The Details of the New Nigeria Tax Administration Bill (NTAB):
Payment of taxes:
– Remittance date for all transaction taxes:
To promote the ease of tax administration and lessen tax compliance burdens.
– Taxpayers may pay tax or royalty assessed in other currencies including petroleum operations) in Naira:
To lessen pressures on FX demands.
To promote the ease of doing business.
Scope:
– Consolidated administrative provisions for all taxes.
– Harmonised all tax administration issues (registration, filing, payment, dispute resolution, etc.) for all relevant revenue authorities.
Structure:
– The bill is structured in parts and chapters.
– Provides the roles and objectives of all tax authorities in Nigeria and their relevant jurisdictions.
– Assessment and compliance procedures; and sanctions for non-compliance etc:
To consolidate the processes for returns filing, assessment,payment, penalties, and enforcement of all tax types.
Source:X/Imranmudhz