Sunday, April 7, 2019

Tag "FIRS"

    Fowler, FIRS chairman, elected president of African tax body

Fowler, FIRS chairman, elected president of African tax body

Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), has been elected president of the African Tax Administration Forum (ATAF).At the election, which held in Pretoria, South Africa, on Wednesday, Fowler polled 13 votes ahead of the four secured by his Togolese opponent.In his acceptance speech on behalf of Nigeria, Fowler pledged to expand the membership of the [...]

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    Fowler asks African leaders to grant autonomy to revenue agencies

Fowler asks African leaders to grant autonomy to revenue agencies

Tunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), has appealed to leaders on the continent to grant autonomy to revenue authorities.Speaking at a seminar organised by the Tax Administration Forum and International Monetary Fund (ATAF-IMF) in Cape Town, South Africa, Fowler said the future of tax administration in Africa is bright.He said autonomy would enable revenue authorities [...]

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    Surviving airlines are only doing national service, says Arik

Surviving airlines are only doing national service, says Arik

Joseph Arumemi-Ikhide, chairman of Arik Air, one of Nigeria’s surviving airlines, says the policies of the Central Bank of Nigeria (CBN) do not favour local airlines.Arumemi-Ikhide, who prides himself as the founder of West Africa’s largest airline, also said Nigerian airlines "are just offering national service" as the fares are the lowest in the world.“Government policies, or central bank policies do [...]

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    FIRS ignores $100,000 ‘palliative’, seals off companies for millions of dollars

FIRS ignores $100,000 ‘palliative’, seals off companies for millions of dollars

The shut-down of tax defaulters by the Federal Inland Revenue Service (FIRS) continued on Wednesday, as FIRS enforcement teams visited companies in Lagos, Nnewi and Kaduna.In Lagos, the FIRS sealed off the office of Erin Petroleum Limited at Plot 1649 Olosa Street, Victoria Island.The company has a tax indebtedness of over $10million. The FIRS said the company’s promise to offset [...]

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    FIRS seals company in Onitsha over 10-year unpaid taxes

FIRS seals company in Onitsha over 10-year unpaid taxes

The Federal Inland Revenue Services (FIRS) on Tuesday, stepped up its tax enforcement duties, shutting company offices in Kano, Lagos and Onitsha for outstanding tax liabilities.In Kano, the FIRS enforcement team, led by Umar Garba, sealed off Sani Brothers Transport Company Limited, Triumph Nigeria Limited, Multi System Nigeria Limited and NorthWest Cable Manufacturers Limited.The companies are owing N12. 3million, N6.5million, N3.3million [...]

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    FIRS seals firms In Abuja, Lagos, Asaba over N715m unpaid taxes

FIRS seals firms In Abuja, Lagos, Asaba over N715m unpaid taxes

The Federal Inland Revenue Service (FIRS) tax enforcement exercise resumed on Monday in Lagos, Abuja, Asaba and Onitsha as firms were sealed for unpaid taxes.In Abuja, the first company sealed by the FIRS enforcement team, led by Chinazo Edeh, was Urban Shelter Limited, a property development firm, located in Shippers Plaza in the Wuse Zone 5 Area of Abuja.The company [...]

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    Tax evasion: FIRS seals 3 eateries in Owerri

Tax evasion: FIRS seals 3 eateries in Owerri

The enforcement team of the Federal Inland Revenue Service (FIRS) has sealed offices of three tax-defaulting business outlets in Imo.The sealed outfits are eateries - City Chef Restaurant, De Mange Eatery House and Comet Hotels and Conference, all located within the Owerri municipality.Chinzo Ude, the team leader of the enforcement unit, disclosed this to reporters in Owerri on Tuesday.He said [...]

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    It’s goodbye to subsidy as FG clears N48bn outstanding debt

It’s goodbye to subsidy as FG clears N48bn outstanding debt

The federal government has paid N48.2 billion outstanding subsidy arrears to oil marketers.Kemi Adeosun, minister of finance, disclosed this on Tuesday.Adeosun said the payment was made  to enable the oil marketers import petroleum products and meet up their other financial needs.“The N48.2 billion outstanding subsidy arrears owed oil marketers in 2015 has been paid," she said in a statement by Salisu Dambatta, [...]

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    Tax default: FIRS shuts more firms across the country

Tax default: FIRS shuts more firms across the country

The Federal Inland Revenue Services (FIRS) on Friday continued its closure of companies owing taxes across the country.Lagos, Abia, and Imo were some of the states which the enforcement unit of the organisation visited.In Lagos, FIRS sealed up RT Briscoe Nigeria PLC, Sinopec Nigeria, an oil and exploration company in Ikoyi.Briscoe Motors located on Fatai Atere Way in Mushin, was [...]

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    FIRS: Jimoh Ibrahim’s firms owe N575m in taxes

FIRS: Jimoh Ibrahim’s firms owe N575m in taxes

The Federal Inland Revenue Service (FIRS) says Nicon Luxury Hotel, owned by Jimoh Ibrahim, a Nigerian businessman, is currently defaulting in unpaid tax liabilities, to the tune of N392,623,765.The agency also said Nicon Insurance has N182,685, 036 million in unremitted withholding tax and (Value Added Tax) VAT from 2008 to 2012.In a statement released on Thursday, FIRS said it sealed [...]

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    FIRS seals 10 companies, says time has changed

FIRS seals 10 companies, says time has changed

The enforcement teams of the Federal Inland Revenue Service (FIRS) over the weekend sealed the business premises of 10 companies that defaulted in remitting their taxes in Port Harcourt, Rivers state capital.Joel-Onowakpo Thomas, state coordinator of the FIRS in Rivers, Edo and Delta State (otherwise called the RED States), who is leading the enforcement drive, told reporters that "the campaign [...]

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    Customs officers to get incentive-based pay

Customs officers to get incentive-based pay

Kemi Adeosun, minister of finance, says the federal government is working on the introduction of performance related pay for officers of the Nigerian Customs Service (NCS).Adeosun explained that this in a bid to significantly increase the level of revenue generation of the NCS, motivate improved revenue collections, and reduce corruption.“This exercise found that the provision of modern equipment, elimination of inappropriate [...]

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    FIRS director arrested for tax ‘fraud’

FIRS director arrested for tax ‘fraud’

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    Senate still awaiting ministerial list, says Saraki

Senate still awaiting ministerial list, says Saraki

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    Jonathan appoints Ogungbesan FIRS chairman

Jonathan appoints Ogungbesan FIRS chairman

President Goodluck Jonathan has approved the appointment of Samuel Ogungbesan as the acting executive chairman of the Federal Inland Revenue Service (FIRS).Reuben Abati, special adviser to the president on media and publicity, announced the appointment in a statement issued on Wednesday.Kabiru Mashi, who has been in charge of FIRS since 2012, was directed to hand over to Ogungbesan with immediate [...]

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    FIRS recovers N248m from defaulting companies

FIRS recovers N248m from defaulting companies

Following an aggressive drive by the Federal Inland Revenue Service (FIRS) in Lagos state, the nation’s tax drive has received a boost of more than N248 million.According to NAN, FIRS carried out the tax drive in Baker Hughes, Line Trale, Tecon Oil and Heyden Petroleum, all operating in Lagos.At Baker Hughes, the company’s secretary, Mr Gbenga Biobaku, made a commitment [...]

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Exchange Rates

April 5, 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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