Tax revenue key to funding operations of govt at all Levels — FIRS Executive Chairman, Muhammad Nami
COVID-19 pandemic has impacted negatively on the Government’s revenue sources. In June 2020, the Federation Accounts Allocation Committee (FAAC) shared a total of N696 billion to the three tiers of the Government of Nigeria. FIRS alone contributed 70 percent of the amount shared while other revenue-generating agencies altogether contributed 30 percent. The Executive Chairman of FIRS, Muhammad Nami, in a recent telephone interview with NigeriaInfo (95.1FM) said without revenue from taxes, the Government would be unable to fund her programmes and activities. Nami also clarified why paying Stamp Duty on tenancy agreement should not cause a price increase in house rent.
Zenith Bank posts N208bn profit after tax
Zenith Bank Plc has posted a profit after tax of N178 billion for its 2019 financial year. The figure represents about 7.6 percent increase compared to the N165 billion recorded in 2018.
Some tax officials are engineering graduates— FIRS boss
Chairman, Federal Inland Revenue Service, FIRS, Mohammed Nami, on Monday, said some staff the of the Service across the country were graduates of engineering, law and other disciplines not related to taxation.
MDAs can’t pay new 7.5% VAT, says FIRS boss
The chairman also accused some multinational companies in the country of evading taxes by hiding under the cloak of pioneer status to get tax exemption for a period of five years as against the lawful three.
FIRS working to increase PAYE tax compliance — Nami
The Federal Inland Revenue Service (FIRS) says it is working closely with Ministries, Departments, and Agencies (MDAs) to increase the rate of compliance with the remittance of Pay-As-You-Earn (PAYE) tax. The service started this in a statement issued by Mr. Abdullahi Ismaila Ahmad, Director, Communications and Liaison Department, in Abuja on Thursday. Ismaila said the […]
Taxation: ZMSG engages cleric on awareness campaign
The Committee set up by the Zamfara government to boost its Internally Generated Revenue (IGR) through taxation has engaged the services of an Islamic Cleric to create awareness for compliance. The Consultation Sub -Committee on Wednesday in Gusau, organised an interactive session with small scale entrepreneurs where the Islamic scholar, Sheik Muhammad Sodangi explained the […]
FIRS targets N4trn from oil, gas
The Federal Inland Revenue Service, FIRS, said it would rake in N4 trillion as tax revenue from the extractive sector this year.
Aba market women reject multiple taxes by govt
EZIUKWU market women in Aba have rejected multiple taxation imposed on them by Abia State government which they said they cannot pay and still be able to cater for their families.
Taxaide introduces tools to aid tax compliance
By Yinka Kolawole A tax management and technology firm, Taxaide, has unveiled technological tools aimed at enhancing a more effective tax administration for Nigerians and tax authorities, ahead of the March 30 deadline for filing Personal Income Tax (PIT) returns, Bidemi Olumide, CEO, Taxaide, at a media parley yesterday, said the firm, through its technology […]
Senate probes non-remittance of taxes to state governments
The Senate on Tuesday directed its Committees on Banking, Insurance and other Financial Institutions and Finance to investigate non-remittance of taxes on bank deposits and dividends payment due to state governments.
Breaking: Lagos closes 16 companies over N126.19m tax evasion
The Lagos State Internal Revenue Service(LIRS) on Friday announced that it had closed 16 companies in the state over alleged failure to remit about N126.19m consumption tax.
