Tag "federal inland revenue service (FIRS)"

    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 [...]

1 comment Read Full Article
    Buhari: Customs, DPR will be punished for not meeting revenue targets

Buhari: Customs, DPR will be punished for not meeting revenue targets

President Muhammadu Buhari says revenue generating agencies of the government will face severe consequences for not achieving agreed targets.The president made this known on Tuesday during his Independence Day broadcast to the nation.Some of the revenue-generating agencies that will be affected include the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Department of Petroleum Resources (DPR) amongst others."Our commitment to [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    MTN drags FIRS to tribunal over taxation of N330bn fine

MTN drags FIRS to tribunal over taxation of N330bn fine

MTN Nigeria says there is a technical disagreement between it and the Federal Inland Revenue Service (FIRS), on how the 2015 fine should be treated for tax purposes.Onome Okwah, MTN's corporate affairs manager, made this known in a statement released on Friday.Okwah said MTN has taken the matter to the tax tribunal set up by the FIRS chairman and minister [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    April allocation dips by N20bn as FAAC resolves NNPC dispute

April allocation dips by N20bn as FAAC resolves NNPC dispute

The April allocation made available to the three tiers of government by the federation accounts allocation committee (FAAC) was N20 billion less than the March provision.Federal, state and local government shared N623.82 billion in Abuja on Thursday as against the N647.39 billion shared in March.The meeting had ended in a deadlock on Wednesday after revenue figures tendered by the Nigerian [...]

0 comment Read Full Article
    VAIDS: FIRS sets EFCC on trail of tax defaulters, recovers N28bn

VAIDS: FIRS sets EFCC on trail of tax defaulters, recovers N28bn

The Federal Inland Revenue Service (FIRS) says it has partnered with the Economic and Financial Crimes Commission (EFCC) to go after tax defaulters and has so far recovered N28 billion.This partnership is coming after the close of the Voluntary Assets and Income Declaration Scheme (VAIDS).The programme, which had offered tax defaulters room to regularise their taxes without prosecution, ended on [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    Tax debt: FIRS shuts down MRS Oil head office

Tax debt: FIRS shuts down MRS Oil head office

The Federal Inland Revenue Service (FIRS) has closed down facilities belonging to MRS Oil and Gas Company Limited over a tax debt of N497.1 million.The FIRS team led by Anita Erinne had on Wednesday ordered the main gates to the company, located at 2,Tincan Island Road, Apapa, be sealed off.According to a statement received by TheCable, the company's accountant, who had identified himself [...]

0 comment Read Full Article
    NO ESCAPE: FIRS, states collaborate to track high net worth individuals

NO ESCAPE: FIRS, states collaborate to track high net worth individuals

The joint tax board (JTB) and the Federal Inland Revenue Service (FIRS) says it has started sharing information of high net worth individuals to profile their income and tax payments to ensure they pay the appropriate taxes.Speaking at the 138th meeting of the JTB on Sunday, Babatunde Fowler, executive chairman of the FIRS, said 12 states have signed the memorandum [...]

1 comment Read Full Article
    VAT Wonder Goal: I hope to see winners in Super Eagles, says FIRS chairman

VAT Wonder Goal: I hope to see winners in Super Eagles, says FIRS chairman

Kolawole Olalekan, assistant director of Federal Inland Revenue Services (FIRS) in Ogun state, said he looks forward to seeing recipients of the VAT Wonder Goal playing for the Super Eagles.Olalekan represented Babatunde Fowler, chairman of FIRS, at the presentation of the third week VAT Wonder goal award to Remo Stars player, Salifu Ochowechi, on Wednesday in Shagamu."It is our expectation [...]

0 comment Read Full Article
Advertisement
Advertisement
Advertisement
Advertisement

Advertisement

Exchange Rates

January 20, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement