Accuses States of being ill-advised, beggarly and lazy By JOY ADARA, Abuja – The powers of the Federal Inland Revenue Service, (FIRS) to recover unremitted taxes deducted by States and Local Governments are well in order, and accords with the country’s fiscal laws. The Global Economic Policy Initiative (GEPiN),...
FIRS
By JOY ADARA, Abuja – The Federal Inland Revenue Service (FIRS) has stated that it will commence the process of enforcement and recovery of unremitted tax deductions owed by some States and Local Governments in Nigeria. This decision is contained in a Public Notice, signed by its Executive Chairman,...
By JOY ADARA, Abuja – Nigeria’s cautious approach to the endorsement of the Organization for Economic Cooperation and Development (OECD)/ G20 Inclusive Framework two-pillar solution to the taxation of the digital economy is in the best interest of the country, and to ensure that Nigeria does not lose out...
By JOY ADARA, Abuja – The Chartered Institute of Taxation of Nigeria (CITN) has been urged to support the Federal Inland Revenue Service (FIRS) in its drive towards full digitalisation of tax administrative processes. Vice President Yemi Osinbajo SAN made this call in his speech at the Chartered Institute...
By JOY ADARA, Abuja – The Federal Inland Revenue Service (FIRS) has listed Nigeria’s top-performing taxpayers in the year 2021, and commended them for their exceptional efforts in contributing towards providing the necessary funds for the government to meet its social contract with the Nigerian citizens, despite the harsh...
By JOY ADARA, Abuja – The Federal Inland Revenue Service (FIRS) has stated that there is need for improved collaboration among countries and international stakeholders with the aim of exploring alternative rules that will enable market jurisdictions, particularly African countries, to effectively subject digital businesses to tax. This was...
The House of Representatives has summoned officials of the Ministry of Trade and Investment over allegedN2.6 trillion capital allowances granted MTN. Rep. Oluwole Oke, the Chairman, House Committee on Public Accounts, summoned the official on Tuesday in Abuja at the resumed investigative hearing into the Audit queries on tax...
A Federal High Court in Abuja, has dismissed a suit by oil and gas services firm, Marine Assets and Offshore Equipment Limited, to stop its investigation by the Economic and Financial Crimes Commission (EFCC). Justice Bolaji Olajuwon, in a judgment, said that the suit instituted by the company and...
By JOY ADARA, Abuja – The Federal Inland Revenue Service has named Shell as a “leading tax compliant organisation in Nigeria for 2021.” At an award ceremony in Abuja last week as part of the second annual National Tax Dialogue, Shell companies in Nigeria also won the award for...
… recognised as one of the top 20 taxpayers by FIRS By JOY ADARA, Abuja – MTN Nigeria Communications Plc (MTN Nigeria) has been recognised with two awards at the recently concluded National Tax Dialogue Event organised by the Federal Inland Revenue Service (FIRS). The second edition of this...
Recognises Nigeria’s top paying and most complaint taxpayers By JOY ADARA, Abuja – The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami while calling for all hands to be on deck to support the tax system and make it function efficiently has urged politicians to treat...
The Federal Inland Revenue Service (FIRS) has called on tax payers to utilise its new Tax Administration Solution platform (TaxPro-Max) to promptly pay their taxes. Mr Hassan Sule , FIRS Coordinator in the states of Kano, Jigawa and Katsina, gave the advice shortly after a road walk to mark...
By JOY ADARA, Abuja – The Nigeria Export Processing Zones Authority (NEPZA) said that policy development to drive novel digital technology is ongoing in order to open up the Free Trade Zones space for operators of the important multi-trillion-dollar block-chain technology businesses. Prof. Adesoji Adesugba, NEPZA Managing Director, stated...
By JOY ADARA, Abuja – The revenue mobilization of Nigeria and Niger Republic can be improved if the revenue authorities of both countries work together to deepen their relationship, share tax information and engage in mutual administrative assistance. Executive Chairman of the Federal Inland Revenue Service (FIRS), , Muhammad...
By JOY ADARA, Abuja – Taxpayers who have outstanding foreign currency tax liabilities can now take advantage of the Federal Inland Revenue Service (FIRS) one-month window to settle these liabilities in Naira, with effect from the 1st of March, 2022, to 31st March, 2022. This is according to a...
Executes over 10,000 projects nationwide By SADIQ ABUBAKAR, Maiduguri – The Chairman, Board of Trustees (BOT) of Tertiary Education Fund (TETFund), Kashim Ibrahim-Imam on Monday disclosed that between 2019 and 2021, the fund has disbursed over N300 billion as interventions fund in about 226 tertiary institutions across the country...
Company Income Tax (CIT) recorded N124.71 billion decline from N472.52 billion in quarter three, 2021 to N347.81 billion in quarter four, the National Bureau of Statistics (NBS), said. The Bureau said this in its “Company Income Tax (CIT) Quarter Four, 2021” data obtained from its website on Thursday. It...
Nigerian tech startups are complaining of increasingly being frustrated by global Original Equipment Manufacturers (OEMs) who connive with some overseas-based distributors to ship their products into Nigeria without paying value added tax (VAT) and allied taxes. The implication of this is that many Nigerian tech startups are frustrated out...
By JOY ADARA, Abuja – The Federal Inland Revenue Service (FIRS) has stated that it would use the instrumentality of the Finance Act 2021, through collaboration with taxpayers and key stakeholders to ensure adequate funding of the country’s budget and raise the requisite financing for national development. This was...
By JOY ADARA, Abuja – To increase voluntary tax compliance, the management of the Federal Inland Revenue Service (FIRS) has introduced “Self-Service Stations” where taxpayers can file tax returns, pay taxes, apply for and validate Tax Clearance Certificates among other services, by themselves on online platforms located in FIRS...