TAXATION

The Nigeria Economic Summit Group (NESG), is set to unveil the findings of its nationwide survey on tax perception and drive government-citizen engagement for sustainable fiscal reforms through the launch of its Better Tax initiative. Better Tax, scheduled for launch in Lagos on May 15, is a product of the...

Chairman, Heirs Holdings, and Founder, Tony Elumelu Foundation (TEF), Tony O. Elumelu, has called on the Federal Government of Nigeria (FGN) for far-reaching tax reforms, while urging the National Assembly to urgently pass the Executive Tax Bill into law. He made the call while delivering the keynote address at the...

The Federal Government on Monday said that  a Value Added Tax (VAT) of five per cent would be imposed on lottery and gaming activities and automate collection from operators in the Lottery sector. The Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler  said this at a stakeholders’...

The Federal Inland Revenue Service (FIRS) has said that it plans to realize its revenue target for the year through recoveries from defaulting millionaire taxpayers, Values Added Tax (VAT) and compliance enforcement activities. The Chairman of FIRS, Mr. Tunde Fowler, speaking  at the House of Representatives joint committees on Finance,...

  The Federal Inland Revenue Service (FIRS) has said that N12.62 trillion was generated as revenue under Muhammadu Buhari administration from  2016 to 2018. This was revealed in a document made available to newsmen by the Head of Communications and Servicom Department of the agency, Mr. Wahab Gbadamosi. According to...

The National Bureau of Statistics (NBS) said Nigeria generated N298.01 billion from Value Added Tax in the fourth quarter, 2018. NBS said this in a Sectoral Distribution of VAT report for the fourth quarter, 2018 posted on its website. The News Agency of Nigeria reports that VAT is a consumption...

The Lagos Chamber of Commerce and Industry (LCCI) on Monday expressed opposition to the move of the Federal Inland Revenue Service (FIRS) to restrain bank accounts belonging to individuals and businesses believed to have defaulted in tax payment. The leading chamber in the country made its position known in a...

The Federal Inland Revenue Service (FIRS) is to dispose of the properties of 52 companies over tax debts valued at about N3.4bn. Investigations by The Punch newspaper’s correspondent in Abuja showed that already, the Legal Department of the Service had begun the process to sell the properties in a bid...

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler on Thursday assured Nigerians that his agency would surpass the N5.3 trillion revenue generated in 2018. In a chat with finance journalists on Thursday in Abuja, Fowler said the Service will leverage on robust IT platforms to ensure maximum...

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Tunde Fowler, has said the service has generated N5 trillion by the second week of December 2018, adding that the agency is at the verge of making N5.3 trillion at the end of the year which will be the highest revenue...