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Tag: FIRS

FIRS begins VAT, WHT compliance monitoring exercise Oct
Business

FIRS begins VAT, WHT compliance monitoring exercise Oct

The Federal Inland Revenue Service has declared that it will begin a countrywide Value-Added Tax and Withholding Tax compliance monitoring exercise for all taxable individuals on October 23. According to Nairametrics, the head of the FIRS, Zacch Adedeji, said the goal of this program, is to increase tax compliance and revenue collection across the country. VAT is a […]

No plan to raise company taxes - FIRS
Appointments

Tinubu appoints new FIRS acting chair

The Federal Internal Revenue Service has named Zacch Adelabu Adedeji as its new Acting Chairman. The Times reported that the former chairman, Muhammad Nami, is about to start a terminal leave of absence. As the new interim chairman of FIRS, Adedeji, a Special Advisor to the President on Internal Revenue, has taken over. In addition to being […]

FIRS announces new TAXPR-MAX platform for CbCR
News

FIRS to become major tax collector in Nigeria – FG

The Nigerian government announced that the Federal Inland Revenue Service would take over as the sole collector of all taxes in the country, replacing other organizations such as the Nigerian Customs Service and the Nigerian Communications Commission. The President’s Committee on Tax Policy and Fiscal Reforms’ chairman, Mr. Taiwo Oyedele, said this in an interview […]

featured Policy and Regulations

Tinubu’s tax committee to stop Customs, MDAs from revenue collection

The Presidential Committee on Tax Policy and Fiscal Reforms is mulling efforts to stop the Nigeria Customs Service and 62 other Ministries, Departments, and Agencies of the Federal Government from collecting direct revenues.   The News Agency of Nigeria reported that the presidential tax committee said the Federal Inland Revenue Service will now collect revenue […]

FIRS announces new TAXPR-MAX platform for CbCR
Business

How FIRS generated N5.5trn in Q1 2023

The Federal Inland Revenue Service has reported a tax revenue collection of N5.5 trillion between January and June of 2023. This represents the Service’s largest tax revenue collection in the first half of any fiscal year. On Thursday, July 20, 2023, at a meeting with the National Economic Council held at the Presidential Villa in […]

FIRS announces new TAXPR-MAX platform for CbCR
Business

FIRS partly extends submission date for 2023 CIT returns

The Federal Inland Revenue Service has partly extended the deadline for the submission of Companies Income Tax returns for the 2023 year of assessment. The company announced in a statement signed by the Executive Chairman of FIRS, Muhammed Nami, that it had received numerous requests from businesses for an extension of the time to file CIT forms for […]

FIRS announces new TAXPR-MAX platform for CbCR
Business

Don’t introduce multiple taxes, international centre warns FIRS

The International Centre for Tax Research and Development has urged the Federal Inland Revenue Service against adding multipe taxes in Value Added Tax and increasing the tax burden on customers. This was disclosed in a statement by the president of ICTRD, Morenike Babington-Ashaye. She claimed that it would drive investors out of the manufacturing sector, reducing […]

How traders, mechanics paid N167bn tax - FG
Business

How traders, mechanics paid N167bn tax – FG

Nigerians who worked in the wholesale, retail, and repair of cars, motorbikes, and other vehicles between the first quarters of 2022 and 2023 paid a total of N167.45 billion in taxes. According to The Punch, Value Added Tax and Company Income Tax combined to raise the entire tax. The Federal Inland Revenue Service reveals that VAT […]

FIRS announces new TAXPR-MAX platform for CbCR
News

FIRS, LIRS partner to promote tax compliance

A Memorandum of Understanding has been signed by the Federal Inland Revenue Service and the Lagos Internal Revenue Service to create the Joint FIRS and LIRS Audit and Investigation Team, which will promote information sharing between the two organizations. According to Vanguard, the general public, taxpayers, and tax professionals are enjoined in the communique signed by the Executive […]

Dr. Anthonia Alebiosu
Business

FIRS staff wins Africa’s award in taxation

A staff member of the Federal Inland Revenue Service, Dr. Anthonia Alebiosu, has been announced as a winner of the prestigious ‘Forty Under 40 Africa Award’ in South Africa. According to The PUNCH, the event was held in late March, where Dr. Alebiosu won the taxation category of the award, competing against over a thousand […]

Lagos plans CNG-powered buses by end of 2024
Economy

LIRS, FIRS joint tax agreement’ll benefit Nigerians – Sanwo-Olu

Governor Babajide Sanwo-Olu of Lagos State has expressed optimism that the state’s bilateral agreement with the Federal Government of Nigeria will benefit Nigerians. Sanwo-Olu stated this on Monday during the signing ceremony for a memorandum of understanding between the Federal Inland Revenue Service and the Lagos State Inland Revenue Service, according to Arise TV. The agreement creates […]

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