Tag: FIRS

CAC ,FIRS to strengthen collaboration for Nigeria’s economic growth

Emporium Reporters

Corporate Affairs Commission (CAC) and Federal Inland Revenue Service (FIRS) have agreed to reinvigorate their existing collaboration in realising their respective mandates. This indication was given Wednesday 6tg ,2023 during a visit to the FIRS Executive Chairman, Mr. Zacch Adedeji, by the CAC Registrar General/CEO, Hussaini Ishaq Magaji, SAN. The Registrar General said the visit was to further cement the already existing collaboration between the CAC and FIRS as well as familiarise them. Hussaini Magaji, who spoke on the Commission’s mandate vis-à-vis its relationship with the FIRS, noted with delight…

FIRS suspends penalties, interests on pending tax liabilities

Emporium Reporters

The Federal Inland Revenue Service, FIRS, has approved amnesty on penalties and interests for outstanding tax liabilities.   The chairman of FIRS, Zacch Adedeji, said this in a statement on Sunday in Abuja.   The News Agency of Nigeria reports that the FIRS imposed sanctions and interests for failure by companies to fulfil their tax obligations.     Mr Adedeji said that the step was in recognition of the challenges that many taxpayers had faced in settling their tax obligations.   He said that it was a demonstration of President…

VAT for Q2 stood at N600.15bn — NBS

Emporium Reporters

The National Bureau of Statistics, NBS, said the aggregate Value Added Tax, VAT, was reported at N600.15 billion for Q2 2022. This is according to the VAT Q2 2022 Report released in Abuja on Saturday. According to the report, this shows a growth rate of 1.96 percent on a quarter-on-quarter basis from N588.59 billion in Q1 2022. The report said the local payments recorded were N359.12 billion, while foreign VAT payments contributed N111.13 billion in Q2 2022. It said on a quarter-on-quarter basis, electricity, gas, steam…

NCC, FIRS inaugurate Joint Committee to boost National Revenues in Telecoms Sector

Emporium Reporters

The Nigerian Communications Commission (NCC) and the Federal Inland Revenue Service (FIRS) have taken their collaboration a notch further by setting up a Joint Committee of senior and management staff of the two agencies towards the implementation of inter-agency strategies for enhancing national revenues in the telecommunications sector. The NCC’s Executive Commissioner, Stakeholder Management, Adeleke Adewolu, inaugurated the 17-member committee on behalf of the Commission’s Executive Vice Chairman, Prof. Umar Danbatta, and the Executive Chairman of the FIRS, Mr. Muhammad Nami, at the NCC’s Board Room in Abuja on Tuesday,…

Why Nigerians Evade Tax

Emporium Reporters

The issue of tax payment in Nigeria has over the years elicited different reactions amongst the citizens. This is because many have come to believe that they do not enjoy the benefits of paying tax; BENJAMIN UMUTEME writes.   It was not surprising to many when the Director-General of the Budget Office, Dr. Ben Akabueze, lamented that over 30 million Nigerians who are generating taxable incomes are not paying tax. According to him, this was compounding the country’s efforts to broaden its revenue.   Speaking last year at…

FIRS Digital Tax Drive, And The Endorsement Of Government. By Abubakar Yusuf

Emporium Reporters

No doubt the entire globe is moving towards digital direction, therefore all other activities both in the private and public sector will be falling short of expectations lagging behind of any sort. Conscious of this global strides and developement,the Federal Inland Revenue Service FIRS,the sole collector of government revenues in Nigeria was proactive in it’s efforts to introduce “Digital Tax” across board,so as to build more revenue generation base of the service along with other unrelenting efforts. World over,it is no longer news that digital activities has become the other…

Retrogressive politics of VAT in Nigeria By Salihu Moh. Lukman

Emporium Reporters

The controversy around whether Value Added Tax should be centrally collected by the Federal Government or decentralised so that state governments are the ones to collect, beyond anything, is a test about the type of democracy Nigerians want. Is it going to prioritise the development of the nation’s productive capacity? Or will it simply be about consuming the resources that are currently available? Once the priority is about consuming currently available resources, commitment of political leaders to mobilise investment to develop the nation’s productive sectors will be weak. This is…

FIRS, states and matters arising, By Abubakar Yusuf

Emporium Reporters

Since the introduction of Value Added Tax (VAT) collectible by Federal Inland Revenue Service (FIRS) for many years, the proceeds is often distributed among the three tiers of government: Federal, 36 states and the 774 local government areas, including six local councils of the FCT. This consisted of all other varying revenues collected by FIRS and remitted into the federal purse to augment federation account, among other emergencies. Federation account by implication is what states and local governments rely upon to mitigate both their recurrent and many times other expenditures,…

Finance Act 2020: NCC,Sister Agencies to Strengthen Collaboration with FIRS

Emporium Reporters

An inter-agency committee set up by the Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami, to discuss areas of collaboration between the agencies of the Federal Ministry of Communications and Digital Economy and the Federal Inland Revenue Service (FIRS) in relation to the Finance Act 2020 has held an interactive session.   Chaired by the Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, the membership of the committee is comprised of the Executive Chairman of FIRS and heads of agencies in the…