The Federal Inland Revenue Service (FIRS) has announced that it would tax profits accruing from investments in bonds and short-term government securities by companies which would now be categorised as income tax. This, it said, followed the expiration of an order by the federal government in January 2012 that exempted bonds and short-term government securities from income tax for a period of 10 years. A statement signed by the Chairman of FIRS, Muhammad Nami, yesterday noted that expiration of the order was on 1/1/2022. Taxpayers are expected to comply with the new situation by including such income in their “Self-assessment returns and tax computation of companies and paying appropriate taxes. “The taxpaying public is hereby invited to note that income tax applies to income derived by companies from bonds and short-term securities effective from 2nd January 2022, except for Bonds issued by the federal government.” Nami, therefore, urged agents of collection of withholding taxes (WHT) to deduct interest from WHT and other payments made to any company on account of income from bonds and other securities. – Parrot Share this: Share on X (Opens in new window) X Share on Facebook (Opens in new window) Facebook Share on LinkedIn (Opens in new window) LinkedIn Share on WhatsApp (Opens in new window) WhatsApp Share on Telegram (Opens in new window) Telegram Like this:Like Loading… Related Post navigation Coinoil And Three Others Grew Their Revenue By 49.96 Per Cent Nigerians Access To African Insurance Market Shrinks By Two Per Cent In 2020
