The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, says Federal Government policies on tax exemptions and concessions are among sources of huge revenue leakages. A tax exemption is the right to exclude all or some income from taxation while a tax concession is a reduction made by the government in the amount […]
The Federal Inland Revenue Service (FIRS) has deployed an online portal to address fake Tax Clearance Certificates (TCC) issued by fraudsters. Dr Abdullahi Ahmad, Director, Communications and Liaison Department of FIRS, disclosed this in a statement issued in Abuja on Friday. Ahmad said the effort was part of measures to check the activities of fraudsters […]
Philip Clement, Abuja President Muhammadu Buhari has mandated ministries, departments, agencies and business enterprises to grant access to the Federal Inland Revenue Service (FIRS) to their systems for the purposes of tax collection nationwide. President Buhari issued the mandate on Thursday while delivering his address as the Special Guest of Honour at the First Annual […]
The rainy season is always a test of how good or bad Lagos roads are and the recent downpour of rain has shown that very few roads passed the integrity test. Daily Times gathered that according to the National Bureau of Statistics, Lagos generated N5,185,229,859.85 in road taxes in the first half of 2020 which […]
The Lagos Internal Revenue Service (LIRS) has urged Olamilekan Agbeleshe, self-styled ‘Laycon’ who is the winner of the 2020 edition of the Big Brother Nigeria reality TV show, , to pay his tax. Daily Times reports that LIRS made this known in a tweet on Monday, September 28, while congratulating him on his victory. “Congratulations […]
Former Chelsea forward Diego Costa will be charged in Madrid over tax fraud. The 31-year-old on June 4 will appear in court over charges of defrauding the Spanish government of £813,000 by not declaring payments of more than £4.19m from his 2014 move to Chelsea in 2014. He will face more charges of failing to declare more […]
The Imo State Government says it has sealed 13 hotels in the state for failure to settle their tax liabilities. Chairman of Imo State Internal Revenue Service (IRS), Mr Emma Ononaku disclosed this to News Agency of Nigeria (NAN) in Owerri on Thursday. Onanaku said the IRS had earlier obtained a court order which empowered […]
Abuja – Parties in a suit of alleged NI.2 billion tax error claims before the Tax Appeal Tribunal, Abuja on Wednesday agreed to explore an out-of-court settlement. The appellant, Mr Joseph Daudu, SAN, is challenging the alleged N 1.2 billion error in his taxation by Federal Inland Revenue Service (FIRS). At the resumed hearing, the […]
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 […]
Nigerian businessman, Adebutu Kessington popularly known as Baba Ijebu is reportedly being investigated by the Economic and Financial Crimes Commission (EFCC) over an alleged tax fraud and economic sabotage. The investigation which was rolled out after Western Lotto (another betting company which is owned by former Ogun Senator Buruji Kashamu) petitioned the anti-graft agency, has led to the detention of […]
The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than N25m will be exempted from Companies Income Tax. Currently, all companies are expected to pay the Federal Government 30 per cent of their profit as Companies Income Tax. READ ALSO: 66 killed in Indonesian floods as officials warn […]
The Edo Government has sealed some offices at the University of Benin, including the Office of the Vice Chancellor, over alleged tax evasion. News Agency of Nigeria (NAN) reports that the offices were sealed in the early hours of Monday by officials of the Edo State Board of Internal Revenue (BIR). Farmer 32, bags two-year […]
Tax revenue has been one of the major sources of revenue of many developing nations, a sit is utilized to boost development. In Nigeria, there has been outcry by the poor and middle class with regards to huge tax payments which the rich and well to do hardly pay. Bill to review taxation passes 2nd […]
Abuja – Dr Babatunde Fowler, the Executive Chairman, Federal Inland Revenue Service (FIRS) says that Nigeria looses about 15 billion dollars to tax evasion annually. He said this on Wednesday in Abuja while declaring open a seminar by the West Africa Tax Administration Forum (WATAF) on “Exchange of Information’’ as a tool to combat offshore […]
Nigerian youths have been hinted that they will form a large chunk of the 45 million tax payers by December 2019, a target set by the Federal Inland Revenue Services (FIRS). This is according to an expert, Mr Agu David who highlighted the importance of tax paying to select youths at the Poetry meets tax […]
Tax experts at the on-going IMF/World Bank Group Annual Meetings in Bali urged Nigeria and other countries to issue appropriate taxation regulations and tax rates to suit e-commerce businesses in their countries. This was a consensus reached during a panel discussion on Wednesday in Bali, Indonesia, titled “Fair and Transparent Taxation in a Digital Age”. […]
Audu Ogbeh, Minister of Agriculture and Rural Development, said herdsmen in the country had voluntarily declared their readiness to pay appropriate taxes to support the establishment of grazing reserves. Audu Ogbeh took a swipe at past governments, saying animal husbandry which contributed nearly six percent to the nation’s Gross Domestic Product (GDP) was neglected for […]
…Mines data from Federal, state agencies, foreign countries through Project Lighthouse The data mining efforts of the Federal Government through the Federal Ministry of Finance has identified a new batch of over 130,000 high net worth individuals and companies that have potential tax underpayments. The Honourable Minister of Finance, Mrs. Kemi Adeosun, revealed this on […]
* To name, shame defaulters March 31 The Federal Government has said that it has concluded plans to prosecute, name and shame tax evaders that fail to utilise the tax amnesty programme known as Voluntary Assets and Income Declaration Scheme (VAIDS), to regularise their tax profiles. Minister of Finance, Mrs. Kemi Adeosun, disclosed this on […]
Nigeria’s tax to GDP ratio at six percent is definitely very low when compared to its peers. According to available statistics, Ghana, the nation’s West African neighbour’s ratio at 15 percent cast a pall on Nigeria as the dominant economy in the sub-region. Again, South Africa’s at 24 percent also puts doubts on Nigeria being […]