Business

FIRS issues deadline for taxpayers to obtain TIN

Ihesiulo Grace 28 February 2020 0

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

Business

Tribunal orders firm to pay N1.7bn tax to FIRS

Ihesiulo Grace 26 February 2020 0

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 […]

Business

Finance Act: Nami embarks on national tour, meets tax stakeholders

Ihesiulo Grace 18 February 2020 0

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 […]

Business

Why FIRS didn’t meet target revenue – Nami

Ihesiulo Grace 14 February 2020 0

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 […]

News

FIRS inaugurates intelligence system to track tax evaders

Ihesiulo Grace 13 February 2020 0

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

News

Your allegations are “wicked, malicious, FIRS tells Timi Frank

Ihesiulo Grace 16 December 2019 0

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,

Brands and Marketing Business Features

VAT Increase: Why Nigerian brands must be on red alert

Ihesiulo Grace 23 October 2019 0

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. […]

Business

FG to extend TSA coverage to foreign accounts

Ihesiulo Grace 3 April 2019

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

Business Headlines

FIRS recovers N3.632bn tax debts in 19 months

Ihesiulo Grace 5 October 2018 0

…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 […]

Headlines News

FIRS boss commends Gov Ugwuanyi on effective IGR utilization

Ihesiulo Grace 17 July 2018 0

*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 […]

News

FG goes tough against fake tax certificate holders

Ihesiulo Grace 20 June 2018 0

…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

Business Headlines

FIRS nets N1.171trn in 3 months

Ihesiulo Grace 30 April 2018 0

…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 […]

Headlines News

Tax defaulters: EFCC recovers N28bn for FIRS

Ihesiulo Grace 11 April 2018 0

…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, […]

Business Headlines

Tax: FG rakes N131bn from 6 banks

Ihesiulo Grace 4 April 2018 0

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 […]

News

FIRS asked court to dismiss 2 Oil Firms’ suit seeking 5 years tax reliefs

Ihesiulo Grace 7 December 2017 0

The Federal Inland Revenue Service (FIRS) has asked the Federal High Court in Abuja to dismiss the suit filed by two oil companies, Midwestern Oil and Gas Company Ltd, and Suntrust Oil Company Nigeria Ltd seeking to review decision on three years tax relief granted them. The two oil firms had in a suit filed […]

Business

CBN, FIRS, stakeholders meet to marshal blueprint on FSS 2020

Ihesiulo Grace 4 December 2017 0

The Central Bank of Nigeria (CBN) and other agencies involved in the implementation of the Financial System Strategy (FSS 2020), will converge on Lagos this week to mark ten years of strategising to bring into existence the Financial System Strategy 2020. The objective of the event, which is billed for the Radisson Blu Hotel, Victoria […]

Business

Revenue target: FIRS rakes N3.2trn in 10 months – Fowler

Ihesiulo Grace 28 November 2017 0

The Executive Chairman of Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has said that the revenue agency has achieved 79.35 per cent of its collection target for 2017, represented total generated amount of N3.233 trillion in 10 months. The revenue collector boss, disclosed this on yesterday at interactive session for review of 2018–2020 Medium […]

Business Economy Politics

FIRS compounds miserable week for Atiku’s INTELS

Ihesiulo Grace 17 October 2017 0

For sure, it has not been a 7 days to remember for Integrated Logistics Services (Intels), the services company owned by former Vice-President Atiku Abubakar. Last week, without any warning, the Nigerian Port Authority (NPA) terminated the lucrative pilotage arrangement that it had with the company. Although the company has come out to say it […]

Business

Ogun faults data by finance ministry, FIRS, others on VAT

Ihesiulo Grace 21 September 2017 0

Ogun State Governor, Senator Ibikunle Amosun, has described data presented by the Federal Ministry of Finance, Federal Bureau of Statistics (FBS) and the Federal Inland Revenue Service (FIRS), as regards the contributions of the state to the Value Added Tax (VAT) as a misrepresentation. He said the claim that Lagos State contributes more than Ogun […]

Business News

FIRS rakes in N2.5trn in 8 months

Ihesiulo Grace 19 September 2017 0

.Corruption, biggest challenge in Nigeria -Magu The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Tunde Fowler, has disclosed that the agency’s innovative strategies, with focus on non-oil sources has enabled the Federal Government to rake in N2.5trillion between January and August, 2017, “despite the harsh economic climate.” Fowler made