Friday, May 14

Tag: Federal Inland Revenue Service

FG Grants Dangote Cement ₦22.32bn Tax Credit
Business

FG Grants Dangote Cement ₦22.32bn Tax Credit

The Federal Inland Revenue Service (FIRS) has issued Dangote Cement Plc, tax credit certificates valued at ₦22.321billion. The tax credit certificates are for construction of Apapa-Oworonshoki-Ojota road in Lagos and Lokoja-Obajana-Kabba road straddling Kogi and Kwata states. While Julius Berger is handling the construction of the two federal roads, Dangote Cement Plc is providing the funding. To compensate Dangote Cement, the Federal Government has issued the company the certificates to cover for the tax that Dangote Cement would have paid. Executive Chairman of the FIRS, Muhammad Nami, represented by Coordinating Director, Tax Operations Group, Mr. Femi Oluwaniyi, gave the clarification in Abuja on Wednesday when he presented the two tax credit certificates to Dangote Cement....
How FIRS Director, Peter Hena Received N700m Cash Payment — EFCC
News

How FIRS Director, Peter Hena Received N700m Cash Payment — EFCC

The Economic and Financial Crimes Commission has revealed how a former Coordinating Director of Federal Inland Revenue Service, Peter Hena, received over N700 million cash between January 2017 and December 2018. Investigations by the anti-graft agency indicated that Hena and eight others shared N4.5 billion in illegal estacodes and fraudulent Duty Tour Allowances. The Commission had last Thursday arraigned Hena on 42-count before Justice Ijeoma Ojukwu of the Federal High Court sitting in Abuja. Also arraigned were the Director of Finance ,Mohammed Auta; Amina Sidi (Finance and Account department); Umar Aduka (Internal Audit); Mbura Mustapha (Deputy Manager); Obi Malachy (Services Group); Obaje Adofu (Head of Budget); Udo-Inyang Alfred (Officer II) and Benjamin Jiya (Assistant ...
Pantami Writes Buhari, Seeks End To Stamp Duty Crisis
Politics

Pantami Writes Buhari, Seeks End To Stamp Duty Crisis

The Minister of Communications and Digital Economy, Isa Ibrahim Pantami, has assured stakeholders that the crisis between the Nigerian Postal Service and the Federal Inland Revenue Service over collection of stamp duties would soon be resolved. He said he had written the President, Major General Muhammadu Buhari (retd.), and engaged some top government officials on the way out. Top officials of NIPOST and FIRS have been engaging one another in a war of words, especially on the social media, claiming exclusive rights to the collection of stamp duties. But Pantami, while addressing journalists at a press conference to mark his one year in office on Thursday evening in Abuja, said a solution was in sight. He said, “I have engaged the Minister of Finance, Budget and National P...
Stamp Duty War: NIPOST Tackles FIRS Again
News

Stamp Duty War: NIPOST Tackles FIRS Again

The Nigeria Postal Service (NIPOST) has said the Federal Inland Revenue Service (FIRS) lied about NIPOST’s stamp duty account with the Central Bank of Nigeria (CBN). NIPOST’s General Manager Corporate Communications, Franklin Alao, said in a statement on Sunday that the NIPOST’s account with the CBN was duly opened for the purpose of stamp duty and was not illegal. “Nigerian Postal Service (NIPOST) attention has been drawn to a publication by the Federal Inland Revenue Service (FIRS) that NIPOST operated an illegal stamp duty account. According to the publication, the Director of Communication and Liaison of FIRS made the statement in a series of tweets. “We hereby state categorically that the statement is false and was made to misinform and mislead members of the public,” Al...
FIRS To Digitally Verify Taxes Paid By Telecoms Operators
News

