Representatives under the Anti-Money Laundering and Cyber Security Coalition are expected to meet and suggest to President-elect retired General Muhammadu Buhari the establishment of special courts that will deal with cases of tax evasion and corruption offences. Chairman of the coalition, Senator Aloysius… – Continue reading
An OECD initiative on tax evasion is causing ripples around the world While a host of topics — from the necessity and the proposed scope of corporate tax reform, to corporate rate reduction and corporate inversions — are of major concern to those engaged in international tax, the overriding issue… – Continue reading
Multinationals play such a large role in many nations’ budgets that effective control is crucial. Business Tax-base erosion cripples Africa 24 Apr 2015 00:00 Lisa Steyn Multinationals play such a large role in many nations’ budgets that effective control is crucial. Finance Minister Nhlanhla Nene says practices such as incorrect… – Continue reading
In This Issue: • It’s Stifling in Here! SEC Rules That Companies Can’t Put Restrictive Language in Confidentiality Agreements That Could Potentially Stifle Whistleblowers • An Opinion on Opinions: U.S. Supreme Court Decision in Omnicare • Is OFAC the New Black? Schlumberger and PayPal—The Rise in the Enforcement of Sanctions… – Continue reading
World leaders have drawn up ambitious goals to end extreme poverty by 2030 and promote development over the next 15 years, but now they have to figure out how to pay the bill. Trillions of dollars would be required to achieve the 17 Sustainable Development Goals (SDGs) that the United… – Continue reading
The UK is inhibiting its economy with a tax burden 18 percent heavier than the global average and should consider setting a specific target for lowering the overall tax take, according to research by accountants UHY Hacker Young. UHY’s findings show that tax revenue in the UK represents a third… – Continue reading
Offshore staff PARIS – An official investigation has been opened against Bourbon Offshore, alleging bribery of public officials in Cameroon, Equatorial Guinea, and Nigeria in connection with the tax audits of local entities in 2011 and 2012. The investigation stems from the October 2012 arrest of a then-Bourbon Offshore tax… – Continue reading
Bourbon Offshore said a judicial investigation has been launched into its business dealings in Africa. The matter relates to tax and bribery charges by authorities in Marseilles, France. It comes after the company’s former manager was arrested at the Marseilles-Provence airport when he was returning from Africa in possession of… – Continue reading
As part of the Small Business, Enterprise and Employment Bill which Parliament is expected to approve today, the government is attempting to implement a public register showing who really owns companies. The bill is a good example of how UK legislation can affect countries around the world, especially those in… – Continue reading
THE Nigerian Indigenous Ship owners Association of Nigeria, NISA, has concluded plans to move against the proposed re-registration of vessels by the management of the National Inland Waterways, NIWA , a development they say will lead to double taxation. Speaking at the end of its quarterly meeting, President of NISA,… – Continue reading
Senators and members of the House of Representatives under the auspices of Anti-Money Laundering and Cyber Security Coalition (AMLCSC) are working with the Independent Corrupt Practices and other related offences Commission (ICPC), to prosecute about 115 tax offenders. The Chairman of the Senate Committee on Pensions, Senator Aloysius Etok, said… – Continue reading
Senators and members of the House of Representatives under the auspices of Anti- Money Laundering and Cyber Security Coalition are working with the Independent Corrupt Practices and other related offences Commission to prosecute about 115 tax offenders. The Chairman of the Senate Committee on Pensions, Senator Aloysius Etok, (PDP-Akwa Ibom),… – Continue reading
As a follow up to last week’s publication, below is a continuation of the article that highlights the requirements for filing returns, due dates and penalties for late filing of returns as it pertains to various tax types. Last week’s edition focused on Company Income Tax (CIT), Education Tax (EDT),… – Continue reading
