A whopping N248,871,621,023.767 billion went into the coffers of the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and the Nigerian National Petroleum Resources (through the Department of Petroleum Resources) as income from cost of revenue collection for the Nigerian government in 2018 alone. LEADERSHIP findings showed that the monies went into the respective

The board of Meyer Plc has reacted to a media report last week that its head office located in the Ikeja area of Lagos State was sealed by officials of the Federal Inland Revenue Service (FIRS) also last week. In a statement, Meyer confirmed that truly, officials of the tax agency were at its office

OSOGBO—GOVERNOR Gboyega Oyetola of Osun State has described payment of taxes as necessary support to support the development of the state. Oyetola Speaking during Iresi Day, in Iresi, Boluwaduro local government area, Oyetola said that  prompt and sincere payment of taxes by various categories of residents is an important civic duty, immediate implication of which

The Director General of the Lagos Chamber of Commerce and Industry, Muda Yusuf, has called on the Federal Government to grant the education and the health sector tax holiday, to help mitigate the imminent social crisis bewildering the sectors. Vanguard Economic Discourse Muda made this known during a panel section at the Vanguard Economic Discourse

President Muhammadu Buhari on Friday in Abuja pledged that the Federal Government would look into the issue of illegal tax collections to encourage more private sector businesses to thrive in the country. The president made the pledge when he received the leadership of the Amalgamated Union of Foodstuff and Cattle Dealers Association of Nigeria (AUFCDN)

THE Lagos Inland Revenue Service, LIRS has directed employers to deduct Capital Gain Tax (CGT) from employee’s termination of service payments, which is 10 percent of the terminal benefits of employees. According to LIRS, such compensations are subjected to taxation in line with section 6(a) of    the CGT Act, although it is exempted from taxation

a. Introduction The Federal Inland Revenue Service (FIRS) has published the Income Tax (Country-by-Country Reporting) Regulations, 2018 (CbCR Regulations). The CbCR Regulations was made public on 19 June 2018 and have an effective date of 1 January 2018. The Country-by-Country reporting is a response to evidence-based research on the direct consequence of harmful tax practices