The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has disclosed that the agency will soon target defaulting taxpayers who have billions in their bank accounts but refuse to honour tax obligations to the country. He said over 6,772 billionaire taxpayers had been identified by the service leveraging on bank data, […]
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The Executive Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, said on Thursday that the government would sell properties built and developed in corporate names across the country on which taxes were not being paid. Fowler disclosed this in Lagos at a stakeholders’ meeting, where he noted that the country still had one of the […]
Read More The Federal Inland Revenue Service (FIRS) has sealed off the premises of companies defaulting in tax payments in Lagos and Benin, in continuation of its enforcement exercise. A key establishment affected by the exercise in Benin, Edo state, is the Nigerian Petroleum Development Company Limited, NPDC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC. […]
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The Lagos Chamber of Commerce and Industry (LCCI) on Thursday decried freezing of customers’ bank accounts based on “disputed tax assessments” by Federal Internal Revenue Service. The Director-General of LCCI, Mr Muda Yusuf, also described the new tax revenue recovery strategy adopted by FIRS as damaging to the economy. “The attention of LCCI has been […]
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The Federal Government received $2.68 billion, about ₦817.4 billion, from Total, Chevron and China National Offshore Oil Company, CNOOC, in 2017, according to documents obtained from the Canadian government. The companies presented the information under Canada’s extractive industry law which required extractive entities active in Canada to publicly disclose, on an annual basis, specific payments […]
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The Federal Inland Revenue Service (FIRS) has raked in ₦2.529 trillion from various taxes from January to June 2018. The amount shows that the Service had realized 75% of its total target for the year, which is an improvement over what was realized at the corresponding period in 2017. A report on the revenue performance […]
Read More The Voluntary Assets and Income Declaration Scheme will come to an end on June 30. In this piece, IFEANYI ONUBA examines the level of compliance and the strategies of the government to prosecute tax offenders after the expiration of the amnesty programme As the tax amnesty programme under the Voluntary Assets and Income Declaration Scheme […]
Read More The Federal Inland Revenue Service (FIRS) yesterday outlined measures to check circumvention of tax rules by companies practicing Base Erosion and Profit Shifting (BEPS) in Nigeria. BEPS refers to tax avoidance strategies that exploit gaps and mismatches in tax rules across countries to artificially shift profits to low or no-tax countries. According to the tax […]
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The National Economic Council (NEC), presided over by Vice President, Yemi Osinbajo, Thursday, said the final report on the forensic audit of revenue accruals by revenue generating agencies confirmed massive under-remittances to government coffers to the tune of ₦8.1 trillion. Governor Ibrahim Dankwambo of Gombe State, who briefed State House correspondents at the end of […]
Read More The Chairman of the Joint Tax Board (JTB), Mr. Tunde Fowler, has called on state governors to empower State Internal Revenue Services (SIRS) by making them autonomous. According to the Director of Communications and Servicom of the Federal Inland Revenue Service (FIRS), Mr. Wahab Gbadamosi, in a statement made available to the press, the JTB […]
Read More The Federal Inland Revenue has sealed 19 companies over their alleged failure to fulfil their tax obligations. In Lagos, the FIRS enforcement team on Wednesday sealed the premises of Seabulk Offshore Operations Nigeria Limited at 11A, Grace Anjos Drive, Lekki over an alleged tax debt of ₦34.546m. It also sealed De Rembrandt Hotel (formerly Renaissance […]
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The latest Global Wealth Migration review says rich people are leaving Lagos in droves for other cities because of taxes. According to the report, some of the reasons high net worth people are leaving their locations are taxes and increasing crime rates. Other cities affected are London and Istanbul. The report said 1000 wealthy people […]
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