Friday, September 20, 2019

Tag "FIRS"

    FIRS: 23,141 tax defaulters owing N254 billion

FIRS: 23,141 tax defaulters owing N254 billion

The Federal Inland Revenue Service (FIRS) says a total of 23,141 defaulters owe N254 billion in tax liabilities.Babatunde Fowler, executive chairman of FIRS, disclosed this at the 49th annual accountant conference organised by the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja.He said the agency is collaborating with commercial banks to ensure the recovery of defaulted taxes.“FIRS in collaboration [...]

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    ‘Keep writing letters but pay your taxes’ — BMO taunts Obasanjo

‘Keep writing letters but pay your taxes’ — BMO taunts Obasanjo

The Buhari Media Organisation (BMO) says it is shameful that a company owned by former president Olusegun Obasanjo is on the list of tax defaulters released by the Federal Inland Revenue Service (FIRS).The account of Obasanjo Farms Nig. Ltd (feedmill) is among the 19,901 accounts placed under lien for owing taxes by the FIRS.In a statement by Niyi Akinsiju and [...]

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    EXCLUSIVE: Fowler replies Kyari, says recession, oil price affected tax revenue

EXCLUSIVE: Fowler replies Kyari, says recession, oil price affected tax revenue

The recession experienced by the Nigerian economy in 2016 as well as lower oil prices affected the revenue collected by the Federal Inland Revenue Service (FIRS) between 2015 and 2018, Tunde Fowler, the chairman, has said.Despite the challenges, Fowler explained, non-oil revenue such as VAT and company income tax -- which he said are within the control of FIRS -- [...]

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    ANALYSIS: The ups and downs of tax reforms under Buhari

ANALYSIS: The ups and downs of tax reforms under Buhari

It is now almost three years since Isaac Ayoola concluded his National Youth Service Corps (NYSC) programme but with no job in the formal sector yet. His dream has always been to work in the bank and while he waited during those years, he did not waste time upon leaving school to enrol for a software development training to hone [...]

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    FIRS budgets N160m for uniforms of 850 drivers

FIRS budgets N160m for uniforms of 850 drivers

The Federal Inland Revenue Service (FIRS) has budgeted N160 million for sewing of uniforms for its drivers.The service also budgeted N825 million for refreshment and N250 million for security vote.While defending the budget before a joint committee of the national assembly on Monday, Babatunde Fowler, chairman of the agency,  said the N160 million was earmarked to sew the uniforms of the [...]

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    From 10m in 2015, Nigerian taxpayers ‘soon to hit 45m’

From 10m in 2015, Nigerian taxpayers ‘soon to hit 45m’

The number of taxpayers in Nigeria has increased from 10 million in 2015 to 14 million in 2017, to 19 million in 2018 and about to hit 45 million in 2019.According to the Joint Tax Board (JTB) led by Tunde Fowler, chairman, Federal Inland Revenue Service (FIRS), Nigerian taxpayer roll will soon hit 45 million.The board says Fowler's FIRS has [...]

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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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    Bauchi leads northeast as IGR hits N7.04bn in nine months

Bauchi leads northeast as IGR hits N7.04bn in nine months

Bauchi state has set a 2018 record in its internally generated revenue (IGR) which hit N7.04 billion in just nine months.Tunde Fowler, executive chairman, Federal Inland Revenue Service (FIRS) made this known at the 142nd meeting of the Joint Tax Board (JTB) in Bauchi on Monday.Fowler, who is also the chairman of the JTB said the state’s growth rate went [...]

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    Group accuses Atiku of tax evasion, asks FIRS to release his record

Group accuses Atiku of tax evasion, asks FIRS to release his record

The Committee for the Protection of Peoples Mandate (CPPM), an activist group, has demanded that the Federal Inland Revenue Service (FIRS) produce tax receipts belonging to Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP).In a letter sent to the FIRS dated November 16, and signed by Nelson Ekujumi, the group’s national coordinator, Abubakar was accused of evading tax [...]

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    Constitutionality of banks as tax collectors

Constitutionality of banks as tax collectors

BY ABUBAKAR SANIThe Association of Bureau De Change Operators of Nigeria recently raised an alarm over the on-going practice of banks denying their members access to their funds on the strength of a directive purportedly issued by the Federal Inland Revenue Service (FIRS) appointing the banks as collection agents in respect of tax which it unilaterally determines is due from [...]

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    Alimi, Alakwe lead contenders for VAT wonder goal award

Alimi, Alakwe lead contenders for VAT wonder goal award

Four Nigeria Professional Football League (NPFL) players have been shortlisted for the VAT wonder goal award.The goals in contention for the weekly award are from Sunshine Stars' Sikiru Alimi, Ibrahim Alassan of Kano Pillars, Chijioke Alakwe of FC Ifeanyi Ubah and Kwara United's Stephen Alfred.The clash between Ifeanyi Ubah and Sunshine Stars accounted for two of the four goals shortlisted.Voting [...]

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    ‘Taxes not to increase revenue alone’ — Saraki calls for review

‘Taxes not to increase revenue alone’ — Saraki calls for review

Senate President Bukola Saraki says Nigeria’s tax laws must be reviewed to allow ease of doing business.Speaking at the inauguration of the technical committee on reforming Nigeria’s tax system at the national assembly, Saraki said the federal government’s target should not only be increased revenue but also how to encourage ease of doing business.He lamented the existing duplications in the current [...]

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    Fowler: Nigeria’s tax revenue recorded N700bn increase in 2017

Fowler: Nigeria’s tax revenue recorded N700bn increase in 2017

Tunde Fowler says the Federal Inland Revenue Service (FIRS) recorded four million new taxpayers, resulting in N700 billion increase in revenue in 2017The FIRS chairman said this at the 13th general assembly of the West African Tax Administration Forum (WATAF).The chairman said in the past two years, the service has scaled up its use of ICT to facilitate taxpayers’ compliance.He [...]

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Exchange Rates

September 16, 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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