By Ukpono Ukpong The Federal Capital Territory Internal Revenue Service (FCT-IRS) has sealed the business premises of Phase3 Telecom and Cilantro Restaurant in Abuja after repeated warnings over unpaid tax obligations. Speaking during the enforcement exercise, the Acting Director of Legal Services and Head of the Enforcement Team, Festus Tsavsar, stated that the affected businesses […]
BY MOTOLANI OSENI The chairman of the Presidential Tax Reform Committee, Mr Taiwo Oyedele, has revealed that the proposed tax reform bill will exempt 97 per cent of Nigeria’s informal sector from taxation, stressing that the bill’s passage is imminent. Speaking at the Agusto & Co. 2025 Economic Roundtable in Lagos, Oyedele emphasised the need […]
By Tom Okpe The House of Representatives has passed through second reading the four tax reforms Bills, initiated by President Bola Ahmed Tinubu. The Bills which includes, Nigeria Tax; Nigeria Tax Administration; Nigeria Revenue Service and Joint Revenue Board of Nigeria, Establishment Bills, 2024 we’re read by the Speaker, Rep Tanudeen Abbas, at plenary on […]
By Samuel Luka Group under the platform of Coalition of Northern Groups (CNG) has opposed the bill that seeks to impose tax on family wealth or inheritance of Nigerians. The National Coordinator of the group, Comrade Aliyu Jamilu Charanchi who disclosed this while addressing a press conference in Bauchi at the weekend commended the Nigerian […]
By Andrew Oota The National Assembly has reconvene from its end of the year break and top on its agenda are the passages of two major legislations : The 2025 Money Bill and the Tax Reform Bills The Senate and House of Representatives have commenced engaging ministries , parastatals and agencies of Government in the […]
…says January-December budget circle sacrosanct By Haruna Salami The National Assembly said not even the tax reform bill could distract the parliament from passing the 2025 budget of the federal government on January 31, 2025. This Chairman, Senate Committee on Appropriations, Senators Adeola Olamilekan who disclosed this on Monday at a crucial meeting with chairmen […]
…says it is open to more dialogue, views from Nigerians By Tom Okpe Southern Caucus of the House of Representatives, said the tax reform bills initiated by President Bola Ahmed Tinubu is a welcome development in the country. Leader of the caucus, Rep Nicholas Mutu however while briefing the media said they are open to […]
**Dispel Rumour of Plot Against Poor States A group of experts from Northern Nigeria have thrown their weight behind the Tax Reform Bills proposed by President Bola Tinubu, saying they will reinvigorate the northern economy. The experts, who spoke as resource persons in a town hall meeting in Abuja organised by 200 civil society organisations, […]
By Samuel Luka As the tax reform bill of President Bola Ahmed Tinubu generates public discourse, former Vice President and 2019, 2023 People’s Democratic Party (PDP) Presidential candidate, Alhaji Atiku Abubakar has called for objectivity and transparency in conducting public hearing regarding the bill. Alhaji Abubakar who made this known in Facebook post during the […]
BY STEPHEN GBADAMOSI The pan-Yoruba socio-cultural and socio-political organisation, Afenifere, has stated that the tax reform proposed by the Federal Government has a lot of beneficial potentials. In a press statement released by its National Publicity Secretary, Comrade Jare Ajayi, the body submitted that no region in the country should entertain any fear regarding the […]
As President Bola Tinubu’s administration charts a bold course towards economic diversification, one man stands out as a driving force behind Nigeria’s vision for a financially robust future: Dr. Zacch Adedeji, Executive Chairman and CEO of the Federal Inland Revenue Service (FIRS). Since assuming office in September 2023, Adedeji has spearheaded a transformative agenda, shattering […]
BY TUNDE OPALANA Federal Government tax reformation proposals will not lead to job loss or infect more pains on Nigerians. Chairman of Federal Inland Revenue Service ( FIRS ), Zacch Adedeji, allayed the fears of Nigerians on possible introduction of new taxes through proposed tax reform laws . He assured Nigerians , that the tax […]
…as Tinubu forwards Tax reforms bills to National Assembly By Tunde Opalana The Federal Government is planning far reaching reformation in the nation’s taxation regime, notably is mulling the renaming of Federal Inland Revenue Service ( FIRS ) to Nigeria Revenue Service ( NRS). President Bola Tinubu on Thursday transmitted an executive bill to both […]
BY TEMITOPE ADEBAYO The Federal Government saw a significant boost in tax revenue, raising N4.03 trillion through Company Income Tax (CIT) and Value Added Tax (VAT) in the second quarter of 2024. This marks a sharp increase compared to the first quarter of the year, highlighting the government’s strengthened tax collection efforts. According to data […]
Imposition of 5 per cent annual tax on private schools in the Federal Capital Territory (FCT) would be injurious to business and drive the school owners out of business. The submission was made on Saturday in Abuja by the National Association of Proprietors of Private Schools (NAPPS), reiterating its immediate reaction when the measure was […]
By Tunde Opalana Nigeria lost N17 trillion to tax waivers within the last years, the Federal Inland Revenue Service (FIRS) has revealed. The FIRS made the revelation on Monday during its budget presentation session with the Senate Committee on Finance. Describing the development as unacceptable, the Senate committee ordered FIRS to suspend tax waivers on […]
BY STEPHEN GBADAMOSI The Oyo State government has said that January 31, 2024 is the deadline for filing the year 2023 annual tax returns by corporate employers of labour. The government also said individual employers of labour had the 31st of March 2024 as deadline. The annual tax returns require every taxpayer to state the […]
Financial experts have voiced their support for the Federal Government’s proposal to tax additional wealthy Nigerians, viewing it as a means of income redistribution that can bolster the country’s fiscal revenues. Dr. Muda Yusuf, the Chief Executive Officer of the Center for the Promotion of Private Enterprise (CPPE), welcomed the government’s proposal as a form […]
By Tom Okpe Against allegations and abuse of Tax breaks, the House of Representatives has reiterated its commitment to end sabotage of incentives and ensure transparency and accountability in the country. Speaker of the House, Rep Abbas Tajudeen made this declaration in Abuja on Thursday, while inaugurating, House Ad’hoc Committee on ‘Investigation of Allegations of […]
By Ukpono Ukpong Federal Government yesterday initiated moves to close the about N20 trillion annual tax revenue gap in the country. Government also said the Chairman of Fiscal Policy and Tax Reforms Committee will help to make the country financially buoyant to fund its projects thereby putting an end to over-reliance on borrowing. This is […]