VAT management is a solution to the complex process of VAT processing. It ensures that no VAT goes unclaimed while providing complete VAT tax compliance. VAT processing is every tax accountant’s nightmare. It gets worse with a multinational company. The task of researching on global VAT laws, the complex calculations, and the complication which results […]
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Nigeria must embark on a comprehensive tax reform to “sustainably increase its non-oil revenue” considered to be among the lowest in ratios to GDP in the world, the International Monetary Fund (IMF) has said. The nation has important development needs “big time” and with its non-oil revenue to GDP at around 3.4 and total tax
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The Federal Inland Revenue Service (FIRS) has taken its tax drive and enlightenment services to the 30th Enugu International Trade Fair, our correspondent reports. An Assistant Director of FIRS. Mrs Beatrice Obi told our correspondent that they were taking advantage of the event to sensitize participants on the need to discharge their civic duties. Obi
FIRS takes tax education to Enugu International Trade Fair. Read More »
The Senate, Wednesday resolved to override President Muhammadu Buhari’s veto on the constitution of the Federal Republic of Nigeria, 1999 (fourth Alteration, No.28) Bill, 2018 and Industrial Development (Income Tax Relief) Amendment Bill, 2018 respectively. This development followed the recommendations by Senate Technical Committee on Declined Assents to Bills By Mr. President and Commander-in-Chief of
Senate Set To Override Buhari on Constitution Alteration, Income Tax Relief Bills Read More »
The Senate has asked the Federal Government to consider increasing taxes on luxury goods and services to boost revenues. The Senate Committee on Finance made the recommendation on Tuesday during a plenary session. The committee also urged relevant agencies to continue exploring ways of generating additional revenues to reduce the government’s fiscal deficit. It said,
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The Federal Inland Revenue Service on Monday announced plans to automate collection of Value Added Tax from operators in the nation’s lottery and gaming industry. The Chairman, FIRS, Mr Babatunde Fowler, disclosed this in Lagos at a stakeholders’ meeting organised in conjunction with the National Lottery Regulatory Commission with lottery and gaming operators. He said
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The Institute of Chartered Accountants of Nigeria has called on the Federal Government to address some of the gaps identified in the implementation of the ease of doing business reforms. Specifically, it called on the Federal Inland Revenue Service to address the challenges being experienced in its technology infrastructure to make it easier for taxpayers
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Summary Section 41 of the Personal Income Tax (PIT) Act mandates all persons who are taxable under the PIT Act to file a return of income and claims for every tax year with the tax authority of the state in which the taxable person is deemed to be resident. This return is expected to be
The Deadline For Filing Annual Returns Of Income And Claims Is 31 March 2019 Read More »
Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), says the service plans to recover N750 billion from 55,000 defaulting taxpayers by extending its account substitution policy. Fowler was speaking in Abuja on Tuesday during a meeting with the joint house committees on finance; appropriations; and aids, loans and debt on the 2019/2021
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Babatunde Fowler, Executive Chairman, Federal Inland Revenue Service (FIRS) has reiterated call on eligible citizens to ensure adequate payment of tax to government for enhanced revenue generation. Fowler gave the advice during the 6th Edition of the Nigerian Youth Leadership Summit themed ‘Mentoring and Building Leadership Capacity for Good Governance’ on Thursday in Abuja. Represented
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