Despite the crumbling of the global economy due to Coronavirus pandemic, especially the sharp fall in the prices of crude oil, the Federal Inland Revenue Service (FIRS) has recorded an increase of 7.3 per cent revenue collection target for the First Quarter (Q1) of 2020, compared to the corresponding period of 2019. The spokesperson of […]
The Board of Federal Inland Revenue Service (FIRS) has approved the appointment of four Coordinating Directors (CD) and two Group Leads (GL) in acting capacity and retired some directors. Mr. Abdullahi Ismaila, Director, Communications and Liaison Department of the service, made this known in a statement in Abuja on Wednesday. Ismaila said the appointment was […]
Directors of the Federal Inland Revenue Service that have served eights years and above as directors in the service have been relieved of their appointments The decision according to a memo dated March 24, 2020, titled: “Notification,” and signed by the FIRS Executive Chairman, Muhammad Nami, was taken at the emergency meeting of the Board […]
The Federal Inland Revenue Service (FIRS) has collected the sum of N338.1 billion revenue for January 2020 as a against N620.2 billion tax target for the month. According to an FIRS document obtained by the News Agency of Nigeria (NAN) in Abuja on Sunday, the figure represents the aggregate collection by states’ coordinating units on […]
Abuja – The Federal Inland Revenue Service (FIRS ) has collected the sum of N338.1 billion revenue for January 2020 as a against N620.2 billion tax target for the month. According to an FIRS document obtained in Abuja on Sunday, he figure represents the aggregate collection by states’ coordinating units on monthly basis. The new […]
The Federal Inland Revenue Service (FIRS) is working closely with Ministries, Departments and Agencies (MDAs) to increase the rate of compliance with the remittance of Pay-As-You-Earn (PAYE) tax and block loopholes being exploited by the MDAs to pay lesser tax than they should pay under the Progressive Tax System which Nigeria operates. Chairman, FIRS, Mr […]
The Federal Inland Revenue Service (FIRS) has set a deadline for all taxpayers and organisations to obtain Tax Identification Numbers (TINs). The agency expects all documents supporting business transactions to display the TIN before April 12, 2020. READ ALSO: NDIC wins N1.4bn debt recovery case against debtor of defunct Gulf Bank This deadline was given […]
The Tax Appeal Tribunal, sitting in Lagos has ruled as lawful an assessment in an additional tax liability of N1.738, 481,875.33 issued to Prime Plastichem Nigeria Limited (PPNL) by the Federal Inland Revenue Service (FIRS). The tribunal also said the amount is the correct income tax which the PPNL should pay on its profit for […]
Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, has embarked on a national tour of the six geo-political zones to sensitize the nation, especially taxpayers, in 2019 Finance Act. The first leg of the tour started on Monday in the South West where Nami met the Ogun State Governor, Dapo Abiodun, as well […]
Non-discretionary tax waiver grants, illicit financial flows abroad and high overhead costs have been described as the major reasons why the Federal Inland Revenue Service (FIRS) had failed to meet its tax revenue targets in recent times. The Executive Chairman FIRS, Mr Muhammad Nami, stated this on Thursday in Abuja at a Senate interactive session […]
Abuja – The Federal Inland Revenue Service (FIRS) has inaugurated a National Intelligence Gathering System to gather data and track tax evaders and defaulters across the country. The FIRS Director, Communications and Liaison Department, Mr Abdullahi Ismaila made this known in a statement in Abuja on Wednesday. Ismaila said the Executive Chairman, FIRS, Mr Muhammad […]
The Federal Inland Revenue Services, FIRS, has said that former spokesperson of the All Progressives Congress, APC, Timi Frank’s allegation against the agency were “wicked and malicious ‘ Timi Frank had alleged that FIRS supported the All Progressives Congress’ political campaign with the sum of N40bn and N90bn at different periods through Vice President, Yemi […]
The increase of the Value added tax (VAT) approved by Federal Executive Council on Wednesday (September 11, 2019) is a call to attention on Nigerian brands. The Minister of Finance, Budget and National planning, Zainab Ahmed, who announced the approval said the VAT was increased from the current 5 per cent to 7.5 per cent. […]
Mathew Dadiya- Abuja The Federal Government has disclosed that it was working towards implementing the Treasury Single Account (TSA) to cover foreign accounts. The Minister for Finance, Mrs Zainab Amed, disclosed this on Tuesday at a budget defence session with key revenue generating Ministries, Departments and Agencies (MDAs) organised by the House of Representatives joint […]
…Hands 114 firms to AGF for prosecution Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has said that the agency has recovered total tax debts of N3.632billion from January 2017 to August 31, 2018. Fowler disclosed this on Thursday at the African Union (AU) High-Level Panel on Illicit Financial Flows in Abuja, where he […]
*Wants other Governors to emulate him The Chairman of the Joint Tax Board (JTB), Mr. Tunde Fowler has commended Enugu State Governor Ifeanyi Ugwuanyi for putting in place a proficient and “unparalleled” tax regime, which has ensured that the state exceeded the 15 percent tax revenue to GDP benchmark suggested by the United Nations for […]
…Wants agencies to verify certificates before payment The Federal Government has mandated all Ministries, Departments and Agencies (MDAs) and the Federal Inland Revenue Service (FIRS) to authenticate all Tax Clearance Certificates (TCCs) presented by companies and individuals engaged in public procurement processes before making any payment to contractors. This directive was in response to the […]
…Development, endorsement of change under Buhari- Adeosun The Federal Inland Revenue Service (FIRS) has generated N1.171trillion in the first quarter of 2018 – between January and March, amounting to N393 billion more than it collected during the same period in 2017. The N1.171 trillion collected in the first quarter of 2018 represented 51 per cent […]
…Why we’re going after illegal varsities – Magu The Economic and Financial Crimes Commission (EFCC) has disclosed that it has recovered N28 billion from tax defaulters on behalf of the Federal Inland Revenue Service (FIRS). In a statement signed by the spokesman of the commission, Mr. Wilson Uwujaren and made available to The Daily Times, […]
The Federal Government through its revenue agencies generated not less than N131billion as tax income from six commercial banks operating in the country in 2017, findings by The Daily Times has revealed. The six commercial banks in 2016 paid government agencies N124 billion, as government at both the federal and state level continued brace up […]