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 …

The Joint Tax Board (JTB), which is the apex tax authority in Nigeria, has announced its design of a system that will make politicians pay the right taxes. The Board noted that many Nigerians, who pay taxes from their meagre income, are unhappy that politicians who earn huge salaries and allowances only rush to remit nominal amounts to secure Tax …