Today's topic is Interim Dividend and Income tax
2.These are interesting times for Nigeria’s economy with mounting pressure for “dividends of democracy” amidst dwindling revenue. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
7.I hold the view, and strong so, that by strengthening compliance, the government could significantly increase its revenue base. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
8. In the recent past, @FIRSNigeria has been combing through tax laws to see provisions that were previously not being enforced. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
9. For example, there was a recent directive asking non-resident companies to start filing returns based on actual results. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
10. By this it means, preparing financial statements for their Nigerian operations and computing tax base on actual income. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
13.Filing tax return on deemed income is a child of pragmatism, the law require taxpayers to file returns based on actual income.#TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
16.In a recent public notice by @FIRSNigeria in major newspapers, taxpayers were reminded of tax obligations on interim dividends.#TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
30.Based on the section cited, it could be deduced that provisional income tax is an obligation when interim dividend is payable. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
31. Let’s now get into the crux of the issue. To determine tax payable, you need 2 things - the tax base and the tax rate. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
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