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 …

Tinubu appoints new FIRS acting chairman “By these directives of the President, the new appointment takes immediate effect,” a statement said. ByPress Release September 14, 2023 Reading Time: 1 min read President Bola Tinubu has approved the appointment of Zacch Adedeji as the Acting Executive Chairman of the Federal Inland Revenue Service (FIRS). This as as the President directed the …

President Bola Ahmed Tinubu’s Policy Advisory Council has recommended the declaration of a state of emergency on revenue generation in the country. The council also proposed the merger of the Federal Inland Revenue Service, Nigerian Customs Service, and the Nigerian Maritime Administration and Safety Agency into the Nigerian Revenue Service in order to enable an efficient collection of all direct …

Following the introduction of a new process of claiming INPUT Tax, which took effect from 1st April 2023, and the consequent concerns raised by taxpayers, the Federal Inland Revenue Service, FIRS, has notified taxpayers that it has graciously extended the VAT filing due date for April 2023 from the midnight of 21st April to the midnight of 30th April .

The Senate on Wednesday indicted 37 Ministries, Departments, and Agencies (MDAs) of the Federal Government for various financial infractions. The alleged offences are contained in the 2016 report of the Auditor General of the Federation (AuGF) which was adopted by the Senate. The resolution of the Red Chamber followed its consideration of the report of the Senate Public Accounts Committee …

Lagos State Government has sealed a bilateral agreement with the Federal Government to harmonise tax administration, raise system efficiency and proffer solution to challenges of multiple taxation. On Monday, Governor Babajide Sanwo-Olu presided over a ceremony where Federal Inland Revenue Service (FIRS) and Lagos State Inland Revenue Service (LIRS) signed a Memorandum of Understanding (MoU) to establish a joint tax …

The Federal Inland Revenue Service (FIRS) recorded the highest tax collection in its history with its figure of N10.1 trillion revenue in 2022. In a report by its Executive Chairman, Mr Muhammad Nami, which was released to the public on Monday after his briefing with President Muhammadu Buhari, the agency said: “The FIRS, in the year 2022 collected a total of …

The Federal Inland Revenue Service (FIRS) has granted MTN, Airtel, and some money deposit banks in Nigeria the permission to withhold Value Added Tax (VAT) charged on all taxable supplies made to them, and remit to the service. In a Public Notice issued on 7th November and signed by its Executive Chairman, Muhammad Nami, FIRS explained the role of the …