DEC 2019 NEWS
AND SUMBO AKINTOLA
The Federal Inland Revenue Service (“FIRS”) has issued a public notice notifying all taxpayers (Individuals, Partnerships, Enterprises, Corporate organisations) of a nationwide tax enforcement exercise commencing from 18 December 2019. Amongst the taxes listed is the National Information Technology Development Levy under the National Information Technology Development Agency Act (“NITDA”). The NITDA levy applies to the following companies:
- GSM Service providers and all Telecommunication Companies;
- Cyber Companies and Internet Providers;
- Pensions Managers and Pension related Companies;
- Banks and other Financial Institutions;
- Insurance Companies.
The applicable levy is 1% and is payable on profit before tax by companies with an annual turnover of ₦100,000,000 (One Hundred Million Naira) and above.
The FIRS under the NITDA is authorised to assess, collect the levy and remit to the fund established by the NITDA.
