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 »
The Chartered Institute of Taxation of Nigeria has expressed confidence that the current strategies and initiatives of the Federal Inland Revenue Service will improve revenue collections. The Registrar/Chief Executive, CITN, Adefisayo Awogbade, said the institute had observed that since August 2015, the FIRS target for two major non-oil taxes, Value Added Tax and Companies Income
FIRS strategies will improve tax revenue, says CITN Read More »
The Buhari Media Organisation (BMO) has expressed surprise that a company owned by a former President, Olusegun Obasanjo, is on the list of over 19,000 tax defaulters recently released by the Federal Internal Revenue Service (FIRS). The BMO, in a statement on Thursday by its chairman, Niyi Akinsiju, and Secretary, Cassidy Madueke, said it was
The Assemblies of God Church, Nigeria, has described as embarrassing the listing of the Church by the Federal Inland Revenue Service, FIRS, as one of the tax defaulting companies. It was gathered that the Government revenue agency had listed the church alongside 19,901 other accounts that were yet to regularise their tax status. A statement
FIRS’ action embarrassing – Assemblies of God Church Read More »
Federal Inland Revenue Service (FIRS) on Monday, 19 August 2019, issued a public notice mandating companies with lien on their accounts to regularise their tax status and pay the tax due within 30 days of the public notice. In the event of non-compliance within the stated timeline, FIRS has stated its intention to recover the
The revenue generated from Value Added Tax (VAT) in the second quarter of 2019 (Q2’19) rose by 17 percent to N312 billion from N269.79 billion in the corresponding period of 2018. The National Bureau of Statistics (NBS), yesterday, disclosed this in its sectoral distribution of Value Added Tax (VAT) data for Q2 2019. The report
Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, has announced its mid-year audited results for the period ended June 30, 2019, as it recorded a profit of N36.2 billion after tax. The Group also announced an interim dividend of 100 kobo. According to the Stanbic IBTC’s income statement, the Group recorded an
Stanbic IBTC records NN36.2bn profit after tax in 6 months Read More »
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has again reiterated that the payment of VAT on VATable online transactions is required by the law. But while this is true by all means, Nigerians have continued to express their misgivings to this development. There are many reasons why Nigerians have continued
Online VAT maybe “the law”, but Nigerians are not having it Read More »
The popular Abakpa Market in Abakaliki, the Ebonyi State capital, was shut down on Wednesday, following the alleged death of an apprentice. The victim was said to have been beaten to death by persons suspected to be thugs who reportedly accompanied government officials to the market to enforce payment of tax on behalf of the
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