Nigerian tech startups are complaining of increasingly being frustrated by global Original Equipment Manufacturers (OEMs) who connive with some overseas-based distributors to ship their products into Nigeria without paying value added tax (VAT) and allied taxes. The implication of this is that many Nigerian tech startups are frustrated out...
FIRS
By JOY ADARA, Abuja – The Federal Inland Revenue Service (FIRS) has stated that it would use the instrumentality of the Finance Act 2021, through collaboration with taxpayers and key stakeholders to ensure adequate funding of the country’s budget and raise the requisite financing for national development. This was...
By JOY ADARA, Abuja – To increase voluntary tax compliance, the management of the Federal Inland Revenue Service (FIRS) has introduced “Self-Service Stations” where taxpayers can file tax returns, pay taxes, apply for and validate Tax Clearance Certificates among other services, by themselves on online platforms located in FIRS...
The Supreme Court on Monday fixed May 6 for judgment in the suit filed by the Rivers Government challenging the decision of the Court of Appeal that ordered it to maintain status quo on the collection of Value Added Tax (VAT). The News Agency of Nigeria (NAN) reports that...
At about 11 am, on Friday, November 12, 2021, there was a buzz among tax aficionados: Muhammad Nami, the Federal Inland Revenue Service (FIRS) boss had been elected the President of the Commonwealth Association of Tax Administrators (CATA). He is the first Nigerian in the history of CATA to...
The federal government has a burning desire to increase its tax revenue to enable it provide critical infrastructure and stimulate economic growth in the country. However, the Federal Inland Revenue Service (FIRS), the principal organ of government responsible for tax administration in the country, is having a tough time...
The Federal Government and the Nigeria National Petroleum Corporation (NNPC) Ltd on Tuesday signed a Memorandum of Understanding of N621 billion to fund the construction of critical road infrastructure across the country. The Tax Credit MoU, which was signed in Abuja by the Minister of Works and Housing, Mr...
There are no provisions in the Finance Bill 2022 forcing Nigerians to have a Tax Identification Number(TIN) in order to operate a bank account, a top presidency source has clarified. The bill is, at present, before the National Assembly. News reports had erroneously claimed that the bill has a...
By JOY ADARA, Abuja – The Federal Inland Revenue Service (FIRS) has explained why Nigeria did not sign the Organisation for Economic Cooperation and Development (OECD) G20 Inclusive Framework two-pillar solution to tax challenges of the digitalized economy. The OECD G20 Inclusive Framework two-pillar solution proposes a framework of...
Introduction Recently I had a need to access the WhatsApp group for my class at St John’s Seminary, Wonersh in Surrey, England, and the last time a post was made in the group was on July 20, 2021! Instructively it’s important to note that the Admin of this group...
Customers on Saturday, expressed satisfaction with the quality of products displayed by the exhibitors at the ongoing 8th edition of Made-In-Aba Trade Fair in Abuja. The customers, in separate interviews with the News Agency of Nigeria (NAN) also expressed delight for extending the event earlier scheduled to end Nov....
The Federal Government is considering an out-of-court settlement to resolve the lingering disagreement with states over the collection of the Value Added Tax (VAT). Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, disclosed this during an interview on Channels Television’s Politics Today. “I have to do this...
Pledges to tackle global challenges to taxation … By JOY ADARA, Abuja – The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, a renowned tax administrator has been elected by the 47 member countries of the Commonwealth Association of Tax Administrators (CATA) as its 15th President...