Business

Since the commencement of the new tax laws in January, the Federal Government has maintained that the laws would reduce certain taxes and stimulate growth without short-term revenue increases. However, recent developments indicate that some business owners are already raising the prices of their goods and services, attributing the hikes to the tax laws. Saturday PUNCH gathered that the increases …

KPMG, globally renowned auditing firm with expertise on tax services, says it has identified loopholes in the new tax laws. The Presidential Fiscal Policy and Tax Reforms Committee had said it proposed the laws to provide better oversight on government revenues, and streamline tax administration in Nigeria to bring it closer to best practices globally and improve efficiencies in tax …

The organised labour has again asked the federal government to immediately suspend the implementation of the new tax laws, threatening a possible nationwide confrontation with workers if its concerns are ignored. The warning was issued on Wednesday in Abuja by the President of the Nigeria Labour Congress (NLC), Joe Ajaero, during the launch of a memoir in honour of a …

This is as analysts say they expect more banks to conclude their recapitalisation plans between next week and the end of this month. With less than 90 days to the recapitalisation deadline for banks in the country, 19 banks have now met the new capital requirements ahead of the March 31, 2026 deadline given by the Central Bank of Nigeria …

Chairman, Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, has said there was no controversy over the implementation of the new tax laws, adding that their passage followed due process after adequate consultation. He said the NRS was more interested in the gazetted tax laws, and not about the alleged controversies on the harmonised version by the National Assembly, which he …

Transport fares across the country have remained stagnant at high rates despite the price of Premium Motor Spirit (PMS), popularly known as petrol, witnessing a 28 percent reduction since the massive price hikes experienced following the removal of the fuel subsidy over two years ago. Immediately after the subsidy removal in May 2023, transporters increased fares. Since that period, the …

The Federal Government has insisted that it is committed to kick-starting the implementation of the new tax reforms laws on January 1, 2026, saying the reforms are aimed at promoting economic growth inclusivity as well as shared prosperity for Nigerians. This was disclosed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele in Lagos …

Concerns have deepened over alleged alterations to tax laws passed by the National Assembly, after two more lawmakers raised objections to the gazetted versions. Daily Trust had reported how a member of the House of Representatives, Hon. Abdulsammad Dasuki (PDP Sokoto), on Wednesday, raised a matter of privilege on the floor of the House, alleging discrepancies between the tax laws …

Concerns are mounting over the President Bola Tinubu-led government’s handling of public finances following revelations of conflicting revenue figures contained in official documents and public statements, at a time when Nigerians are grappling with rising living costs and economic hardship. Findings by the BudgIT Foundation indicate that the Budget Office of the Federation, under the Ministry of Budget and Economic …

Nigerians are set to face more hardship from the Bola Tinubu-led government as cost of vehicles is expected to rise following his administration move to gradually phase out the importation of used, popularly known as Tokunbo, vehicles in the country. In a report by Punch, the government’s position was disclosed at the 18th Nigeria Auto Journalists Association (NAJA) International Auto …