Wednesday, July 8, 2020

Tag "FIRS"

    FIRS extends penalty waiver on tax debt repayment

FIRS extends penalty waiver on tax debt repayment

The Federal Inland Revenue Service (FIRS) has extended the deadline of the waiver of penalty and interests to be paid on tax debts owned by individuals and businesses. In a statement on Wednesday, Abdullahi Ahmad, director of FIRS communications and liaison department, said the deadline has been extended from June 30 to August 31. Ahmed quoted Muhammad Nami, the FIRS executive chairman, [...]

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    NIPOST: We’ve taken steps to address contradictions in stamp duty collection

NIPOST: We’ve taken steps to address contradictions in stamp duty collection

The Nigerian Postal Service (NIPOST) says it has taken actions to address the legal contradictions contained in a circular published by the Federal Inland Revenue Service (FIRS). There has been contention between the FIRS and NIPOST over the custodian of stamp duty after the implementation of the stamp duty act. NIPOST insists that it is empowered with the statutory power to print, [...]

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    ICYMI: You will now pay stamp duty on ATM printouts, some WhatsApp messages, says FIRS

ICYMI: You will now pay stamp duty on ATM printouts, some WhatsApp messages, says FIRS

The Federal Inland Revenue Service (FIRS) says Nigerians will now pay stamp duties on WhatsApp messages, SMS, and messages via any electronic platform acknowledging receipt of funds.  The revenue service also stated that stamp duties will be paid on  "POS receipts, fiscalised device receipts, Automated Teller Machine (ATM) print-outs". According to an information circular published by the agency, and seen by TheCable, Nigerians will [...]

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    INSIGHT: ‘Instagram’ and ‘looting’ — why 49m Nigerians don’t pay tax

INSIGHT: ‘Instagram’ and ‘looting’ — why 49m Nigerians don’t pay tax

Tax evasion is a crime under Nigerian laws, but the government appears to have little or no morality to punish it. After all, it cannot claim to have been faithful with the use of taxes paid -- in the opinion of citizens. In this special report, MAYOWA TIJANI attempts to find out why over 49 million Nigerians do not pay taxes, [...]

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    Massive shake-up in FIRS, many directors redeployed

Massive shake-up in FIRS, many directors redeployed

Muhammad Nami, executive chairman of the Federal Inland Revenue Service (FIRS), has approved the redeployment of top directors in the agency. TheCable gathered that at least 50 directors, deputy directors, assistant directors and over 100 other staff of the agency were affected in the major shake-up. The transfers, it was gathered, was a means of shaping the agency along the lines Mani [...]

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    The taxman is coming for you

The taxman is coming for you

If you felt intimidated by the public notice on “national enforcement on tax defaulters” issued last week by the Federal Inland Revenue Service (FIRS), let’s say that is just the introduction. By the time President Muhammadu Buhari signs the Nigeria Financial Bill 2019 into law — possibly before January 1, 2020 — your life will never be the same again. [...]

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    Senate confirms Nami as FIRS chairman

Senate confirms Nami as FIRS chairman

The senate has confirmed the appointment of Muhammad Nami as chairman of the Federal Inland Revenue Service (FIRS). The senate confirmed Nami’s appointment on Wednesday, after considering the report of its committee on finance. It also confirmed Namtek Adamu as chairman of the Asset Management Corporation of Nigeria (AMCON). President Muhammadu Buhari had last week asked the upper legislative chamber to approve both [...]

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    Buhari asks senate to confirm Muhammad Nami as FIRS chairman

Buhari asks senate to confirm Muhammad Nami as FIRS chairman

President Muhammadu Buhari has asked the senate to confirm the appointment of Muhammad Nami as the chairman of the Federal Inland Revenue Service (FIRS). Buhari's request was contained in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber on Tuesday. The president based his request on section 3 subsection 2 of the FIRS act. "Pursuant to [...]

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    REVEALED: Fowler wrote to SGF requesting second term

REVEALED: Fowler wrote to SGF requesting second term

Babatunde Fowler, former chairman of the Federal Inland Revenue Service (FIRS), requested for an extension of his tenure before President Muhammadu Buhari announced his replacement, TheCable can report. Buhari appointed Muhammad Nami, a tax consultant, to replace Fowler whose tenure ended on Monday. In a letter dated December 9, Fowler wrote to Boss Mustapha, the secretary to the government of the federation, requesting [...]

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    ‘He assisted with the recovery of N769bn’ — things to know about new FIRS chairman

‘He assisted with the recovery of N769bn’ — things to know about new FIRS chairman

The name, Muhammad Nami, surfaced in the public space sometime in 2017 when he was announced a member of the presidential committee on audit of recovered stolen assets.  All the years, Nami seemed to have been in private practice, and until his recent nomination as chairman of the Federal Inland Revenue Service (FIRS), Nami was managing consultant of Manam Professional Services.  Two [...]

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    Fire outbreak at FIRS headquarters in Abuja

Fire outbreak at FIRS headquarters in Abuja

There has been a fire incident at the headquarters of the Federal Inland Revenue Service (FIRS) in Abuja. According to a statement issued by Wahab Gbadamosi, spokesman of the agency, on Monday, the fire outbreak happened on Saturday. It was said to have affected the store, where old files are kept, located at the annex building of the service. ''There was a fire [...]

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    ‘The church will fight for him’ — CAN defends Osinbajo on N90bn allegation

‘The church will fight for him’ — CAN defends Osinbajo on N90bn allegation

The Christian Association of Nigeria (CAN) says the church will defend for Vice-President Yemi Osinbajo in the N90 billion allegation levelled against him. Supo Ayokunle, CAN national president, made this known on Friday when he led a delegate of the association to visit Osinbajo. Timi Frank, a former deputy spokesperson of the All Progressives Congress (APC), had alleged that Osinbajo mismanaged N90 [...]

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    Timi Frank to FIRS: Instead of suing me, apologise to Nigerians on N90bn ‘slush fund’

Timi Frank to FIRS: Instead of suing me, apologise to Nigerians on N90bn ‘slush fund’

Timi Frank, former deputy national publicity secretary of the All Progressives Congress (APC), has called on the Federal Inland Revenue Service (FIRS) to stop its attempt to fool Nigerians. Frank had alleged that Vice-President Yemi Osinbajo's trouble with the presidency started when it was discovered that he mismanaged N90 billion made available by the FIRS for 2019 election campaign purposes. But in [...]

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    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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