The power to levy tax in Nigeria, being a federation, is shared between the Federal, State and Local governments. To avoid double taxation, the tax system spells out which government unit (federal, state or local) has the power to levy tax on specific persons and matters. The Federal Inland Revenue Service Establishment Act 2007 provides […]
The Federal Inland Revenue Service has intensified its drive to recover outstanding tax liabilities from taxpayers in default of tax obligations. To this end, FIRS has been writing to taxpayers’ bankers, appointing the banks as collecting agents, to collect outstanding tax liabilities from the taxpayers’ bank account balances. This is referred to as tax substitution.
Legal questions on banks’ appointment as FIRS collecting agents Read More »
The Nigeria Anti-Corruption Vanguard has called on the Economic and Financial Crimes Commission, EFCC, to probe activities of Orion Agro Industries Nigeria Limited, manufacturing cigarettes in Ilorin Kwara State, considering the alleged interest of the Senate President, Bukola Saraki in the affairs of the company. It alleged that the firm was being allegedly used by
Tax: Anti-corruption group makes damning allegation against Saraki Read More »
Farmers in the North-West geopolitical zone have recounted their ordeals following the increasing rate of banditry and kidnapping, saying bandits have resorted to taxing them before they can have access to their farms. They said apart from this, most of them have been forced to abandon their farms, adding that except something urgent was done
Bandits tax us before allowing us access to our farms – North-West farmers Read More »
Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has dismissed reports suggesting that money paid as taxes was missing from the agency’s coffers. Fowler made the clarification in his office in Abuja yesterday. The clarification came in the wake of media reports alleging that taxpayers’ money in the custody of the agency
In a bid to refloat the economy and escape another recession in the economy, stakeholders have proposed an increase in Value Added Tax (VAT) and reintroduction of toll gates on Nigerian roads. One of the stakeholders who is also the Lead Director of Centre for Social Justice, Eze Onyekpere, advised President Muhammadu Buhari and the
Stakeholders seek VAT increase, reintroduction of tollgates Read More »
The Federal Inland Revenue Service (FIRS), on 30 April 2019, notified the public that it has introduced new measures to simplify and ease tax audit experience for all taxpayers. The new measures are intended to: 1. Reduce tax audit cycle to 63 days 2. Eliminate multiple tax audits by various tax authorities 3. Facilitate a
FIRS recommends a 63-day timeline for completion of tax audit exercises Read More »
The Economic and Financial Crimes Commission (EFCC) has launched a probe into the activities of some staff of the Federal Inland Revenue Service (FIRS). Babatunde Fowler, FIRS chairman, confirmed the development to TheCable on Wednesday saying the probe borders on alleged cases of irregularities concerning duty tour allowance (DTA). “On the DTA (Duty Tour Allowance),
Fowler: EFCC probing FIRS staff over ‘fraudulent payments’ Read More »
The Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has dismissed reports suggesting that money paid as taxes is missing from the agency’s coffers. Fowler made the clarification in an interview in his office in Abuja, yesterday. The clarification came in the wake of media reports alleging that taxpayers’ money in the
Vice President Yemi Osinbajo has extended the special window to register businesses at a reduced rate of N5,000 instead of N10,000 at the Corporate Affairs Commission (CAC). Osinbajo extended the business registration incentive from May 1 to July 31 2019. This was disclosed by the VP’s special assistant on media and publicity, Laolu Akande, on
Vice President Extends Slash In Business Registration Fee Read More »
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