The Federal Inland Revenue Service (FIRS) may generate as much as N1.3 trillion in a quarter from Value Added Tax (VAT) on all online transactions, based on the projection of the levy being kept at the present five per cent base. Executive Chairman of FIRS, Mr. Tunde Fowler, said yesterday at the African Tax Administration […]
In the last month or so, several professional associations from across India have raised issues with the finance minister about the manner in which certain procedures, including online systems, followed by the tax department are causing difficulties for common taxpayers, instead of making life easier for taxpayers. At times, the systems cause insurmountable difficulties at
Common taxpayers suffered this tax filing season due to frequent changes Read More »
Summary On 14 August 2019, the Federal Inland Revenue Service (FIRS) issued a Public Notice (PN) on deduction of tax at source from compensations paid to agents by principal companies. The PN directs companies to deduct and remit Withholding Tax (WHT) and Value Added Tax (VAT) on compensations such as commissions and rebates, which are
FIRS Issues Public Notice On Taxability Of Certain Compensation Payments Read More »
The Federal Inland Revenue Service (FIRS) says it will begin to impose Value Added Tax (VAT) on online transactions, both domestic and international, from January 2020. The chairman of FIRS, Tunde Fowler, disclosed this at the African Tax Administration Forum (ATAF) Technical Workshop on VAT on Monday in Abuja. Mr Fowler said many countries had
FIRS sets date for start of online transaction VAT Read More »
With the resumption of Value Added Tax (VAT) collection from stock market transactions, investors will return at least N60.11 billion into government coffers in one year. The move, however, has drawn criticism from some stakeholders who said it would amount to double taxation. The Federal Government had in 2014 granted a tax holiday on all
Outrage as government makes N60b from new equity tax regime Read More »
Experts List Ways To Rev Up National Revenue Aside observed economic challenges, the failing strategies deployed by the Federal Inland Revenue Service (FIRS) in the collection of tax revenue is leaving billions of naira out of government coffers, thereby shorting the country’s revenue budgets. Furthermore, other revenue generating agencies like ministries of Finance; Industry, Trade
Governments at all levels have been urged to block all channels of tax leakages including avoidance, evasion, and corruption, through strict enforcement of tax laws. A Development Consultant Kolawole Banwo made the call at a meeting on the ‘Tax Justice and Breaking Barrier Project of ActionAid Nigeria organized by Rural Women and Youth Development in
Tax: ‘FG, states should block all channels of leakages’ Read More »
The Federal Inland Service (FIRS) has suspended the accounts owned by Obasanjo Farms, Iyiola Omisore and Davido Music Worldwide Ltd. Latest Nigeria News understands that the “bond” is a right to maintain possession of a property (accounts) that belongs to another person until a debt of that person is released. Remember that Babatunde Fowler, executive
FIRS names top firms owing taxes as Obasanjo, Davido makes list Read More »
The Peoples Democratic Party on Monday urged the National Assembly to investigate the handling of taxes collected by the Federal Inland Revenue Service in the last four years. The opposition party said this in light of the leaked correspondence to the FIRS boss, Babatunde Fowler by President Muhammadu Buhari’s Chief of Staff, Abba Kyari. In
Investigate tax collection by FIRS, PDP urges NASS Read More »
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, yesterday said the nation’s tax cash grew from N12, 190.52trillion between 2012 and 2014 to N16, 771.78 trillion from 2016 to 2018. He said the growth represented an increase of 37. 58 per cent. He also insisted that he had grown the
FIRS boss Fowler blames economy for low tax cash Read More »
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