Author name: InnerKonsult

Financial reporting: ANAN, FRC boost regulatory governance

The President, Association of National Accountants of Nigeria, Prof. Muhammad Mainoma, says the association has started engaging the Financial Reporting Council of Nigeria and other relevant agencies to strengthen regulatory governance in financial reporting process in the country. He disclosed this in his welcome address at the 24th Annual National Conference of ANAN which opened […]

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Nigeria’s Unchanging Tax To GDP Ratio: An Instructive Appraisal

Amongst other factors, the global dip in oil prices and the resulting economic recession in Nigeria resulted in an increased focus on revenue generation through taxation in Nigeria. Following the mandate by the Federal Government, the Federal Inland Revenue Service (FIRS) intensified its drive for tax collection and has so far reported giant strides in

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Vanguard retracts 90BN FIRS story against vice president

The Vanguard news one of the nations leading news paper, has retracted a story and also apologised to the vice president over a story published on their website. The retraction and apology story reads. On our website publication of Monday, September 23, 2019, we published a story titled “N90 Bn FIRS Election Fund: Osinbajo’s problem,

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Grants and loans are NOT reliable revenue sources — taxes are

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says taxation is the country’s lifeline for economic development. Fowler made this known on Tuesday night in Abuja at the investiture of Kudirat Abdul-Hamid as the third national chairperson of Society of Women in Taxation (SWIT). Fowler was represented by Abiodun Aina, an official of

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Don’t evade tax, Cross River warns low income earners

Residents of Cross River State, particularly low income earners, have been warned not to evade paying their taxes. The Speaker of the state House of Assembly, Eteng Williams, gave the warning in Calabar during a tax enlightenment town hall meeting organised by the Cross River State Internal Revenue Service as part of its sensitisation and

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Illegal Tax deductions: FIRS to refund $2m, others to General Electric

The Federal Government has urged General Electric to refund N360 million and two million dollars excess withholding tax (WHT) deducted from Arco Petrochemicals Engineering Company Limited, through its business dealings with General Electric (GE) International Operations Nigeria. This was part of outcome of the negotiations between FIRS officials, General Electric, ARCO and the Trade Union

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