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CSO to starts paying Tax – FIRS

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The Director, Tax Policy and Advisory Department, Federal Inland Revenue Service (FIRS) Temitayo Orebajo, says all Civil Society Organisations (CSOs) are expected to register for tax purposes and obtain Taxpayer Identification Number (TIN).

Orebajo said this in Abuja on Thursday at a webinar on CSOs tax responsibilities and compliance.

He said the webinar was aimed to promote CSOs understanding and knowledge of their tax responsibilities.

The News Agency of Nigeria (NAN) reports that the webinar was organised by FIRS and the European Union Agents for Citizen-Driven Transformation (EU-ACT), a Non-Governmental Organisation.

The webinar is to provide an opportunity for CSOs to engage the FIRS on parts of tax regulations that concern them, and the challenges and bottlenecks they face in their bid to stay compliant.

Orebajo said that the CSOs were statutorily required to maintain accurate record of employees, proper books of accounts for tax purposes.

He said that failure to comply would attract appropriate penalties under the extant tax laws.

Orebajo said that VAT on goods purchased by NGOs for use in humanitarian donor funded projects was at zero rate under the value added tax.

“The NGO itself is not exempted from VAT where the organisation procures contracts or purchases goods that are not directly used in humanitarian donor funded projects.

“Likewise, any service procured or consumed by NGO is liable to VAT, except where such service is exempted under the VATN Act,” he said.

Orebajo said that NGOs were required under the Pay As You Earn (PAYE) obligation to deduct tax at source from salaries and other emolument of the employees, directors, officers among other.

According to him, the obligations under the Companies Income Tax Act (CITA) in section 25 of CITA provides tax relief to any company making donations to an organization listed under the fifth schedule to CITA.

He said that such donation must be made out of its profits for the year of assessment and total donation shall not exceed 10 per cent of the total profits of the company for the said year of assessment.

“Donation is not of capital nature, except where the donations are made to universities or other tertiary or research institutions and should not exceed 15 per cent of total profits or 25 per cent of tax payable.

“NGOs requiring to be listed under the fifth schedule to CITA may apply to the Minister of Finance through FIRS,’’ Orebajo said.

He advised the organisations to see the important of returns to the government because most of them take payment to government for granted.

Mrs Nneka Esomeju, of Joint Tax Board, said that the rule of minimum wage was exempted from tax but added that corps members are to pay tax when other things are added. (NAN

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Business & Economy

FG Launches Free Financial Education Programme for 100,000 Youths 

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The Federal Ministry of Youth Development, in partnership with Investonaire Academy, has commenced registration for a nationwide financial education programme designed to train 100,000 Nigerian youths annually in financial literacy, entrepreneurship, global trade, and investment.

In a statement signed by Omolara Esan, Director of Information & Public Relations, the Ministry said the initiative reflects its commitment to equipping young Nigerians with the skills to navigate today’s complex financial landscape, enhance employability, and foster sustainable wealth creation.

The programme will provide participants with exposure to global asset classes, including commodities, gold, equities, and foreign exchange, as well as training in risk management, portfolio development, and wealth-building strategies.

Successful candidates will receive industry-recognised certificates to support career advancement and entrepreneurial opportunities. Training will be delivered via an interactive Learning Management System (LMS), incorporating gamified learning, simulations, quizzes, and real-life trading scenarios. Physical sessions will begin in Abuja before expanding nationwide.

The programme is open to students, NYSC members, entrepreneurs, job seekers, and young professionals across Nigeria’s 36 states and the FCT.

Registration is free and currently ongoing via www.investonaire.org.

 

 

 

 

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Business & Economy

Okonjo-Iweala Hails Tinubu’s Reforms, Urges Focus on Growth and Hardship Relief

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President Bola Ahmed Tinubu and WTO DG, Dr. Ngozi Okonjo-Iweala,
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Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has praised President Bola Tinubu’s economic reforms as steps in the right direction, while urging the administration to now prioritise economic growth and measures to ease hardship for Nigerians.

Speaking to journalists after a meeting with the President in Abuja on Thursday, Okonjo-Iweala commended the government’s efforts to stabilise the economy, describing stability as the necessary foundation for long-term progress.

“We think the President and his team have worked hard to stabilise the economy. You cannot really improve an economy unless it is stable. So he has to be given the credit for the stability of the economy,” she said.

While acknowledging the positive impact of ongoing reforms, she stressed that stability alone was insufficient.

“The reforms have been in the right direction. What is needed next is growth. We now need to grow the economy and put in place social safety nets so that people who are feeling the pinch of the reforms can also have some support to weather the hardship,” she noted.

Okonjo-Iweala said discussions with the President focused on balancing structural reforms with relief measures for vulnerable citizens, as well as strategies for job creation and boosting disposable income.

“The next step is: how do we build social safety nets to help Nigerians cushion the hardship they are feeling, and then how do we grow the economy so we can put out more jobs and more money in people’s pockets?” she asked.

The WTO chief emphasised that without job creation and increased incomes, the benefits of reform would not fully reach ordinary Nigerians.

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Dangote Refinery Fires Back at Shutdown Rumours, Flaunts 40m-Litre Petrol Output

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Aliko Dangote
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The management of Dangote Petroleum Refinery has moved to quash speculation about an operational shutdown, insisting that the multibillion-dollar facility remains in full swing.

In a statement on Friday, the refinery dismissed reports of fuel shortages as “baseless” and “misleading,” declaring that it continues to churn out over 40 million litres of petrol and 15 million litres of diesel every single day.

Far from winding down, operations at the giant plant in Lagos are, according to the company, running at full capacity with truck loading activities in constant motion. The sale of Residual Catalytic Oil (RCO) in recent days, it explained, is a normal part of refining operations—not an indication of trouble.

Throwing down the gauntlet to sceptics, the refinery invited fuel marketers to place orders for its daily production for the next 90 days, saying the offer underscored both its transparency and its determination to safeguard Nigeria’s energy security.

The company also used the opportunity to reaffirm its stance against the importation of substandard petroleum products, vowing to maintain quality and reliability in the domestic market.

 

 

 

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