The Executive Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, has said that the service will this year surpass the N5.3tn revenue generated in the 2018 period. He said this during a chat with finance journalists on Thursday in Abuja. Fowler said that the service had embarked on a series of reforms aimed at making […]
The Alliance for New Nigeria (ANN) has condemned the plan by the Federal Government to increase Value Added Tax (VAT) from the current 5 to 7.5 percent, adding that the proposed increase smacked insensitivity on the part of government to the suffering of Nigerians. Lanre Oyegbola, Director General, ANN 2019 Presidential Campaign, in a press
Every country collects different taxes from its residents and local companies. What are the types of taxes in Nigeria in 2019? Let us describe them all. This will be useful information for everyone who thinks about launching a new business in our country or investing their money into a local project. Types of taxes collected
A whopping N248,871,621,023.767 billion went into the coffers of the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and the Nigerian National Petroleum Resources (through the Department of Petroleum Resources) as income from cost of revenue collection for the Nigerian government in 2018 alone. LEADERSHIP findings showed that the monies went into the respective
Revenue Generation: NNPC, FIRS, Customs Got N249bn In 2018 Read More »
The board of Meyer Plc has reacted to a media report last week that its head office located in the Ikeja area of Lagos State was sealed by officials of the Federal Inland Revenue Service (FIRS) also last week. In a statement, Meyer confirmed that truly, officials of the tax agency were at its office
N54.7b Tax Debt: Meyer Reacts to Report on Closure of Head Office Read More »
OSOGBO—GOVERNOR Gboyega Oyetola of Osun State has described payment of taxes as necessary support to support the development of the state. Oyetola Speaking during Iresi Day, in Iresi, Boluwaduro local government area, Oyetola said that prompt and sincere payment of taxes by various categories of residents is an important civic duty, immediate implication of which
Oyetola to Osun people: Pay taxes to enhance development Read More »
The Director General of the Lagos Chamber of Commerce and Industry, Muda Yusuf, has called on the Federal Government to grant the education and the health sector tax holiday, to help mitigate the imminent social crisis bewildering the sectors. Vanguard Economic Discourse Muda made this known during a panel section at the Vanguard Economic Discourse
FG must grant education, health sector tax holiday – LCCI Read More »
President Muhammadu Buhari on Friday in Abuja pledged that the Federal Government would look into the issue of illegal tax collections to encourage more private sector businesses to thrive in the country. The president made the pledge when he received the leadership of the Amalgamated Union of Foodstuff and Cattle Dealers Association of Nigeria (AUFCDN)
THE Lagos Inland Revenue Service, LIRS has directed employers to deduct Capital Gain Tax (CGT) from employee’s termination of service payments, which is 10 percent of the terminal benefits of employees. According to LIRS, such compensations are subjected to taxation in line with section 6(a) of the CGT Act, although it is exempted from taxation
LIRS directs employers to deduct 10% tax from termination benefits. Read More »
a. Introduction The Federal Inland Revenue Service (FIRS) has published the Income Tax (Country-by-Country Reporting) Regulations, 2018 (CbCR Regulations). The CbCR Regulations was made public on 19 June 2018 and have an effective date of 1 January 2018. The Country-by-Country reporting is a response to evidence-based research on the direct consequence of harmful tax practices
FEDERAL INLAND REVENUE SERVICE COUNTRY-BY-COUNTRY REPORTING REGULATIONS Read More »
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