Thursday, November 29, 2018

Tag "Babatunde Fowler"

    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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    FIRS generated N4trn in 2017, says Fowler

FIRS generated N4trn in 2017, says Fowler

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says the agency generated N4 trillion in 2017.Fowler said this on Monday when he visited Rilwan Akiolu, oba of Lagos.The FIRS chairman said the aforementioned sum generated by the service is an indication that Nigeria can depend less on oil revenue, which has dipped since 2014.He said the figure is [...]

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    VAIDS: FG to seize 2,000 properties in Abuja

VAIDS: FG to seize 2,000 properties in Abuja

The federal government has said it will seize properties that are built and owned by corporate organisations from where taxes are not being paid.Babatunde Fowler, chairman of the Federal Inland Revenue Service, said this on Thursday during a media workshop on voluntary assets and income declaration scheme (VAIDS).While urging individuals and companies yet to declare their earnings and pay relevant taxes [...]

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    Fowler: VAIDS has yielded N16.9bn at federal level alone

Fowler: VAIDS has yielded N16.9bn at federal level alone

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says the voluntary assets and income declaration scheme (VAIDS) has generated N16.9 billion at the federal level alone.Fowler said this on Monday while speaking at an interactive session for review of 2018–2020 Mmedium term expenditure framework (MTEF) and fiscal strategy paper (FSP) in Abuja.The programme was organised by the house of representatives [...]

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    Fowler warns: Do the right thing, VAIDS deadline will not be extended

Fowler warns: Do the right thing, VAIDS deadline will not be extended

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says the announced deadline for the Voluntary Assets and Income Declaration Scheme (VAIDS) will not be extended.VAIDS is a self-assessment and tax compliance window for individuals and business entities to pay tax arrears without fear of prosecution and defaulters who do not comply will be sanctioned beginning from the March [...]

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    $50m earned from VAIDS in four months, says Fowler

$50m earned from VAIDS in four months, says Fowler

Babatunde Fowler, chairman, Federal Inland Revenue Service (FIRS), says the Voluntary Assets and Income Declaration Scheme (VAIDS) has yielded over $50 million in revenue since its launch four months ago.Fowler made this known on Monday while speaking at an event organised by the Nigeria governors’ forum secretariat in Abuja.Pointing to VAIDS as a key to revenue generation, Fowler said the scheme [...]

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    IMF director advises Nigeria to change tax policies

IMF director advises Nigeria to change tax policies

Abebe Selassie, director of the African Department (AFR) at the International Monetary Fund (IMF), says Nigeria needs to change its tax policies to increase revenue mobilisation.The IMF senior official made this statement while addressing the press at the ongoing annual meetings of the World Bank Group and International Monetary Fund (IMF) holding in Washington DC."I think the ministry of finance [...]

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    Fowler: If you earn N2m and your house is worth N50m, we’ll ask questions

Fowler: If you earn N2m and your house is worth N50m, we’ll ask questions

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says tax declaration should be consistent with the lifestyle of Nigerians.He said if someone says he or she earns N2 million and owns a house worth N50 million and a car worth N10 million, the tax agencies will ask questions.Speaking about the voluntary asset and income declaration scheme (VAIDS) on [...]

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    Ambode, Fowler to attend advertising agencies’ summit

Ambode, Fowler to attend advertising agencies’ summit

Akinwumi Ambode, governor of Lagos state, and Babatunde Fowler, chairman, Federal Inland Revenue Service (FIRS), are among the dignitaries excepted at the 44th annual general meeting/congress of the Association of Advertising Agencies of Nigeria (AAAN).According to a statement signed Steve Babaeko, publicity secretary of the association, the congress will hold between July 6 and July 8 at the Golden Tulip Hotel, [...]

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    UPDATED: FIRS extends tax amnesty for small businesses

UPDATED: FIRS extends tax amnesty for small businesses

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), has announced the extension of the tax amnesty for micro, small, medium enterprise across the country.Earlier, Fowler had granted a 45-day tax amnesty for businesses that had not paid taxes within 2013 and 2015.But speaking at a public-private policy dialogue with the National Association of Small and Medium Enterprise (NASME) [...]

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    HURRAY! FIRS grants partial amnesty to tax defaulters

HURRAY! FIRS grants partial amnesty to tax defaulters

The Federal Inland Revenue Service (FIRS) says it has granted a waiver of penalty and interest on tax liabilities to all companies between 2013 and 2015.In a public notice on Monday, Babatunde Fowler, the executive chairman of the FIRS, said the waiver only relates to accumulated penalty and interest but not principal tax due.Fowler said a 45-day window has been [...]

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    Fowler, FIRS chairman, elected president of African tax body

Fowler, FIRS chairman, elected president of African tax body

Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), has been elected president of the African Tax Administration Forum (ATAF).At the election, which held in Pretoria, South Africa, on Wednesday, Fowler polled 13 votes ahead of the four secured by his Togolese opponent.In his acceptance speech on behalf of Nigeria, Fowler pledged to expand the membership of the [...]

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Exchange Rates

November 27, 2018USDGBPEUR
INTERBANK306397354
LAGOS363475418
KANO364476420
PH364476420
ABUJA363478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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