Google, Netflix, Facebook, and other foreign companies operating in Nigeria paid N3.85 trillion in taxes to the Federal Government in the first nine months of 2024, according to The PUNCH. The amount represents an increase of 68.12 per cent from N2.29 trillion collected in the preceding period of 2023. The figure includes the amount paid as Company Income Tax and …

The National Assembly, on Monday, questioned President Bola Tinubu’s request for loan requests as some revenue-generating agencies of the Federal Government disclosed that they had already surpassed their budgetary revenue target for 2024. The Chairman of the Federal Inland Revenue Service, Zacch Adedeji, said the Federal Government generated N1.5 trillion in education tax, a substantial amount above it N70 billion …

The Tinubu Stakeholders Forum (TSF) has described reports by the National Bureau of Statistics (NBS) of a 150 per cent increase in Company Income Tax (CIT) in the second quarter of 2024 as a remarkable achievement and positive development. In a statement by its Chairman, Ahmad Sajoh, and Secretary Afolabi Josiah, TSF said the massive improvement in the Q2 2024 …

In a strategic move to rework the nation’s obsolete tax policy, the Federal Inland Revenue Service (FIRS) and the National Assembly recently deliberated on policies and laws critical for revenue growth. Deliberations on the front burner included Interaction between Tax Policy, Legislation and Administration: Implications for Tax Revenue Collection amidst Nigeria’s Current Economic Challenges; The Path to Realizing FIRS Mandate, …

President of the Commonwealth Association of Tax Administrators (CATA) and chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has called for increased capacity building to enhance tax administration processes among members of the global body. Adedeji made the call on Wednesday in his remarks at the opening of CATA management meeting held at Marlborough House, Pall Mall, London. …

The House of Representatives, on Thursday, directed the Federal Inland Revenue Service (FIRS), to recover all taxes totalling over N5.19 trillion owed the Federal Government by ministries, departments and agencies (MDAs), oil companies as well as individuals. The resolution followed the adoption of a motion by the member representing Oredo Federal Constituency of Edo State, Esosa Iyawe. Iyawe’s motion was …

The Federal Inland Revenue Service (FIRS), on Tuesday,  kicked against the imposition of additional taxes and levies on business owners to raise money for funding the Child’s Online Access Protection Bill. The FIRS Chairman, Mr Zacch Adedeji, represented by Mr Mathew Osanekwu, made this known when he appeared before the House Committee on Justice in Abuja on Tuesday. The News …

The Minister of Works, Senator David Umahi has said that President Bola Ahmed Tinubu is not opposed to the use of taxes from companies to fund road projects. He said the scheme, which is under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, had enabled the country to fix some important roads across the country. Appearing before the …

The Lagos division of the Tax Appeal Tribunal has ordered MTN Nigeria Communications to pay the Federal Inland Revenue Services (FIRS) $72,551,059 million tax default. The five-person panel, led by Prof. Abubakar Hamed, however, declined to impose penalties and interest on the principal sum of $21,039,807 million on the telecommunication firm as requested by FIRS. The panel made the declaration …

Acting chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has allayed fears being expressed by corporate organisations that the resolve of FIRS to increase the country’s tax-to-GDP ratio to 18 per cent from the current 10.86 will lead to an increase in taxes. Adedeji said such resolve would not necessarily lead to an increase in taxes or the …