The Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has accused companies operating in the nation’s Free Trade Zones (FTZ) of violating the law regulating their operations. Adeniyi stated this on Friday in Abuja at the closing day of the House of Representatives public hearing on the tax reform bills organised by the Committee on Finance He claimed …

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 Federal Government has proposed a five per cent excise duty on telecommunications services, gaming, and betting activities as part of a new bill to overhaul Nigeria’s tax framework. The bill, titled, “A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks relating to Taxation and Enact the Nigeria Tax Act to Provide for …

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, …

The Abia State government has promised to withdraw the suit it instituted against the Michael Okpara University of Agriculture, Umudike (MOUAU), over alleged non-remittance of Pay As You Earn (PAYE), tax, to the state. The state Board of Internal Revenue (BIR), had two years ago, filed a suit against the University over alleged unremitted PAYE tax. Governor Alex Otti, who …

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 …

In compliance with the stipulations outlined in the Personal Income Tax Amendment Act (PITA) Cap P8 2011, the Lagos State Internal Revenue Service (LIRS) has issued a formal notification to all individual taxpayers, including self-employed individuals and employees under the PAYE Scheme to file their Annual Tax Returns on or before 31st March 2024. LIRS’ Executive Chairman, Mr. Ayodele Subair …

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 …

The administration of President Bola Tinubu is working to reduce taxes from the current 62 to a maximum of nine, to create a more business-friendly environment in the country. Chairman of Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, disclosed this at the 2023 annual conference of the Institute of Chartered Accountants of Nigeria (ICAN), in Abuja, yesterday. …

The Chairman of Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Muhammad Shehu, says Nigerians must endeavour to pay their taxes to boost government revenue and improve service delivery. This is as the RMAFC boss noted that less than 40 million Nigerians are presently captured in the tax net and paying taxes. “That is too low for a country that has …