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May 13, 2021
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The Federal Inland Revenue Service (FIRS) has threatened to deduct the tax liabilities from bank accounts of defaulters.  It was said in a statement that the action was being considered, “following rising cases of willful and illegal withholding of taxes collected by companies, corporations, Ministries, Departments, and Agencies (MDAs) and other agents of collection.”  The Continue Reading
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The Federal Executive Council (FEC) on Wednesday approved a total of N20,114,002871 for acquisition of various operational equipment for the Nigerian Customs Service (NCS). The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this to State House Correspondents after the week’s virtual FEC meeting presided by Vice President Yemi Osinbajo in the Continue Reading
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PUBLIC NOTICE In line with the provisions of Section 25(4) of the Federal Inland Revenue Service Establishment Act 2007 as amended by section 51 of Finance Act 2019, notice is hereby given to the general public, tax practitioners and, particularly, all taxable persons (including individuals, trustees, partnerships, companies, corporations, etc.) as follows: (1) The Federal Continue Reading
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The attention of the Federal Inland Revenue Service (FIRS) has been drawn to false publications in some newspapers and electronic/social media platforms misquoting a recent speech by the Honourable Minister for Communications and Digital Economy on the administration of Stamp Duties in the country. For the avoidance of confusion arising from such publications, the FIRS Continue Reading
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The Federal Inland Revenue Service (FIRS) said it has set N5.9 trillion revenue target for 2021. Executive Chairman of the agency, Mohammed Nami, announced the target on Thursday while defending the service’s 2021 budget before the house of representatives committee on finance. Mr Nami said the service generated N4.9 trillion in 2020 despite the nationwide lockdown […]Continue Reading
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President Muhammadu Buhari on Tuesday directed the Ministry of Finance to release funds for the local production of solar cells by the National Agency for Science, Engineering Infrastructure (NASENI). The President gave the approval while presiding over a virtual meeting of governing board of NASENI at the State House in Abuja, the nation’s capital. President […]Continue Reading
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The Federal Government has been advised to explore data and intelligence in order to ease tax collection and improve its revenue base. Tax experts, speakers, panelists and government functionaries gave the advice at the recently held First Annual National Tax Dialogue,in Abuja, organized by the Federal Inland Revenue Service (FIRS), with the theme “Taxation in […]Continue Reading
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President Muhammadu Buhari has mandated ministries, departments, agencies and business enterprises to grant access to the Federal Inland Revenue Service (FIRS) to their systems for the purposes of tax collection nationwide. President Buhari issued the mandate on Thursday while delivering his address as the Special Guest of Honour at the First Annual National Tax Dialogue Continue Reading