The Federal Inland Revenue Service (FIRS) has said it would impose Value Added Tax (VAT) on online transactions, local and international, with effective from January 2020. The Executive Chairman of FIRS, Mr Tunde Fowler, disclosed this at the African Tax Administration Forum (ATAF) Technical Workshop on VAT on Monday August 26, 2019 in Abuja. He […]
Within an eight-year period covering 2011 and 2018, the country earned a total of N35.56tn as tax revenue, statistics obtained from the Federal Inland Revenue Service have revealed. An analysis of the tax revenue statistics showed that the tax income was earned in two major tax revenue items. They are oil tax which is generated
Nigeria earned N35tn from tax in eight years — FIRS Read More »
The Zamfara State Government has approved the appointment of Hajiya Lubabatu Isa Mayana as the new Executive Chairman of the Zamfara State Internal Revenue Service (ZIRS). The appointment, according to a statement, took effect on August 16, 2019, replacing Ibrahim Abdulnasir. Hajiya Lubabatu who is a fellow of the Chartered Institute of Taxation of Nigeria
Polaris Bank Limited, which was formerly operating as Skye Bank Plc, has won its case against the Abia State Government over a N1.528 billion tax assessment disagreement brought before a tax appeal tribunal sitting in Enugu State. The lender had taken the Abia State Board of Internal Revenue to the tribunal, seeking to determine if
Polaris Bank Floors Abia Govt at Tax Appeal Tribunal Read More »
The Ondo State Government has urged it’s citizens to make tax payment a priority for it to improve on the infrastructural projects in the state. Arakunrin Oluwarotimi Akeredolu stated this while declaring open a one day sensitization programme organized by the Ondo State Internal Revenue Service (ODIRS) in collaboration with the Chartered Institute of Taxation
ODSG Collaborates With CITN On Tax Sensitization Read More »
Recently, the National Bureau of Statistics (NBS) published Nigeria’s H1-19 Value Added Tax (VAT) report. According to the report, VAT revenue rose 12.0% y/y to N600.9bn, in H1-19. This as the Federal Inland Revenue Service (FIRS) continues to double efforts to increase tax revenue, amid FG’s dwindling and volatile oil revenue. Recent comments from the
Nigeria’s Tax Revenue: Plucking the low hanging fruits! Read More »
The culprits, Atime Orlu, Terhide Kumbul and Mzehemen Jaga were arrested at Luga in Gboko, near Tyogbenda Msa, in Ushongo and Awajir in Konshisha respectively. In furtherance of its resolve to eradicate illegal tax points, the Benue state special taskforce on illegal road blocks in collaboration with the Benue state police command, has arrested three
Traders at the Abakpa Main Market, Abakaliki, have denied the allegation of tax evasion of levelled against them by officials of the Ebonyi State Government as the reason for invading the market and compliance. The traders spoke at a press conference in Abakaliki on Friday and urged the public to discountenance the allegation of tax
In a bid to widen the tax net and upscale Nigeria’s revenue, the Federal Inland Revenue Service (FIRS) has come up with policies that would aid in fishing out companies and individuals that have over time defaulted in paying taxes. That was after the tax authority on Tuesday disclosed it has developed a common tax
No hiding place for tax defaulters in Nigeria – FIRS Read More »
Andersen Tax, a renowned tax advisory and regulatory services firm has noted some implications of the recent notice issued by Federal Inland Revenue Service (FIRS) on taxability of certain compensation payments. On 14 August 2019, the FIRS issued a Public Notice on deduction of tax at source from compensations paid to agents by principal companies.
FIRS notice on taxability of certain compensation payments Read More »
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