Timi Frank, political activist and former Deputy Publicity Secretary of the All Progressives Congress (APC), has dared the Federal Island Revenue Service (FIRS) to go to court, telling it to bury its face in shame over alleged corruption being perpetrated there. The activist had on Monday linked the agency with a N90 billion election fund […]
Amongst other factors, the global dip in oil prices and the resulting economic recession in Nigeria resulted in an increased focus on revenue generation through taxation in Nigeria. Following the mandate by the Federal Government, the Federal Inland Revenue Service (FIRS) intensified its drive for tax collection and has so far reported giant strides in
Nigeria’s Unchanging Tax To GDP Ratio: An Instructive Appraisal Read More »
The Vanguard news one of the nations leading news paper, has retracted a story and also apologised to the vice president over a story published on their website. The retraction and apology story reads. On our website publication of Monday, September 23, 2019, we published a story titled “N90 Bn FIRS Election Fund: Osinbajo’s problem,
Vanguard retracts 90BN FIRS story against vice president Read More »
Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says taxation is the country’s lifeline for economic development. Fowler made this known on Tuesday night in Abuja at the investiture of Kudirat Abdul-Hamid as the third national chairperson of Society of Women in Taxation (SWIT). Fowler was represented by Abiodun Aina, an official of
Grants and loans are NOT reliable revenue sources — taxes are Read More »
Residents of Cross River State, particularly low income earners, have been warned not to evade paying their taxes. The Speaker of the state House of Assembly, Eteng Williams, gave the warning in Calabar during a tax enlightenment town hall meeting organised by the Cross River State Internal Revenue Service as part of its sensitisation and
Don’t evade tax, Cross River warns low income earners Read More »
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday justified the proposed move by the federal government to increase the value added tax (VAT), which is currently at 5 per cent to 7.5 per cent. He said the government was apparently left with no other option than to raise taxes to
Better to Boost Revenue By Raising VAT than Borrowing Read More »
The federal government shouldn’t increase Value Added Tax (VAT) just because Nigeria has the lowest VAT rate in the world as its economic conditions are not the same with countries with high VAT, the Association of National Accountants of Nigeria (ANAN) has said. The president of ANAN Prof. Muhammad Akaro Mainoma who spoke at the
Ms Leilana Fartha, UN Special Rapporteur on the Rights to Adequate Housing, on Monday urged the Federal Government to impose vacant home taxes with a view to addressing housing challenges in the country. Fartha at a news conference in Abuja expressed concern over the human rights crisis presented by poor living conditions in Nigeria’s informal
The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, has said there is no going back on the federal government’s determination to increase public revenue through intensified tax collection. This is coming as the Tax Leader, PwC, Mr. Taiwo Oyedele, has raised the alarm that Nigeria’s tax system contains 354 different taxes, stressing that
No Going Back on Aggressive Tax Drive, FG Insists Read More »
The Federal Inland Revenue Service (FIRS) recently released the Income Tax (Common Reporting Standard) Regulations (The Regulations). The Regulations seek to give effect to various international conventions, treaties and guidelines between Nigeria and other contracting States with respect to mutual administrative assistance, automatic exchange of financial account information and compliance with common reporting standards and
FIRS Releases The Income Tax (Common Reporting Standard) Regulations 2019 Read More »
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