FIRS To Digitally Verify Taxes Paid By Telecoms Operators

In line with its inter-agency collaboration, the Nigerian Communications Commission (NCC) has signed a Memorandum of Understanding (MoU) with the Federal Inland Revenue Service (FIRS) to ensure the tax agency ascertain accuracy and completeness of value-added tax (VAT) elements and other taxes payable in the transactions of telecoms operators. With the MoU, the FIRS will be able to integrate an application programming interface (API) technology solution with the systems of telecom Operators for independent verification of the amount of VAT that should be paid by mobile network operators (MNO) rather than relying entirely on the Operators’ books of accounts. According to him, “Our concern, as Regulator of the telecoms industry, is that we needed to be sure that it is not another w...
FIRS Stops Scores Recruited By Ex Chairman, Fowler From Resuming
Politics

FIRS Stops Scores Recruited By Ex Chairman, Fowler From Resuming

Hundreds of Nigerians who were given letters of employment by the immediate past Chairman of the Federal Inland Revenue Service, Mr. Babatunde Fowler, have not been allowed to resume over six months after they received the letterst. It was learnt that some of those affected had already resigned from their previous places of work after receiving the letters of employment only to be rendered jobless afterwards. A copy of one of the letters signed on behalf of Fowler by the Director, Human Capital Management Department, Victor Ekundayo, stated that the candidates had been interviewed by the management of the agency and had been offered employment. It read in part, “Further to your recent interview with the Federal Inland Revenue Service, you have been offered appointment as Offic...
N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns
Politics

N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns

With the deficit financing of the revised N10.509 trillion 2020 budget rising from N1.847 trillion to N4.563 trillion, the economy might be heading for another recession, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has warned. She expressed the fear yesterday in Abuja during a session with the Senate Committee on Finance where heads of revenue-generating agencies made presentations on the revised 2020-2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP). The minister noted that projected revenues from the agencies had been drastically slashed. According to her, 77 per cent of the new financial expectations from sources like the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS) and the...
FIRS Says Nigerians Will Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages
News

FIRS Says Nigerians Will Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages

The Federal Inland Revenue Service (FIRS) says Nigerians will now pay stamp duties on WhatsApp messages, SMS, and messages via any electronic platform acknowledging receipt of funds. The revenue service also stated that stamp duties will be paid on “POS receipts, fiscalised device receipts, Automated Teller Machine (ATM) print-outs”. According to an information circular published by the agency, and seen by TheCable, Nigerians will also be required to pay stamp duties on SMS acknowledging receipt of funds. FIRS gave illustrations of situations where Nigerians are expected to pay stamp duties, one of them says: “ABZ Ltd’s chief accounting officer, after receiving a cash payment of N500,000 from Mr. XYZ on behalf of ABZ Ltd., composed a message which reads: ‘receipt of N500,000 i...
FIRS Under Fowler Virtually Collapsed, I Had To Rebuild From Scratch – Nami
News

FIRS Under Fowler Virtually Collapsed, I Had To Rebuild From Scratch – Nami

The Federal Inland Revenue Service (FIRS), virtually collapsed under its previous management, its new chief has said. Muhammad Nami, who assumed office as chairman last December, said he had to “build the entire structure of the service again from scratch.” This is not the first time Mr Nami is criticising the administration of his predecessor, Babatunde Fowler. In December, while giving his first Christmas message and felicitation to the revenue agency’s staff, he accused Mr Fowler’s management of superintending a steady decline in revenue collection by the service since the inception of his tenure in 2015. Mr Nami assumed office on December 19, 2019. In a recent interview with PREMIUM TIMES and other journalists in Abuja, he said his first 100 days in office has been challengin...
I Tested Positive For Coronavirus – Salihu Umar, FIRS Employee
Health

I Tested Positive For Coronavirus – Salihu Umar, FIRS Employee

An official of the Federal Inland Revenue Service, Salihu Umar, says he has tested positive for the novel COVID-19. Umar said this in a tweet on Monday, barely two days after the FIRS authorities denied reports that its employee had tested positive for the virus. He tweeted: Lockdown Lagos & Abuja NOW, please please please. Someone on my flight tested positive, that is to say everyone on that flight has been exposed. Although, I’m in self isolation, time to go get tested ASAP. I have just tested positive for COVID-19. At the moment, I am still under self-isolation as health personnel make their way to my house for evacuation to Gwagwalada Isolation Centre. My neighbours and employer have been notified accordingly.
Ecobank Ordered To Pay N1.6Billion To FIRS For Evading Tax
Business

