Fiscal Policy Archives |

Bank Balances Untaxed as N50 Transfer Charge Stands — CITN Clarifies New Tax Law

globalmirrornews1 week ago1 week ago07 mins

The Chartered Institute of Taxation of Nigeria (CITN) has clarified that bank account balances are not subject to taxation under Nigeria’s newly implemented tax regime, stressing that only certain electronic transfers attract a statutory ₦50 stamp duty. The clarification was given on Tuesday by the Chairman of the CITN Abuja District, Mr. Ben Enamudu, during…

No Automatic Bank Deductions Under Nigeria’s New Tax Laws, Reform Chief Assures Citizens

globalmirrornews2 weeks ago2 weeks ago04 mins

Nigeria’s Federal Government has dismissed widespread fears that personal bank accounts will be automatically debited under the Country’s newly enacted tax laws, assuring citizens that the reforms are built on transparency, self-assessment and due process. The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, gave the clarification amid growing…