The Federal Inland Revenue Service (FIRS), on Tuesday, urged Nigerians to brace for an increase in Value Added Tax (VAT) by between 35 and 50 per cent in 2019. This will raise the VAT from the current five per cent to between 6.75 and 7.25 per cent. The Chairman of FIRS, Mr Babatunde Fowler, dropped […]
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The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has said multiple taxation does not exist in the country’s tax system. This is just as he urged stakeholders both in the organised private and public sectors to expedite action in payment of taxes. Speaking in an interactive session held in Lagos, with the […]
Read More The Federal Inland Revenue Service (FIRS) says defaulting wealthy Nigerian taxpayers who have no Taxpayer Identification Numbers (TIN) have only a 30 days lien to do so. The agency also said other Nigerians and firms with a turnover of N100 million in their accounts, but not paying taxes have only a 30 days lien to […]
Read More Manufacturers Association of Nigeria, MAN, has appealed to the Federal Inland Revenue Service (FIRS) to bring more tax payers into the tax net as a means of increasing tax revenue, rather than increasing tax rates. President of MAN, Engr. Mansur Ahmed, made the call yesterday while engaging the Executive Chairman of FIRS at an interactive […]
Read More The Federal Inland Revenue Service is to dispose of the properties of 52 companies over tax debts valued at about ₦3.4 billion. Investigations by our correspondent in Abuja showed that already, the Legal Department of the Service had begun the process to sell the properties in a bid to effectively implement the initiative. It was […]
Read More The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler on Thursday assured Nigerians that his agency would handsomely surpass the ₦5.3 trillion revenue generated in 2018. In a chat with finance journalists on Thursday in Abuja, Fowler said the Service will leverage on robust IT platforms to ensure maximum revenue collection. He explained […]
Read More The Federal Inland Revenue Service, FIRS, re-wrote Nigeria’s collection history in 2018, with a record ₦5.320 trillion collected in taxes, beating the 2012 record of ₦5.07 trillion. Tunde Fowler, Executive Chairman, FIRS, who made the announcement in Lagos today at a retreat: “Parliamentary Support for Effective Taxation of the Digital Economy” said it is targeting […]
Read More A total of ₦273.5 billion was generated by the Federal Inland Revenue Service, FIRS, as Value Added Tax (VAT) for the third quarter 2018, Q3’18. This, according to the report of the National Bureau of Statistics (NBS) released yesterday, represents 9.16 percent year-on-year (YoY) increase on the ₦269.79 billion generated in the same period in […]
Read More The Executive Chairman, Federal Inland Revenue Service, FIRS, Mr. Tunde Fowler has said the Service has generated ₦5 trillion by the second week of December 2018, adding that the agency is at the verge of making ₦5.3 trillion at the end of the year. Speaking at the induction of new members of the Joint Tax […]
Read More The country’s taxpayer roll is set to hit 33 million. This was disclosed by Mr. Tunde Fowler, Chairman, Joint Tax Board (JTB) and Executive Chairman, Federal Inland Revenue Service (FIRS) at the 142nd meeting of the JTB in Bauchi Monday. According to Fowler, the ongoing database consolidation of the JTB, an initiative being executed in […]
Read More The Federal Inland Revenue Service on Friday said it generated₦4.3 trillion as tax revenue between January and October this year. FIRS Executive Chairman, Babatunde Fowler, disclosed this during the “Federal Inland Revenue Service Special Day” at the ongoing Lagos International Trade Fair held at Tafawa Balewa Square. Represented by Mrs Angel Fadahunsi, FIRS South West […]
Read More The Federal Inland Revenue Service has expressed its commitment to increase government’s revenue through taxation by 20 per cent before the end of the 2018 financial period. As part of efforts to achieve this target, the FIRS said it had started introducing some initiatives, according to a communiqué issued after a recent meeting of the […]
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