Ecobank Ordered To Pay N1.6Billion To FIRS For Evading Tax

The Tax Appeal Tribunal, Lagos Zone, has ordered Ecobank Nigeria Limited to pay N1,663,500,000 to the FIRS as Company Income Tax (CIT) for the year 2016. The bank had claimed it made no taxable profit and declared losses from its banking operation. Federal Inland Revenue Service (FIRS) Director of Communication, Abdullahi Ahmad, in a statement on Wednesday, said the Tribunal ruled on February 20, 2020 in Appeal No. TAT/LZ/CIT/024/2018. The Tribunal headed by Prof. A.B. Ahmed ordered Ecobank to pay N1,663,500,000 to the FIRS as Company Income Tax (CIT) for year 2016. Ecobank had sued the FIRS after it was asked to pay its excess dividend tax liability of N2,079,375,000, inclusive of interest and penalty for the Year of Assessment (YOA). The bank argued that the dividend i...
FIRS Sets April 12 Deadline For Taxpayers To Get TIN
News

FIRS Sets April 12 Deadline For Taxpayers To Get TIN

The Federal Inland Revenue Service (FIRS) has again said it is mandatory for all taxpayers and companies to register and obtain the Tax Identification Number (TIN) and display it on all documents supporting business transactions before April 12, 2020. FIRS made this known in a public notice published on Monday which was signed by its Chairman, Muhammed Nami. It stated that every company or business “shall provide their TIN to relevant providers of financial services not later 12th April, 2020, in order to update their existing records for accounts opened prior to the coming into effect of the Finance Act, 2019.” It also said banks and other financial institutions are required to request for TIN as a precondition for opening new accounts for companies and any other business. It fu...
FIRS Boss, Mohammed Nami Wants Street Traders, Artisans, Others Taxed
Business

FIRS Boss, Mohammed Nami Wants Street Traders, Artisans, Others Taxed

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mohammed Nami, has said that tax administrators need to tax street traders, artisans and other jobs in the informal sector of the economy but politicians are frustrating the effort. According to Nami, taxing the informal sector promotes good governance and political accountability, ensuring the informal sector has the right to request for certain services as demanded by the formal sector, which is being taxed. “Taxing the informal sector may also be a way of promoting good governance and political accountability of the State because tax strengthens the social contract between the citizens and the government. Thus, informal businesses that contribute to tax revenues are likely to assert their rights to receive cert...
FIRS Warns Against Evasion As 7.5% VAT Begins
Business

FIRS Warns Against Evasion As 7.5% VAT Begins

As the implementation of the new 7.5 per cent Value Added Tax rate begins on Saturday, the Federal Inland Revenue Service has warned businesses and individuals against tax evasion. The Federal Government had said it would from today begin the implementation of the 7.5 per cent Value Added Tax. The VAT increase which is meant to help government achieve its revenue projections for the 2020 budget is a part of the tax reforms included in the 2019 Finance Act . With the Act , it is expected that there will be more revenue to finance key government projects especially in the areas of health, education and critical infrastructure. Among the Finance Act strategic objectives is the supporting of micro , small and medium Enterprises in line with the ease of doing business reforms such as VA...
New FIRS Chairman, Muhammad Nami Condemns Fowler’s Management
Politics

New FIRS Chairman, Muhammad Nami Condemns Fowler’s Management

The newly appointed Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, launched a veiled criticism of his predecessor in office, Babatunde Fowler, on Monday accusing his management of superintending a steady decline in revenue collection by the service since the inception of his tenure in 2015. It was meant to be the new chairman’s first Christmas message and felicitation to the revenue service staff since his assumption of office on December 19; however, he used the message to carry out a performance assessment of Mr Fowler’s management, accusing it of failing to maintain the “impressive performance” the agency recorded since 2011, with 2012 as the benchmark year for outstanding performance. Reviewing the performance and workforce of the service between 2011 and 2...
Nigerian Senate Approves Muhammad Nami As New FIRS Chairman
Politics

