Tuesday, October 22, 2019

Tag "Babatunde Fowler"

    Fowler: No harm in introducing communication tax, Nigerians talk a lot on phone

Fowler: No harm in introducing communication tax, Nigerians talk a lot on phone

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says there is no harm in introducing a communication tax.Fowler made this known on Monday while speaking to TheCable on the sidelines of the ongoing Nigerian Economic Summit Group conference holding in Transcorp Hilton in Abuja."I will put it this way, Nigerians talk a lot on the phone; they even [...]

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    Fowler: Grants and loans are NOT reliable revenue sources — taxes are

Fowler: Grants and loans are NOT reliable revenue sources — taxes are

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says taxation is the country’s lifeline for economic development.Fowler made this known on Tuesday night in Abuja at the investiture of Kudirat Abdul-Hamid as the third national chairperson of Society of Women in Taxation (SWIT).Fowler was represented by Abiodun Aina, an official of the FIRS.He said aids, grants and loans [...]

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    Uber, Jumia, Netflix…. businesses that may be affected by FIRS’ new VAT policy

Uber, Jumia, Netflix…. businesses that may be affected by FIRS’ new VAT policy

Businesses operating in Nigeria's internet space are preparing to add value-added tax (VAT) to their cost of doing business.Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS) recently announced that the service will extend its tax net by charging 5% VAT on online transactions.Since its inception, the Muhammadu Buhari-led administration has made attempts to increase government's revenue.In collaboration [...]

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    From January, you will be charged VAT on online transactions

From January, you will be charged VAT on online transactions

The Federal Inland Revenue Service (FIRS) says it will begin to impose value-added tax (VAT) on online transactions, both domestic and international, with effective from January 2020.Babatunde Fowler, FIRS executive chairman, made this known on Monday at the African Tax Administration Forum (ATAF) technical workshop that held in Abuja.Fowler said a lot of countries that see Nigeria as a good [...]

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    FIRS: VAT, withholding tax must be remitted on the 21st of every month

FIRS: VAT, withholding tax must be remitted on the 21st of every month

The Federal Inland Revenue Service (FIRS) says all companies must remit value-added tax and withholding tax by the 21st day of every month.According to a statement signed by Babatunde Fowler, the FIRS chairman, some companies have been found not to deduct these taxes at source.VAT is a consumption tax placed on a product whenever value is added at each stage [...]

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    FIRS generates N1.5tn in three months, beats 2018 record

FIRS generates N1.5tn in three months, beats 2018 record

The Federal Inland Revenue Service (FIRS) says it  generated N1.5 trillion as revenue in the first quarter (Q1) of 2019.Babatunde Fowler, FIRS chairman disclosed this to NAN on the sidelines of a high-level meeting on illicit financial flows hosted by the United Nations General Assembly in New York, US, at the weekend.The revenue represents a 28% increase from the N1.17 [...]

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    Putting square pegs in square holes

Putting square pegs in square holes

BY KEEM ABDULSometime in 2017, the United Nations through its Economic and Social Council sought for taxation experts from across the world to sit on its committee to proffer solutions to issues on international taxation and cooperation. In August of that year, Antonio Guteress, Secretary General of the United Nations told the world that they had been able to get [...]

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    Tax default: FIRS extends ‘account freeze’, plans to recover N750bn by June

Tax default: FIRS extends ‘account freeze’, plans to recover N750bn by June

Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), says the service plans to recover N750 billion from 55,000 defaulting taxpayers by extending its account substitution policy.Fowler was speaking in Abuja on Tuesday during a meeting with the joint house committees on finance; appropriations; and aids, loans and debt on the 2019/2021 Medium Term Expenditure Framework (MTEF) and [...]

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    Sowore’s movement rejects plan to increase VAT

Sowore’s movement rejects plan to increase VAT

Take It Back movement,the group which coordinated the presidential campaign of Omoyele Sowore, publisher of SaharaReporters, says plans by the federal government to increase value added tax (VAT) is cruel.Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), had on Tuesday said Nigerians should brace up for a VAT increase, adding that the impending increase was one of the [...]

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    FIRS: No plan to increase VAT to 50 percent

FIRS: No plan to increase VAT to 50 percent

The Federal Inland Revenue Service (FIRS) says it has no plans to increase the rate of value added tax (VAT) from 5 percent to 50 percent.The tax administration agency was reacting to reports that Babatunde Fowler, its chairman, had proposed that VAT increase to 50 percent.Fowler allegedly made the recommendation during a session with members of the senate finance [...]

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    FIRS generates N23bn by ‘freezing’ accounts of 3,000 tax defaulters

FIRS generates N23bn by ‘freezing’ accounts of 3,000 tax defaulters

The Federal Inland Revenue Service (FIRS) says it generated over N23 billion in unpaid taxes from the recently suspended restriction on the corporate bank accounts of tax defaulters.Babatunde Fowler, FIRS chairman, was speaking in Lagos on Thursday at the Manufacturers Association of Nigeria (MAN) interactive forum on tax matters.According to him, the focus of the suspension exercise was on [...]

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    FIRS: 6,772 corporate bank accounts to be frozen for tax default

FIRS: 6,772 corporate bank accounts to be frozen for tax default

Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), says 6,772 corporate bank accounts will be frozen for defaulting on tax payments.In a statement released on Sunday, Fowler told Zainab Ahmed, minister of finance, that the agency has collected N12.66 billion from billionaire tax defaulters in less than a month.Saying the law empowers FIRS to appoint banks as [...]

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    Fowler: Multiple taxation does not exist in Nigeria

Fowler: Multiple taxation does not exist in Nigeria

Babatunde Fowler, chairman of the Federal Inland Revenue Services (FIRS), says multiple taxation does not exist in Nigeria.Speaking on Wednesday after a session with the federal executive council, he said the list of defaulters would be released by the middle of July.The Voluntary Assets Income Declaration Scheme (VAIDS) window closed on June 30 after a three-month extension from its initial [...]

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    FIRS: Multiple taxation of small businesses will soon be resolved

FIRS: Multiple taxation of small businesses will soon be resolved

The Federal Inland Revenue Service (FIRS) says incidences of multiple taxation will soon end because it has started harmonising taxes to be paid.NAN reports that Babatunde Fowler, executive chairman of FIRS, announced this on Friday at a roundtable discussion on women and the informal sector.The roundtable was organised by the Centre for Democracy and Development (CDD) in Abuja.Fowler, who was [...]

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    Fowler: We’ll soon start selling properties of companies who don’t pay tax

Fowler: We’ll soon start selling properties of companies who don’t pay tax

Babatunde Fowler, executive chairman, Federal Inland Revenue Service (FIRS), says the federal government is processing court documents that will allow it sell properties of companies who have been evading taxes.Speaking on Wednesday on The Core, a Channels Television programme hosted by Kadaria Ahmed, Fowler said the N20 billion realised from the voluntary assets and income declaration scheme (VAIDS) was paid [...]

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    Fowler: We’ve realised N20bn out of VAIDS’ N350bn target

Fowler: We’ve realised N20bn out of VAIDS’ N350bn target

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says the service has realised N20 billion out of the N350 billion projected to be realised from the Voluntary Assets and Income Declaration Scheme (VAIDS).Speaking in an interview with financial correspondents at the February 2018 members evening of the Institute of Directors in Nigeria in Lagos, Fowler said Nigeria experienced [...]

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Exchange Rates

October 21, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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