The FIRS is comfortably the largest revenue collection agency, responsible for petroleum profit tax (PPT) and the most important non-oil taxes. The revenue generation of the FGN can be judged on its performance. Its collection increased by 22% in 2017 and 32% in 2018 but remains short of budget and, more significantly, the level to […]
Private sector Think-Tank, Nigeria Economic Summit Group (NESG) is set to unveil the findings of its nationwide survey on tax perception and drive government-citizen engagement for sustainable fiscal reforms through the launch of its “Better Tax” initiative. Better Tax, scheduled for launch in Lagos on May 15, is a service of the NESG’s Fiscal Policy
NESG Engages Stakeholders For Better Tax Initiative Read More »
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
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 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
About 55 life and non-life underwriting companies in the country have paid N36.5 billion as tax to the government through the Federal Inland Revenue Service (FIRS) in the last five years.The Guardian reliably gathered that between 2013 and 2017 financial years, these underwriters generated N100.4 billion as Profit Before Tax (PBT) and were left with
How insurers’ N37 billion tax affects industry growth Read More »
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