Nigerian Senate Approves Muhammad Nami As New FIRS Chairman

The Nigerian Senate has confirmed the appointment of Muhammad Mamman Nami as the Executive Chairman, Federal Inland Revenue Service, FIRS. Senate President Dr. Ahmed Lawan hit his gavel at about 2:51 pm today, signalling the confirmation of Nami’s appointment by the Senate. President Mohammadu Buhari sent Nami’s name to the Senate as FIRS Executive Chairman last week. Senator Olamilekan Solomon Adeola (Lagos West), Chairman of the Finance Committee, laid the report of the Senate Finance committee before the Senate. The Senate President promised that the Senate will give FIRS all the support it needs to attain its mandate at this time when the nation needs more revenue. “We will keep the Service on its toes. The Chairman and members should note that a lot of work needs to be do...
Timi Frank Distance Self From N40bn Claim, Challenges FIRS To Sue Him
Politics

Timi Frank Distance Self From N40bn Claim, Challenges FIRS To Sue Him

Timi Frank distance self from N40bn claim, insists N90bn diverted for 2019 election Challenges FIRS to sue him A political activist and former Deputy National Publicity Secretary of the All Progressives Congress (APC) Comrade Timi Frank, has distanced himself from the report of PRNigeria claiming that only N40 billion were stolen from the Federal Inland Revenue Service (FIRS) to prosecute 2019 election by the ruling party. The outspoken activist said his earlier position that about N90 billion were diverted to prosecute the 2019 general election for the government of the day has not changed. Frank demanded an apology from the authority of the FIRS for saying that he was been used to fabricate lies against the revenue generating agency, adding that he is a man of integrity. ...
FIRS: “You Stepped On Toes” – Abiodun Aina To Fowler
Uncategorized

FIRS: “You Stepped On Toes” – Abiodun Aina To Fowler

Acting Executive Chairman, Federal Inland Revenue Service, FIRS, Abiodun Aina, on Monday, said Tunde Fowler stepped on toes during his first term as the chairman. Aina said this at the handover ceremony on Monday after President Muhammadu Buhari nominated Muhammad M. Nami as the new FIRS chairman Aina, who spoke in glowing terms about Fowler, thanked him for transforming FIRS even as he admitted that he stepped on toes during his term. Aina said: “Thank you very much Mr, Chairman, my boss, my brother, and my good friend Sir. As you hand over to me I say what am I running? To have fought a good fight. You laid a very solid foundation “Within the intervening period that I will be holding fort, I promise you to steady the ship, by the grace of God. You have done a lot within t...
FIRS Workers Threaten Strike Over Fowler’s Handover To Abiodun Aina
Politics

FIRS Workers Threaten Strike Over Fowler’s Handover To Abiodun Aina

Workers of the Federal Inland Revenue Service on Tuesday faulted the decision of the immediate past Chairman of the FIRS, Mr Babatunde Fowler, to hand over to the Coordinating Director, Domestic Taxes Group, Abiodun Aina. Fowler, whose replacement was announced on Monday by the Federal Government, had handed over to Aina in acting capacity, pending the confirmation of a substantive chairman. But at an emergency meeting held on Tuesday at the Association of Civil Servants’ secretariat in Abuja, the workers said the action of Fowler violated the presidential directive on the handover. Specifically, the union in a communiqué issued at the end of the meeting said Aina could not be regarded as the most senior director in the FIRS. A copy of the communiqué which was signed by 17 seni...
Muhammad Nami Biography, 11 Things To Know About Buhari’s Nominee To Head FIRS
Politics

Muhammad Nami Biography, 11 Things To Know About Buhari’s Nominee To Head FIRS

President Muhammadu Buhari has nominated Muhammad M. Nami as the new chairman of the Federal Inland Revenue Service (FIRS). The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said in a statement issued today that his nomination followed President Buhari’s approval of the composition of a new board for the FIRS subject to Senate confirmation. Shehu said the former FIRS Chairman, Babatunde Fowler, whose term of office expired today, Monday, December 9, 2019, was expected to hand over to the most senior director on the board, who would take charge, pending the senate confirmation of the new board. Here are few things you should know about the man who will take over as head of the FIRS from Fowler: 1. Nami is a well-trained Tax, Accounting and Mana...
President Buhari Names Muhammad Nami As New FIRS Chairman
Politics

