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Nigerian Government to Chase After Taxpayers Using Bank Accounts

Jun 07, 2021 06:45 PM
Nigerian Government to Chase After Taxpayers Using Bank Accounts News express, BusinessAM, Africa Business Radio, Taxpayer, Nigeria, Taxes, Africa Business News

Tax experts, analysts, and legal practitioners are now seriously weighing in on the planned deduction of taxes from potential payers’ bank accounts by the Nigerian government through its Federal Inland Revenue Service, with varied responses to this newspaper’s series of inquiries across the country. The system is one of the portions of the Tax Reforms Act 2020, signed into law by President Muhammadu Buhari last December which took effect January 2021. According to PricewaterhouseCoopers, the tax, audit, and financial advisory firm, in January 2020 note: The new law contains over 90 changes to 7 different tax laws including an increase in the rate of VAT from 5% to 7.5%; 0% CIT rate for small businesses; and a lower rate of 20% for medium-sized companies; requirement of TIN to open and operate a business bank account.

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