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Tag Archives: Federal Inland Revenue Service (FIRS)

CAC, FIRS achieve electronic stamping of company registration document

CAC Hqs

The new level of collaboration between the Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS), has lead to the realization of the rare goal of electronic stamping of company registration documents. This was revealed by the Registrar-General of CAC, Mr Bello Mahmud in a statement signed by the Head, Public Affairs Unit, CAC, Mr. Godfrey Ike in ...

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States’ One-Stop-Shop for MSMEs to stimulate economy—FG

MSMEs

The federal Government has explained the rationale behind the move to launch One-Stop-Shop for MSMEs across the state beginning with seven states, saying the idea is to deepen the growth of the sub sector which is key to economy stability. Government also noted that the launch is to significantly spur Micro, Small and Medium Scale Enterprises (MSMEs) in the country. ...

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If MDAs owe N115bn in tax, Adeosun must start campaign in-house—Nigerians

Adeosun Buhari

If the recent revelation that Ministries, Departments and Agencies (MDAs) of the federal and state governments owe over N115bn in tax liabilities by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), is anything to go by, it then means that the Minister of Finance, Mrs. Kemi Adeosun, currently disturbing the private sector in tax payment needs to make a reverse ...

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Sealing up tax defaulters premises now a continuous drive nationwide—FIRS

FIRS

The management of the Federal Inland Revenue Service (FIRS) has said that its ongoing crackdown on tax-defaulting companies in Abuja, Lagos and other parts of the country has become a continuous process designed to deepen tax culture. In an exclusive interview with a top official of the Service on Sunday, the officer who pleaded anonymity said “Since corporate citizens have ...

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Airlines give conditions for seamless remittance of VAT, others

AON logo

The joint team of delegation from Airline Operators of Nigeria (AON) and the International Air Transport Association (IATA) who paid the Chairman of Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler has given terms and conditions for a smooth administration tax from airlines operating in the country. In their submission presented by the Chairman of AON, Capt. Nogie Meggison, they ...

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FIRS causing service providers to pay double VAT by hoarding receipts

FIRS

Whereas the federal government through the Federal Inland Revenue Service (FIRS) is working to raise tax compliance in the country, indication has emerged showing high incidence of double payment of Value Added Tax (VAT) by companies. A number of tax consultants who spoke to our correspondents said FIRS officials are reluctant in releasing VAT withholding receipts booklets to companies so ...

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FIRS plans tax remittance soft landing for airlines to remain afloat

AON logo

As part of new moves to save the ailing aviation sector from suffocations caused by tax related challenges, the Federal Inland Revenue Service (FIRS) has proposed a flexible tax payment regime that will meet their Value Added Tax (VAT) remittance obligations. Chairman of the federal agency, Mr. Babatunde Fowler, made the proposal during a recent visit of a delegation of ...

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Osinbajo signs another Order on tax evasion, offers 9 months grace period to evaders

Acting president, Prof Yemi

The federal government on Thursday, gave more bite to its ongoing crusade to deepen tax compliance and inclusion of more citizens both corporate and individuals into the shallow tax basket. Currently, only 214 Nigerians pay taxes of about N20m annually and about 900 Nigerians pay N10m as tax every year. This came on the heels of a new Executive Order ...

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FIRS: Comparative analysis shows ups, downs in different taxes in Q1 2016, ‘17

FIRS

Just as the Federal Inland Revenue Service (FIRS), has disclosed that it generated N778.19 billion revenue in the first quarter (Q1) of 2017, deeper review of the earnings indicates no straight flow of increments amongst different kinds of taxes collected by the federal government, an indication of more work to do by the agency. However, this may have informed the ...

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FG sending conflicting signals on tax as agencies evade in states

FIRS

Whereas the federal government has stepped up campaigns for Nigerians to pay taxes as and when due, there seems to be no corresponding compliance in paying taxes by several agencies of the federal government. Only recently, the Ministry of Finance, Mrs. Kemi Adeosun set up what she called Community Tax Liaison Officers (CTLOs) to recruit 7,500 graduates as tax advocates ...

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