Trump Paid Just $750 In Federal Income Tax In 2016- Report

A file photo of US President, Donald Trump. Pete Marovich/Getty Images/AFP

 

US President Donald Trump paid just $750 in federal income taxes in 2016, the year he won the election, The New York Times reported Sunday, citing tax return data extending more than 20 years.

It added that he also paid only $750 in his first year in the White House, and he had paid no income taxes at all in 10 of the previous 15 years because he reported losing much more money than he made.

Trump immediately dismissed the report as “totally fake news.”

US presidents are not required by law to release details of their personal finances, but everyone since Richard Nixon has done so.

Trump has broken with presidential tradition by refusing to release his returns, fighting a long battle in the courts and fueling speculation about what they might contain.

His tax returns, a key talking point in the 2016 election, have been a constant presence during his presidency and ahead of the November 3 election, when Trump is seeking a second term.

The New York Times said the tax data that it had seen “provides a road map of revelations, from write-offs for the cost of a criminal defence lawyer and a mansion used as a family retreat to a full accounting of the millions of dollars the president received from the 2013 Miss Universe pageant in Moscow.”

The records “reveal the hollowness, but also the wizardry, behind the self-made-billionaire image,” it added.

Alan Garten, a lawyer for the Trump Organization, told the paper in response that “over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015.”

AFP

Income Tax: FG Orders Account Holders To Fill Self-Certification Forms

 

The Federal Government has directed all account holders in the country to obtain and fill self-certification forms in line with the Income Tax Regulations 2019.

The directive contained in a series of tweets on Thursday stated that each account holder must submit the filled forms in their respective financial institutions.

“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions is required to complete & submit the form to each one of the institutions,” it stressed

The government, however, stated that the exercise is part of due diligence exercise mandated by the banks and other financial institutions in line with the Income Tax Regulations 2019.

According to the directive, the forms have been categorised into three: Form for Entity, for Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc); and form for individual

The directive by the government warned that “failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account.”