Monday, November 12, 2018

Tag "FIRS"

    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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    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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    $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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    More trouble for Intels as FIRS accuses company of tax default

More trouble for Intels as FIRS accuses company of tax default

One week after the Integrated Logistics Services (Intels) made the headlines over the termination of its pilotage agreement with the Nigerian Port Authority (NPA), the company is in the news again.This time around, the Federal Inland Revenue Service (FIRS) has accused the organisation co-founded by former Vice-President Atiku Abubakar and Gabriele Volpi, an Italian national, of not paying taxes.On Monday, [...]

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    VAIDS deploys 700 tax liaison officers to nine states

VAIDS deploys 700 tax liaison officers to nine states

The Voluntary Assets and Income Declaration Scheme (VAIDS) has deployed over 700 graduates to nine states and the federal capital territory (FCT).They will serve as community tax liaison officers (CTLOs). The CTLOs were trained for the purpose of sensitising taxpayers.A tax amnesty initiative of the ministry of finance in collaboration with state revenue agencies, VAIDS was launched on June 29 via [...]

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    FIRS, ‘Baba Ijebu’ staff disagree over N789.6m tax debt

FIRS, ‘Baba Ijebu’ staff disagree over N789.6m tax debt

A disagreement ensued between officials of the Federal Inland Revenue Service (FIRS) and staff of Premier Lotto Limited, a popular lottery firm owned by Kessington Adebutu, a businessman known as "Baba Ijebu".According to a statement received by TheCable, staff of the company prevented officials from sealing the premises over N789.6 million tax liabilities.The FIRS team, led by Anita Erinne, had [...]

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    UN sec-gen names Fowler on tax matters committee

UN sec-gen names Fowler on tax matters committee

UN Secretary-General Antonio Guteress has named Tunde Fowler, executive chairman, Federal Inland Revenue Service (FIRS), as a member of the international experts committee on tax matters.The committee, which has 25 members worldwide, will operate for four years.The news of Fowler’s appointment was conveyed to the FIRS by Bolaji Akinremi, minister plenipotentiary of Nigeria permanent mission in New York.Akinremi, in a [...]

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    With N1.7trn in 6 months, FIRS records significant increase in 2017 revenue

With N1.7trn in 6 months, FIRS records significant increase in 2017 revenue

The Federal Inland Revenue Service (FIRS) says it collected a total of N1.782 trillion as tax revenue between January and July 2017.This is even as it has projected a total of N1.8 trillion value added tax (VAT) collection for the 2017 fiscal year.Tunde Fowler, FIRS executive chairman, made this known on Tuesday while presenting the agency's budget before the senate [...]

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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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    Remo Stars’ player, Ochowechi, wins goal of the week award

Remo Stars’ player, Ochowechi, wins goal of the week award

Salefu Ochowechi’s 19th-minute free kick against Gombe United is the most popular goal of the week, according to fans of the Nigeria Premier Football League (NPFL).The Remo Stars player was voted winner of the Match Day 22 VAT Wonder Goal award.Ochowechi was shortlisted alongside Mohammed Mohammed of ABS and Festua Umanah of Wikki Tourists.The trio scored fantastic goals but Ochowechi’s [...]

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    FIRS seals off companies In Port Harcourt over tax default

FIRS seals off companies In Port Harcourt over tax default

The Federal Inland Revenue Service (FIRS), on Tuesday, sealed off the premises of some tax-owing companies in Port Harcourt, Rivers state.One of the companies was Fejudam Services Limited, which owes a company income tax of N22.5million incurred between 2009 and 2015.Anita Erinne, leader of the FIRS enforcement team, showed a warrant of distraint to the officials of the company before ordering [...]

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    You can now pay taxes online as FIRS kicks off 24/7 operations

You can now pay taxes online as FIRS kicks off 24/7 operations

The Federal Inland Revenue Service (FIRS) has introduced six key electronic solutions (e-Services) to enhance convenience, transparency and round the clock processing and payment of taxes.Some of the e-Services, which could now be accessed online, are taxpayer registration (through e-Registration); payment of Stamp Duties (through e-Stamp Duty); payment of taxes (through online payment: e-TaxPay, Remita); receiving of electronic receipt after [...]

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    FIRS seals off 13 firms in Abia over tax default

FIRS seals off 13 firms in Abia over tax default

The Federal Inland Revenue Service (FIRS) has sealed at least 13 firms in Abia state over tax defaults.An enforcement team of the agency led by Ruth Mandeun stormed Umuahia, the state capital, on Wednesday with court warrants against defaulting firms.The task force had within two days of its operations in Umuahia metropolis, sealed 13 firms for default on tax arrears [...]

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Exchange Rates

November 9, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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