President Buhari Names Muhammad Nami As New FIRS Chairman

President Muhammadu Buhari has approved the composition of a new board for the Federal Inland Revenue Service, FIRS, subject to Senate confirmation. The President nominated a renowned tax consultant, Muhammad M. Nami as the new chairman. The board is composed of a member representing each of the six geographical zones and statutory representatives from a select number of ministries and government agencies. Mr Muhammad, a well-trained Tax, Accounting and Management professional with highly rated qualifications and professional practice and licenses from relevant professional bodies, has almost three decades of practical working experience in Auditing, Tax Management and Advisory and Management services to clients in the banking, manufacturing, services and public sectors as wel...
Politics

Zainab Ahmed Insists FIRS Will Collect Stamp Duties, Others

The Minister of Finance Budget and National Planning. Zainab Ahmed, has said that the Federal Inland Revenue Service (FIRS) would be in charge of sales and collection of stamp duties. This is coming despite the Senior Staff Association of Statutory Corporations and Government Owned Companies (SSASCGOC) and NIPOST workers got the assuarance of the senate that they would carry out the mandate. The Minister while addressing the press in Abuja said “by the passage of the Finance Bill it will be the Federal Inland Revenue Service that will be collecting the Stamp Duties.” S “It is a revenue for the government, it is a form of tax for every financial transaction that goes on. For example, you send a transfer, you see the bank charges you N50, FIRS is going to be the collection agency,”...
News

Why CBN, NNPC Are Not On Our Platform – IPPIS

The Integrated Personnel Payroll Integrated System says the Central Bank of Nigeria, Nigerian National Petroleum Corporation, Federal Inland Revenue Service and a few other agencies are not on their platform because they are revenue-generating entities. IPPIS further stated that these agencies do not draw their funding from the consolidated revenue account but may be enrolled in the platform later. The Director of IPPIS, Olufehinti Olusegun, said this on Channels Television’s Sunrise Daily programme on Wednesday. Olusegun said this while reacting to complaints by the Academic Staff Union of Universities that the Federal Government was partial in its implementation of the IPPIS initiative by exempting the CBN, NNPC and other government agencies. ASUU, which has rejected the initia...
Uncategorized

FIRS Boss, Fowler Set To Lose Job In 4 Days’ Time

Barely five days to the end of the tenure of the Chairman of the Federal Inland Revenue Service, Babatunde Fowler, President Muhammadu Buhari has shown no sign of renewing his tenure even as investigations show that no fresh request had been sent to the Senate as of Tuesday. At the beginning of the legislative session at the Senate on Tuesday, there was no letter read by the Senate President, Ahmad Lawan, conveying any request from President Buhari regarding Fowler. This is in sharp contrast with that of the Governor of the Central Bank of Nigeria, Godwin Emefiele, whose request for tenure renewal was sent by Buhari to the Senate three weeks before the end of his tenure. Fowler, who is a childhood friend and former classmate of Vice-President Yemi Osinbajo, was appointed as th...
Photos From Bbnaija’s Mercy, Seyi And Diane’s Visit To NBC And FIRS
Uncategorized

Photos From Bbnaija’s Mercy, Seyi And Diane’s Visit To NBC And FIRS

Former housemates of the 4th edition of the Big Brother Naija TV Reality show, Mercy Eke, Diane Yashim and Seyi Awolowo paid a courtesy visit to Nigeria Broadcasting Commission (NBC) and Federal Inland Revenue Service (FIRS) on behalf of DStv NG. The reality stars took to their Instagram pages to reveal that they paid courtesy visit to Nigeria Broadcasting Commission and Federal Inland Revenue Service on behalf of Digital Satellite TV, DStv NG.
Job Scandal: Senate President Lawan ‘Gets’ 26 FIRS Slots
Politics

