Monday, July 15, 2019

Tag "Tax defaulters"

    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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    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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    IN DETAIL: Nigerians now to pay tax on foreign income and assets — or face the law

IN DETAIL: Nigerians now to pay tax on foreign income and assets — or face the law

President Muhammadu Buhari on Wednesday signed an executive order directing Nigerian taxpayers to voluntarily declare and pay tax on their offshore assets.The new executive order No. 8 is tagged Voluntary Offshore Assets Regularisation Scheme (VOARS) and went into effect same day the president signed it.It is still being debated if such a major tax reform should come in form of [...]

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    FIRS: We’re going after bank accounts of billionaire tax defaulters

FIRS: We’re going after bank accounts of billionaire tax defaulters

Tunde Fowler, chairman of Federal Inland Revenue Service (FIRS), says the service will soon go after the bank accounts of defaulting taxpayers who are billonaires.Fowler, who disclosed this at a stakeholders’ meeting in Lagos, said most of such taxpayers, have between N1bn and N5bn in their accounts.He said such individuals have no taxpayer identification number (TIN) while those who have [...]

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Exchange Rates

July 12, 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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