The executive chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler has set for the agency a target of N750 billion to be recovered from 55,000 defaulting taxpayers. The money is what millionaire tax debtors are owing and the effort to recover it is coming at a time the government is unveiling plans […]
Nigeria is seen generating $13 billion in additional tax revenue if she could digitalise her identification programmes. This is according to a new McKinsey Global Institute report, which claims that high adoption of digital ID with the right principles can help unlock 3 percent economic value equivalent of GDP in advanced economies and as much
Presidential candidate of the opposition National Democratic Congress (NDC), John Mahama has said his administration will scrap the luxury vehicle tax if it comes to power; if the Akufo-Addo government fails to do so. Describing the levy as an ill-conceived one, he said its introduction has overburdened the ordinary commercial driver whose vehicle possesses the
The Tax Appeal Tribunal sitting in Abuja, on Wednesday, fixed May 14 for definite hearing in a suit filed by a company, “M FIFTEEN” Consultants against the Federal Inland Revenue Service (FIRS). The company also dragged the FIRS, before the Tax Appeal Tribunal sitting in Abuja over alleged double taxation. Also joined in the suit
Tribunal fixes definite hearing in suit of double taxation against FIRS Read More »
The controversies dogging the nation’s tax reforms, now with Value Added Tax (VAT) regime, may not achieve anything positive unless a holistic approach is taken and urgently, tax professionals have said. The top tax administrators, at the sensitization seminar on proposed VAT increase and the non-assented housing fund bill, organized by the Chartered Institute of
Professionals call for due process, fault ‘piecemeal’ tax reforms Read More »
Introduction In August 2018, taxpayers were awakened to sudden freezing of their bank accounts for alleged non-payment of taxes and this marked the beginning of an “account- freezing” operation by the Federal Inland Revenue Service (FIRS). Many taxpayers who contemplated challenging the powers of the tax authority to direct the freezing of their bank accounts
Tax Dispute Resolution In Nigeria: Challenges And Practical Steps Read More »
Proprietors of Private Schools in Anambra State have been charged to run a transparent, accountable, value based and quality education system in the state. The Commissioner for Basic Education, Professor Kate Omenuga made the remarks in Awka during an interactive meeting on what is expected of the proprietors to do in terms of tax payment.
Tax payment: Anambra tasks proprietors of private schools on transparency Read More »
Some officials of the FIRS have reportedly been arrested by the EFCC for alleged fraud. It was reported that N6 billion tax fund meant for the federal government has been diverted . The EFCC also confirmed the arrest of the officials nine senior officials of the Federal Inland Revenue Service (FIRS) have reportedly been arrested
Ex-Super Eagles’ captain, Austin Jay Jay Okocha has resolved his tax evasion case with the Lagos State Internal Revenue Board with indications rife that the suit may be struck out today when it comes up for hearing. Reports have it that the former footballer has reached an amicable settlement of the case with the authorities
The Federal Government, through the Federal Inland Revenue Service, plans to generate N4.3tn from petroleum profit tax and N1.7tn through the Value Added Tax in 2019, The amount is part of the N8.8tn tax revenue needed by the government to finance the 2019 budget. Details of how the revenue would be generated are contained in
FG moots idea of raising N6tn from petroleum tax, VAT Read More »
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