Wednesday, April 24, 2019

Tag "FIRS"

    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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    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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Exchange Rates

April 22, 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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