Taxpayers’ may stop compliance over none release of funds for capital projects, others
For the first time in Nigeria’s budgetary regime and national planning, current administration of President Muhammadu Buhari’s second term can be said to be the first time the economy has been with a signed national budget, but no release of…
VAIDS only upped tax base, not revenue—FIRS
The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has opened up on the true performance of the Voluntary Assets and Income Declaration Scheme (VAIDS) regime during the first term of President Muhammadu Buhari (2015-2019). In an interview…
Too much money from agro export in the 70s, oil boom killed tax regime—Fowler
…Gives reasons why VAT may be hiked sooner in Nigeria The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has given deeper insights on why tax payment compliance in Nigeria is sounding strange to many Nigerians. Besides, he…
With structures in place, we expect 45m Nigerians in tax net by July—FIRS
The Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has revealed that all things being equal, Nigerians that regularly fulfill their tax obligations to the Federal Government will hit about 45 million before the end of July. In…
Nigeria’s tax structure squeezing investors,’ silent on consumers—LCCI decries
The leadership of the Lagos Chamber of Commerce and Industry (LCCI), has again, called for a total restructuring of the nation’s tax system to give breathing space for manufacturers and production entities. In an agenda setting document for the Federal…
FIRS irritates MAN, MSMEs, telecoms for denying multiple taxation in Nigeria
Leading groups that make up the nation’s organized private sector (OPS) including the Manufacturers Association of Nigeria (MAN), operators of micro, small and medium scale enterprises (MSME) and stakeholders in the telecoms industry have rejected the claims of the Executive…
Like Nigeria, only 2% of informal sector pay taxes in Ghana
Chief Revenue Officer of the Ghana Revenue Authority (GRA), Mr Richard Hakeem Quainoo has revealed that Ghanaian informal sector constitutes 70 per cent of the business enterprises, but just two per cent of them pay their taxes as and when…
CITN wins relevance war at FIRS, gets nod for rejection of unstamped returns
Strong indication emerged Thursday suggesting that an age-long struggle for professional relevance by the Chartered Institute of Taxation of Nigeria (CITN) as the Federal Inland Revenue Service (FIRS), has agreed that it will no longer accept tax returns without the…
Human right lawyers may sue FIRS over plans to freeze tax defaulters’ accounts
There are strong indications that should the Federal Inland Revenue Service (FIRS) put paid to its recent threat to freeze accounts of tax defaulters, a set of Human Rights lawyers may approach a court of competent jurisdiction to challenge the…
Key business activities that shaped Nigeria’s economy last week ending June 9, 2018
Penultimate Monday, the National Bureau of Statistics (NBS) released the Foreign Trade Statistics for Q1-2018, wherein the total value of Nigeria’s merchandise trade increased 19.74% q/q to NGN7.21 trillion from NGN6.02 trillion in Q4-2017 and 35.07% y/y from NGN5.34 trillion…
