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Shell Petroleum Remits $6.3b to Nigeria For 2018 Tax, 48% More Than 2017

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Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo) remitted $6.3 billion in 2018 to Nigerian government. The money which represented tax and production entitlement for the 2018 fiscal year and was paid to the Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPR), […]

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CAC: Assets of politicians, public officials to be made public – NFIU

Leave a Comment / Accounting, CAC- Corporate Affairs /

The assets of all public officials and senior political office holders will soon be open for public knowledge and scrutiny, says Director, Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman-Tukur. Mr Hamman-Tukur disclosed this on Thursday in Abuja at a budget defence session with the House of Representatives Committee on Financial Crimes led by Kayode Oladele

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Tax default: FIRS extends ‘account freeze’, plans to recover N750bn by June

Leave a Comment / Nigerian Tax /

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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FIRS reiterate call on eligible citizens to pay tax

Leave a Comment / Nigerian Tax /

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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FSDH advocates strategies to raise VAT revenue by 218%

Leave a Comment / Tax /

FSDH Merchant Bank, yesterday, cautioned the federal government against the proposed hike in Value Added Tax (VAT) rate, even as it recommended measures for increasing VAT revenue by 218 percent. The bank, in its monthly Economic and Financial Market Outlook, stressed that the proposed increase in VAT rate to 10 percent from five percent will

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What IMF Told President Buhari About Fuel Subsidies, Increase In VAT

Leave a Comment / Tax /

The International Monetary Fund (IMF) has called on the federal government to end fuel subsidies in the country. It also urged them to create a timeline to recapitalise weak banks in the country. Concise News understands that the IMF said this at the conclusion of the IMF Executive Board 19 Article IV Consultation with Nigeria.

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FG to fund 2019 budget deficit with new taxes, concessions

Leave a Comment / Nigerian Tax /

The Federal Government plans to finance Nigeria’s N1.859tn budget deficit in 2019 by introducing new taxes and adopting a concessionary financing system under its privatisation programme. The government also stated that the projected deficit, at 1.33 per cent of the Gross Domestic Products, was still within the threshold stipulated in the Fiscal Responsibility Act 2007.

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IMF praises Nigerian economy, urges elimination of tax incentives, suggests VAT ‘reform’

Leave a Comment / Nigerian Tax /

The International Monetary Fund says the Nigerian economy is recovering with increased Gross Domestic Product (GDP) in 2018 and falling inflation at the end of 2018. The Executive Board of the IMF stated this in its report at the conclusion of the Board’s consultation with Nigeria, according to a statement issued in Washington, DC by

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Tax Defaulters To Lose Property To Govt — FIRS Boss

Leave a Comment / Nigerian Tax /

Individuals and corporate bodies found guilty of tax evasion are to henceforth lose their properties to the Federal Government, the Chairman, Federal Inland Revenue Services (FIRS), Babatunde Fowler, has said. This was as he equally disclosed that the tax agency surpassed its target for 2018 by generating a total of N5.32 trillion. Fowler disclosed this

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