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FIRS targets 45 million tax base by Q3, 2019

 July 17th, 2019  | Nigerian Tax

Tunde Fowler, Chairman, Federal Inland Revenue Service (FIRS) has announced the possibility of the agency to increase the country’s tax base by over 100 percent to 45 million before the end of  Q3 2019, a target which would hopefully expand the country’s low tax revenues. Nigeria’s has a low tax base currently put at aboutRead More

FG clears N135bn PAYE liabilities to states

 July 17th, 2019  | Tax

The Federal Government has cleared the N135.8bn Pay-As-You-Earn tax liabilities owed by federal Ministries, Department and Agencies to state governments. The PAYE tax liabilities owed to various state governments covered the period between 2002 and 2016. The Executive Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, confirmed the payment on Monday in Abuja at theRead More

How new national tax system will boost revenue, grow businesses – FIRS

 July 17th, 2019  | Tax

The new national Taxpayer Identification Number (TIN) registration system and consolidated tax database will ensure value addition to tax revenue administration and facilitate the ease of doing business, the Federal Inland Revenue Service (FIRS) has said. The system, which consolidates individual and corporate taxpayers’ records, provides a unique identity to the taxpayer as the foundationRead More

Buhari orders agencies to work with new Joint Tax Board

 July 17th, 2019  | Tax

President Muhammadu Buhari has directed all business data generating agencies in the country to furnish the Joint Tax Board (JTB) with all vital information necessary for its activities. This is as the Federal Inland Revenue Service (FIRS) plans to get 45 million Nigerians into the tax net by September. Vice President Yemi Osinbajo, who droppedRead More

PECAN urges government to curb multiple taxation.

 July 17th, 2019  | Tax

The Vice President, Pest Control Association of Nigeria (PECAN), Mr. James Erondu has said many of its members have been running their companies at a loss due to multiple taxation and extortion. He therefore appealed to the Lagos State government to call its tax agents to order and put an end to the extortion. SpeakingRead More

SEC lays out plans to leverage FIRS, NSE, and CAC in nailing Oando

 July 16th, 2019  | Tax

The Securities and Exchange Commission (SEC) is planning to partner the Federal Inland Revenue Service (FIRS), the Corporate Affairs Commission (CAC), and the Nigerian Stock Exchange (NSE), over Oando Plc‘s alleged corporate infractions. The capital market regulator disclosed that it plans to share findings from Oando Plc’s forensic audit with other regulatory institutions in orderRead More

VAT hike: PDP, CUPP berate Buhari over directive to govs

 July 16th, 2019  | CAC- Corporate Affairs

The Peoples Democratic Party and the Coalition of United Political Parties  on Saturday criticised President Muhammadu Buhari for asking the governors of the 36 states to increase Value Added Tax in the next four years. Buhari had, while inaugurating the National Economic Council for its 2019-2023 session at the Presidential Villa in Abuja, told theRead More

New JTB TIN Registration Will Bring Convenience, Transparency

 July 16th, 2019  | Tax

Mr. Babatunde Fowler, Chairman, Joint Tax Board (JTB) and Federal Inland Revenue Service (FIRS), explains to select journalists, how the new tax identification number registration system, scheduled for launch on Monday, will bring convenience to the taxpayer, boost tax compliance and revenue collection. Olaoluwakitan Babatunde was there There is a plan by the Joint TaxRead More

Court orders Shell to pay $17.9 million to FIRS

 July 16th, 2019  | Tax

A Federal High Court,in Lagos south west Nigeria,  Presided over  by Justice Chuka Obiozor, today  ordered four multinational Oil companies, namely Shell Nigeria Exploration and Production Company Limited, Esso Exploration and Production Nigeria( DEEPWATER) Limited, Nigeria Agip Exploration Limited, and Total E&P Nigeria Limited to pay a total sum of $17,900,484.80., as penalty  and interestRead More

Google endorses ‘international tax deal’ for multinational

 July 16th, 2019  | Tax

Google said Thursday it supports a global agreement on taxation that could allocate more taxes from multinationals to jurisdictions outside their home countries. “We support the movement toward a new comprehensive, international framework for how multinational companies are taxed,” said a blog post from Karan Bhatia, Google’s vice president for public affairs and public policy.Read More

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