TAXATION

  Data from the Central Bank of Nigeria (CBN) has revealed that the Federal Government received N3.532 trillion as Petroleum Profits Tax and Royalties from oil companies between the third quarter of 2015 to third quarter of 2017. Besides, oil producing states in Nigeria received N103.46 billion as 13% Derivation...

The Chairman, Federal Inland Revenue Service (FIRS), Tunde Fowler, said the Service recorded four million new taxpayers, including companies and individuals, resulting in N700 billion increase in revenue in 2017. Mr. Fowler said this at the 13th General Assembly of the West African Tax Administration Forum (WATAF) with the theme:...

    …Mines data from Federal & State Agencies, Foreign Countries through Project Lighthouse   The data mining efforts of the Federal Government through the Federal Ministry of Finance has identified a new batch of over 130,000 high net worth individuals and companies that have potential tax underpayments. The Honourable...

…Predictable revenue will lead to more investment in infrastructure, job creation …56m economically active Nigerians not tax compliant The Honourable Minister of Finance, Mrs. Kemi Adeosun, on Thursday declared that regular payment of taxes by Nigerians was fundamental to the growth and development of the country. Adeosun affirmed that predictable...

The Federal Government has commenced Automatic Exchange of Tax Information (AETI), on overseas assets held by Nigerians. The Minister of Finance, Mrs. Kemi Adeosun, disclosed this while receiving Progress Report on Tax Laws Reform by the Vice Chairman of the National Tax Policy Implementation Committee, Mr. Taiwo Oyedele, in Abuja,...

  The Federal Inland Revenue Service ( FIRS ) said it collected a total of N4.03 trillion in 2017, representing 82.38 per cent of government set target of N4.89 trillion for the year. A statement signed by Wahab Gbadamosi, Head, Communications and Servicom Department of the Service said “FIRS’ collection...

  The Federal Inland Revenue Service (FIRS) will offer free advisory services to taxpayers, who are ready to comply with the Voluntary Assets and Income Declaration Scheme (VAIDS). This was disclosed by Mr. Tunde Fowler, FIRS Executive Chairman, at a media workshop on VAIDS in Lagos yesterday. Speaking at the...

Former Chairman of the Federal Inland Revenue Service (FIRS),Mrs Ifueko Omoigui-Okauru, said she did not engage consultancy service during her tenure in FIRS because of its long term disadvantages. She told the News Agency of Nigeria (NAN) in Nairobi, Kenya, on the sidelines of the 5th Pan African Conference on...

The Federal Inland Revenue Service (FIRS) says it will soon introduce electronic Tax Clearance Certificate (e-TCC) system to help reduce fraudulent certificates. Mr Kola Okunola, Director ICT, FIRS, said this in a presentation at the ongoing training by Journalism.com Ltd., in collaboration with FIRS on Thursday in Abuja. He said...

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, on Tuesday in Abuja, disclosed that it generated N3.3 trillion in tax revenue for the country in 2016. He said this at training for finance journalists on tax reporting, stressing that the figure was commendable judging from the scorching...