Author name: InnerKonsult

Legal questions on banks’ appointment as FIRS collecting agents

The Federal Inland Revenue Service has intensified its drive to recover outstanding tax liabilities from taxpayers in default of tax obligations. To this end, FIRS has been writing to taxpayers’ bankers, appointing the banks as collecting agents, to collect outstanding tax liabilities from the taxpayers’ bank account balances. This is referred to as tax substitution. […]

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Tax: Anti-corruption group makes damning allegation against Saraki

The Nigeria Anti-Corruption Vanguard has called ‎on the Economic and Financial Crimes Commission, EFCC, to probe activities of Orion Agro Industries‎ Nigeria Limited, manufacturing cigarettes in Ilorin Kwara State, considering the alleged interest of the Senate President, Bukola Saraki in the affairs of the company. It alleged that the firm was being allegedly used by

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Bandits tax us before allowing us access to our farms – North-West farmers

Farmers in the North-West geopolitical zone have recounted their ordeals following the increasing rate of banditry and kidnapping, saying bandits have resorted to taxing them before they can have access to their farms. They said apart from this, most of them have been forced to abandon their farms, adding that except something urgent was done

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Stakeholders seek VAT increase, reintroduction of tollgates

In a bid to refloat the economy and escape another recession in the economy, stakeholders have proposed an increase in Value Added Tax (VAT) and reintroduction of toll gates on Nigerian roads. One of the stakeholders who is also the Lead Director of Centre for Social Justice,  Eze Onyekpere, advised President Muhammadu Buhari and the

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FIRS recommends a 63-day timeline for completion of tax audit exercises

The Federal Inland Revenue Service (FIRS), on 30 April 2019, notified the public that it has introduced new measures to simplify and ease tax audit experience for all taxpayers. The new measures are intended to: 1.    Reduce tax audit cycle to 63 days 2.    Eliminate multiple tax audits by various tax authorities 3.    Facilitate a

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Fowler: EFCC probing FIRS staff over ‘fraudulent payments’

The Economic and Financial Crimes Commission (EFCC) has launched a probe into the activities of some staff of the Federal Inland Revenue Service (FIRS). Babatunde Fowler, FIRS chairman, confirmed the development to TheCable on Wednesday saying the probe borders on alleged cases of irregularities concerning duty tour allowance (DTA). “On the DTA (Duty Tour Allowance),

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Fowler: Taxpayers’ Money Not Missing from FIRS

The Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has dismissed reports suggesting that money paid as taxes is missing from the agency’s coffers. Fowler made the clarification in an interview in his office in Abuja, yesterday. The clarification came in the wake of media reports alleging that taxpayers’ money in the

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Vice President Extends Slash In Business Registration Fee

Vice President Yemi Osinbajo has extended the special window to register businesses at a reduced rate of N5,000 instead of N10,000 at the Corporate Affairs Commission (CAC). Osinbajo extended the business registration incentive from May 1 to July 31 2019. This was disclosed by the VP’s special assistant on media and publicity, Laolu Akande, on

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CAC: $90.9bn Worth of Investment Interest Recorded in 2018

The Executive Secretary/Chief Executive, Nigerian Investment Promotion Commission (NIPC), Ms. Yewande Sadiku has said about $90.9 billion worth of investments were recorded in the country last year. Speaking during an interaction with Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja, she said there were 92 projects covering 23 states and the FCT. She

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