FG directs banks to report monthly turnover of N25m for individuals, N100m for firms FIRS
The federal government (FG) of Nigeria has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities. Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS). […]
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