Only recently, business owners were awakened to cruel bank transaction notifications running into millions of naira undertaken without their consent. On further enquiries from their respective banks, they were shocked to learn that the Federal Inland Revenue Service (FIRS) had issued fiat to financial institutions to put lid on accounts of suspected tax defaulters. “We […]
FIRS Enforcement Move Threatens Investors Confidence Read More »
As a result of complaints by Nigerians and industry experts, the Federal Inland Revenue Service (FIRS) has written to banks, directing them to lift the lien on tax defaulters’ bank accounts for 30 days. The directive, which takes immediate effect, was contained in a letter from the Chairman, FIRS, to bank Managing Directors. FIRS, however,
FIRS Soft Pedals, Directs Banks To Unfreeze Tax Defaulters’ Accounts Read More »
The Acting Registrar General of the Corporate Affairs Commission (CAC), Lady Azuka Azinge, has said that the Federal Government reviewed the fee for business registration downward by 50 per cent to encourage Small and Medium Enterprises (SMEs) to formalise their businesses. She said this when the management of Daily Trust Newspaper visited her in the
50% fee cut to encourage 34m SMEs to formalise – Lady Azinge Read More »
The Federal Inland Revenue Service (FIRS) recently issued Letters of Substitution, pursuant to Section 49 of the Companies Income Tax Act (CITA) 2004 and Section 31 of the Federal Inland Revenue Service Establishment Act (FIRSEA) 2007, to banks in Nigeria (“the Substitution Banks” or “SBs”), appointing them as tax collecting agents for certain listed customers
KPMG, one of the Big Four auditors in the world, says Nigeria’s Federal Inland Revenue Service (FIRS) has gone draconian by giving fiats to banks to freeze accounts of suspected tax defaulters. In September 2018, Tunde Fowler, FIRS chairman, said the service was going after 6,772 tax defaulters, stating that they would have their account
FIRS has gone draconian by freezing accounts of alleged tax defaulters, says KPMG Read More »
Few days after being accused of refusing to remit over N2tn said to have been seized from corrupt public officeholders, the Economic and Financial Crimes Commission has been linked to another scandal following the revelation that the commission recovered over N1.7bn from 15 companies for the Federal Inland Revenue Service but failed to remit same
The Independent National Electoral Commission has said that measures were put in place to ensure that Observer Groups accredited for the 2019 general elections were apolitical. The Independent National Electoral Commission has said that measures were put in place to ensure that Observer Groups accredited for the 2019 general elections were apolitical. INEC National Commissioner,
We Accredit Genuine, Apolitical Observer Groups –INEC Read More »
Prince Adetokunbo Kayode, President of Abuja Chamber of Commerce and Industry (ACCI), has called for urgent tax reforms to save Small and Medium Enterprises (SMEs) from stifling demands for tax even before they make profit. Kayode who stated this while speaking with newsmen in Abuja, explained that the practice of mandatory requirement for tax clearance
Kayode Calls For Urgent Tax Reforms To Save SMEs In Nigeria Read More »
The Society of Women in Taxation, Lagos State Chapter, says it is committed to promoting tax knowledge to women in society. In a statement on Monday, SWIT said it would be educating women during its upcoming tax forum for corporate and professional women in Lagos with the theme, ‘Building a new Nigerian tax culture through
The Lagos Chamber of Commerce and Industry, LCCI, yesterday, countered the move by the Federal Inland Revenue Service (FIRS) to restrain bank accounts of some individuals and businesses over tax defaults. Muda Yusuf, LCCI boss…debt stock profile not sustainable In a communiqué by the Council of the LCCI, the Director General, LCCI, Mr. Muda Yusuf,
LCCI challenges FIRS over gagging of bank accounts Read More »
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