Wednesday, July 8, 2020

Tag "Babatunde Fowler"

    Nami resumes at FIRS — 10 days after Fowler’s exit

Nami resumes at FIRS — 10 days after Fowler’s exit

Muhammad Nami, the newly confirmed executive chairman of the Federal Inland Revenue Service (FIRS), has resumed at the Revenue House in Abuja. Nami resumes 10 days after Babatunde Fowler, the erstwhile chairman, ended his tenure as FIRS chairman. His appointment was confirmed by the senate on Wednesday. Nami held a meeting the management and staff of the service and assured them that he [...]

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    REVEALED: Fowler wrote to SGF requesting second term

REVEALED: Fowler wrote to SGF requesting second term

Babatunde Fowler, former chairman of the Federal Inland Revenue Service (FIRS), requested for an extension of his tenure before President Muhammadu Buhari announced his replacement, TheCable can report. Buhari appointed Muhammad Nami, a tax consultant, to replace Fowler whose tenure ended on Monday. In a letter dated December 9, Fowler wrote to Boss Mustapha, the secretary to the government of the federation, requesting [...]

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    Buhari fails to renew Fowler’s tenure, names new FIRS chairman

Buhari fails to renew Fowler’s tenure, names new FIRS chairman

President Muhammadu Buhari has appointed Muhammad Nami to replace Babatunde Fowler as chairman of the Federal Inland Revenue Service (FIRS). Fowler, whose tenure ended on Monday, was confirmed for a four-year tenure by the senate on December 9, 2015. He is expected to hand over to the most senior director on the board until the senate confirms Nami as FIRS chairman and [...]

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    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 ABDUL Sometime 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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