Proshare Logo
   Market Date: 24-10-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Tax: CBN rolls out guidelines on e-payment solution

Category: Capital Market


  Read (3909)
Tax: CBN rolls out guidelines on e-payment solution


The Central Bank of Nigeria has released a draft guideline for the e-payment of all forms of taxes at all government levels.



In the guideline, the apex bank described e-payment as the ability to collect taxes, levies, duties, fees by government agencies or its authorised agencies electronically, and the ability of government to refund excess tax payments to organisations/businesses or individuals electronically. As part of the objectives, the guidelines set out to define standard requirements for the enthronement of implementation of e-payments by any government agency authorised to collect taxes, levies or other such government dues.



It added that specific benefits to be derived from the adoption of e-payment for tax remittances included reduction in the time and cost involved in making tax payments, easier and more user friendly platform/solution for the payments of tax, ensuring that the right amounts were paid into the coffers of the relevant agency by providing information for assessment as well as facilitating the establishment of a comprehensive national taxpayer database among others.



Giving details on the scope of the guidelines, the apex bank noted that all tax authorities must be able to receive payment of taxes through electronic channels just as the guidelines also covered all bodies concerned with tax payments including, but not limited to tax authorities, Federal Inland Revenue Service, Nigeria Customs Service, State Internal Revenue Services and local revenue committees.



The authorised tax agents are all authorised agents of collection, employers, payment service providers and tax payers. It also includes other regulatory bodies such as the Joint Tax Board as well as government revenue collecting agencies.



The guidelines also said that all tax authorities must be able to receive payment of taxes through electronic channels, provide information on the amount of tax due from the tax payer, deploy e-payment solutions, collect taxes, levies, duties and fees using e-payment solutions, invest in the required technology and regulate and administer the relevant revenue laws.

 

(Source:Punch)



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Volunteer Program
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint