Friday, November 16, 2018

Tag "Federal Inland Revenue Service"

    FIRS: We’re going after bank accounts of billionaire tax defaulters

FIRS: We’re going after bank accounts of billionaire tax defaulters

Tunde Fowler, chairman of Federal Inland Revenue Service (FIRS), says the service will soon go after the bank accounts of defaulting taxpayers who are billonaires.Fowler, who disclosed this at a stakeholders’ meeting in Lagos, said most of such taxpayers, have between N1bn and N5bn in their accounts.He said such individuals have no taxpayer identification number (TIN) while those who have [...]

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    Banks suspend BDCs’ accounts over tax remittance

Banks suspend BDCs’ accounts over tax remittance

Banks have placed a 'Post no Debit' notice on the accounts of some Bureaux de Change operators, demanding that they remit taxes on their transaction turnover.TheCable had earlier reported that the Federal Inland Revenue Service had ordered banks to freeze the accounts of tax defaulters.Commenting on the development, Aminu Gwadabe, president of the Association of Bureau De Change Operators of [...]

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    LCCI: FIRS freezing accounts of tax debtors damages the economy

LCCI: FIRS freezing accounts of tax debtors damages the economy

The Federal Inland Revenue Service (FIRS) has started writing to banks to freeze the accounts of tax defaulters to prevent affected parties from withdrawing from such accounts.Section 31 of the FIRS Act allows the tax administrator appoint collection agents of taxpayers considered to be in default of tax payments.Commenting on the directive, Muda Yusuf, director general of the Lagos Chamber [...]

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    EXCLUSIVE: General Electric fingered in multi-million dollar illegal tax deduction

EXCLUSIVE: General Electric fingered in multi-million dollar illegal tax deduction

General Electric (GE) withheld tax in excess of $3 million from its payments to Arco Group Plc, a Nigerian oil servicing company, according to documents seen by TheCable.There is strong evidence backing Arco's allegation, but GE has told TheCable it would not comment "for confidentiality reasons".In one of the documents, Arco claimed that GE deducted 10% as withholding tax for [...]

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    Osinbajo says number of tax compliant Nigerians up by five million

Osinbajo says number of tax compliant Nigerians up by five million

Vice President Yemi Osinbajo says the number of tax compliant Nigerians has increased by five million to stand at 19 million from the 14 million earlier recorded.Speaking on Wednesday at the opening ceremony of the 2018 edition of the Chartered Institute of Taxation of Nigeria (CITN) conference, Osinbajo said Nigeria still has a long way to go to catch up with the [...]

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    We are burdened by taxes, telcos lament

We are burdened by taxes, telcos lament

The Association of Licensed Telecommunications Operators in Nigeria (ALTON) says its members are burdened by taxes.The association said multiple taxes have been impacting negatively on their operations adding that the 2015 Amended Taxes and Levies Order has led to the imposition of arbitrary levies and charges on telecom firms by state governments.Addressing journalists on Tuesday, Gbenga Adebayo, ALTON chairman, said [...]

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    UK company, three others fail security clearance for VAT collection

UK company, three others fail security clearance for VAT collection

Risk Management Group, a company from the UK, and four other companies failed security clearance to manage an automated value added tax (VAT) collection project in the Nigerian telecommunications industry.Technology Times reports that the Federal Inland Revenue Service (FIRS) had requested that security clearance be carried out on the five companies because they will be granted access to restricted information [...]

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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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    Adeosun: Thousands will get letters to pay up their taxes

Adeosun: Thousands will get letters to pay up their taxes

Kemi Adeosun, minister of finance, says thousands will get letters advising them to pay up the differences in their taxes and take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS).Adeosun disclosed this during the weekend while speaking at workshop organised by the federal ministry of finance, Federal Inland Revenue Service and Joint Tax Board for lawyers, accountants and [...]

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    FIRS: Nigerians paid N2.11trn tax in seven months

FIRS: Nigerians paid N2.11trn tax in seven months

The federal inland revenue service (FIRS) says it generated a sum of N2.11 trillion as revenue from January to July 2017.NAN reports that the service made this known in a progress report of the FIRS from January to July 2017, showing their revenue performance and impact of the new tax regime.A breakdown of the report showed that the FIRS collected [...]

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    NPFL: Ivorian Seka Pascal wins goal of the week award

NPFL: Ivorian Seka Pascal wins goal of the week award

FC Ifeanyi Ubah’s Ivorian import, Pascal Seka, secured 338 votes to win the best goal award for Match Day 23 in the Nigeria Professional Football League (NPFL).Seka picked up 73 Twitter votes while Lobi Stars’ Anthony Okpotu was close behind with 71 of the 198 votes cast by fans, leaving El- Kanemi Warriors’ Aghahowa Otakho with 54.On the league's website, [...]

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    Tax debt: FIRS shuts 11 firms in Lagos, Owerri, Port Harcourt

Tax debt: FIRS shuts 11 firms in Lagos, Owerri, Port Harcourt

The federal inland revenue service (FIRS) says it has sealed the premises of 11 tax-defaulting companies in Lagos, Owerri and Port Harcourt.A statement by the agency said it sealed off two companies in Port Harcourt, six in Owerri and three in Lagos."In Port Harcourt, the FIRS enforcement team shut the offices of Fiddil commercial company at the Trans-Amadi area of [...]

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    Okonjo-Iweala says most companies don’t pay tax

Okonjo-Iweala says most companies don’t pay tax

Dr. Ngozi Okonjo-Iweala, the Coordinating  Minister for the Economy and Minister of Finance, on Thursday urged Nigerians to comply with the tax law if they want government to depend less on oil.Okonjo-Iweala said this in Lagos at the Stakeholders’ Engagement Forum organised by the Federal Inland Revenue Service (FIRS).She said 65% of companies had not forwarded their tax returns in the [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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