Job Scandal: Senate President Lawan ‘Gets’ 26 FIRS Slots

Senate President Ahmad Lawan (Yobe North) was said to have secured 26 job slots for his constituents, from the Federal Inland Revenue Service, Daily Trust exclusively gathered. This is just as the job scandal rocking the upper chamber gets messier with senators threatening showdown over the sharing formula of the employment slots given to them by the federal agency. Employment letters were said to have since been distributed to the beneficiaries by the Senate president. A senator, who spoke to Daily Trust yesterday, accused Lawan of “hijacking the 26 slots without considering other senators, not even from his state.” A youth association from Lawan’s constituency, Unity for Collective Progress Forum, yesterday said all the beneficiaries had received employment letters and we...
Fani-Kayode Asks Osinbajo To Resign As Vice President
Politics

Fani-Kayode Asks Osinbajo To Resign As Vice President

Former Aviation Minister and chieftain of the People’s Democratic Party, Femi Fani-Kayode has called for the resignation of the Vice President of Nigeria, Yemi Osinbajo. He made the call while reacting to Yemi Osinbajo’s declaration of his readiness to waive his constitutional immunity to “enable the most robust adjudication” of several baseless allegations, insinuation and falsehoods against his person and office by Timi Frank and one Katch Ononuju. Timi Frank had alleged that Osinbajo’s “ongoing travails” was because he could not account for the N90billion received from the Federal Inland Revenue Service for the 2019 election. He claimed to have reliable information from his sources in the presidency and dared to challenge the vice president in court. Reacting to Osinbajo’s d...
FIRS Denies Giving Osinbajo N90bn, Seeks Legal Actions Against Timi Frank
Politics

FIRS Denies Giving Osinbajo N90bn, Seeks Legal Actions Against Timi Frank

The Federal Inland Revenue Service, FIRS, has denied claims by a political activist, Timi Frank that the agency supported the All Progressives Congress by giving Vice President Yemi Osinbajo N90 billion. In a statement titled, "RE-Osinbajo in trouble over N90 billion FIRS election fund – Timi Frank" the agency urged Nigerians to ignore the report, stressing that, it will pursue libel actions against him. The agency said it did not spend and could not have spent taxpayers money for political ends, noting that, Mr. Frank is seeking cheap popularity and relevance. READ THE STATEMENT BELOW: The attention of the Federal Inland Revenue Service, FIRS, has been drawn to publication in some online and daily newspapers by a certain Comrade Timi Frank, the former Deputy National Publici...
Osinbajo Is The Chairman Of Yahoo Yahoo In Nigeria – Timi Frank
Politics

Osinbajo Is The Chairman Of Yahoo Yahoo In Nigeria – Timi Frank

A political activist and former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has said the ongoing travails of Vice President Yemi Osinbajo is allegedly due to corruption Frank revealed through a statement on Monday in Abuja that he has reliable information from his sources in the presidency to the effect that Osinbajo’s travail has nothing to do with 2023 but alleged mismanagement of about N90 billion Naira released by the Federal Inland Revenue Service (FIRS) to prosecute the last general elections in favour of the APC. Frank said: “The presidency discovered how Osinbajo allegedly mismanaged N90billion from the Federal Inland Revenue Service (FIRS). “When confronted by the presidency, he confirmed to General Buhari that he inde...
Buhari Desperate To Silence Obasanjo – Atiku
Politics

Buhari Desperate To Silence Obasanjo – Atiku

Former Vice-President Atiku Abubakar says the Buhari administration is desperate to accuse ex-President Olusegun Obasanjo of a crime so as to silence him. In a statement issued on Monday, Atiku’s media office said the inclusion of Obasanjo’s name in the list of tax defaulters by the Federal Inland Revenue Service (FIRS) was to blackmail him. It said the Economic and Financial Crimes Commission (EFCC) was feeding the media with falsehood to cause disaffection between Obasanjo and his former deputy. “The Economic and Financial Crimes Commission is feeding members of the media with deliberate falsehoods in an attempt to cause disaffection and bad blood between former President Olusegun Obasanjo and his former deputy, Atiku Abubakar, on one hand, and between former President Obasa...
Alleged Tax Default: FIRS’ Action Embarrassing – Assemblies Of God Church
News

