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By Emma Ujah, Abuja Bureau Chief The Federal Government (FG) has commenced preparations for the 2027 budget with the inauguration of a subcommittee to review existing fiscal and ta...
Finance Act 2026 Cannot Revive Invalid Reassessment Notices: Telangana High Court Upholds ITAT Order Keywords: Finance Act 2026 reassessment, JAO reassessment notice, Faceless Asse...
Foreign Asset Disclosure Scheme 2026: 60% Tax or Just ₹1 Lakh? The Reason Why a Foreign Asset Was Not Disclosed May Decide Whether the Cost Is ₹48 Lakh-or Just ₹1 Lakh Foreign...
• Recommendations to form part of 2027 finance bill •CSOs, others protest rising debt profile, demand end to excessive borrowing Ndubuisi Francis in Abuja The federal government h...
Introduction The Employee’s Provident Fund Scheme, 2026 (‘2026 Scheme’) came into effect from July 2026, introduced as delegated legislation under the Code on Social Security, 2020...
The Federal Board of Revenue (FBR) has introduced a new income tax return filing support service to help taxpayers resolve technical issues while submitting their Income Tax Return...
ITR Deadline 31 August 2026: Points to remember- 31st August is not an extension of due date. The Finance Act, 2026 has substituted Explanation 2 to Section 139(1) with effect...
*Says new order to provide certainty for businesses, investors, tax administrators Ndubuisi Francis in Abuja The federal government has inaugurated an Inter-Ministerial Committee t...
The Parliament, on 13th August 2026, prohibited States from taxing mines and minerals. As per the Mines and Minerals (Development and Regulation) Amendment Act, 2026, states cannot...
New Income-tax Act, 2025: Can JCIT(A) Set Aside an Assessment? A Small Drafting Change May Create a Big Litigation Issue The Income-tax Act, 2025 has been presented as a major ex...
Parliament Monsoon Session 2026 LIVE Updates: Union Finance Minister Nirmala Sitharaman will move the Taxation and Other Laws (Amendment) Bill, 2026 in Lok Sabha.
The MSME Development (Amendment) Bill, 2026 was introduced in the Rajya Sabha on 28 July 2026. The proposed legislation seeks to modernise the existing regulatory framework by impr...
Taxpayers who wish to declare undisclosed foreign assets or foreign-sourced income under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) can file Form...
Introduction The Central Government has notified the Employees’ Provident Fund (“EPF”) Scheme, 2026, replacing the Employees’ Provident Fund Scheme, 1952, which had governed retire...
The Federal Government has begun a six-week review of Nigeria’s 2025 tax laws to address implementation gaps, ambiguities and unintended consequences. Read More: https://punchng.c...
Finance Minister Nirmala Sitharaman will introduce the Bankers’ Books Evidence Bill, 2026 in Parliament on Monday, replacing the 125-year-old Bankers’ Books Evidence Act, 1891
The Income Tax Department on Saturday notified a new voluntary disclosure scheme allowing small taxpayers to declare certain undisclosed foreign assets and income by paying an effe...
Ndubuisi Francis in Abuja The federal government has set September 11 Deadline for the submission of proposals for the Finance Bill 2027 from members of the public, businesses, in...
FAST-DS opens on August 16, 2026, giving eligible taxpayers a one-time window to disclose certain undisclosed foreign assets and income. The scheme will accept declarations until D...
The Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026, is a one-time disclosure mechanism for eligible taxpayers who have either failed to report certain foreign...
Rev. Proc. 2026-32, September 4, 2026 The Department of the Treasury and the Internal Revenue Service (IRS) issued Revenue Procedure 2026-32 to provide updated administrative...
Notice 2026-48, August 7, 2026 In division T of the Consolidated Appropriations Act, 2023, Pub. L. 117-328, 136 Stat. 4459 (2022), known as the SECURE 2.0 Act of 2022 (SECURE...
The Taxation Bill, which contains legislation required to enact tax initiatives announced in this year's Budget.
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