Alleged Tax Default: FIRS’ Action Embarrassing – Assemblies Of God Church

The Assemblies of God Church, Nigeria, has described as embarrassing the listing of the Church by the Federal Inland Revenue Service, FIRS, as one of the tax defaulting companies. It was gathered that the Government revenue agency had listed the church alongside 19,901 other accounts that were yet to regularise their tax status. A statement it posted to that effect had read: “This is to notify all Companies, which had their Bank Accounts placed under Lien by the Federal Inland Revenue Service (FIRS) pursuant to Section 31 of the FIRS Act, but are yet to regularise their tax status with the FIRS, that if they fail, refuse or neglect to pay the tax due within 30 days of this Notice, the FIRS shall in accordance with Section 49 (2) (a- d) of the FIRS Act proceed and enforce the paym...
Fowler Replies Kyari, Says Recession, Oil Price Affected Tax Revenue
Politics

Fowler Replies Kyari, Says Recession, Oil Price Affected Tax Revenue

The recession experienced by the Nigerian economy in 2016 as well as lower oil prices affected the revenue collected by the Federal Inland Revenue Service (FIRS) between 2015 and 2018, Tunde Fowler, the chairman, has said. Despite the challenges, Fowler explained, non-oil revenue such as VAT and company income tax — which he said are within the control of FIRS — have been on the increase compared to pre-2015 figures. But oil-based taxes, such as petroleum profit tax (PPT), are beyond the control of the service. He was responding to a memo from Abba Kyari, the chief of staff to the president, who said there were significant variances between the budgeted collections and actual collections for the period 2015 to 2018. Kyari also said the actual collections for 2015 to 2017 were...
Abba Kyari Queries Tunde Fowler Over Tax Collections
Politics

Abba Kyari Queries Tunde Fowler Over Tax Collections

Chief of Staff to President Muhammadu Buhari, Mr. Abba Kyari has queried the Executive Chairman of the Federal Inland Revenue Service(FIRS) over discrepancies in Tax collections from 2015 to 2018. According to a letter seen by POLITICS NIGERIA addressed to Fowler, Kyari stated that there were significant variances between budgeted FIRS Collections and Actual Collections for Period 2015 to 2018. He demanded a comprehensive variance analysis explaining the reasons for the discrepancies between budgeted and Actual collections for each main Tax item for each of the years 2015 to 2018. The FIRS boss was also queried over Actual Collections for Periods 2015 to 2017 as it was 'Significantly Worse' that what was collected between 2012 and 2014. He was asked to explain the reasons for ...
Proposed 5% VAT On Online Purchases: Nigerians React
Politics

Proposed 5% VAT On Online Purchases: Nigerians React

Nigerians have condemned the Federal Government’s proposed five per cent Value Added Tax (VAT) on online purchases. The move, the government has said, is to raise revenue to fund the 2019 N8.9 trillion budget. Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, said the government might appoint banks as agents to deduct five per cent VAT on all local online purchases with a bank card. In an interview, Fowler said the policy could be in place by early next year. Fowler, however, said the preferred choice for the government would be expanding the country’s tax base rather than increasing existing VAT.
70% Of Nigeria’s N5.2 Trillion Tax Revenue Was Contributed By Lagos State
Politics

70% Of Nigeria’s N5.2 Trillion Tax Revenue Was Contributed By Lagos State

The Society of Women in Taxation (SWIT) has raised concern that 70% of the N5.2 trillion taxes collected in 2018 in Nigeria, came from Lagos State alone. This development shows a lopsided tax base, and also an indication that the long four-year tax reforms and campaign have little impact in the remaining 35 states in Nigeria. The Chairperson of SWIT, Mrs Justina Okoror, said it is worrisome that 35 states and the FCT contributed a paltry 30% of the total. She also said that to broaden the nation’s tax base, there was the need to expand tax collections into the interior parts of Nigeria, to increase the number of people in the tax pool. “For instance, out of the trillions of naira generated by the Federal Inland Revenue Service (FIRS), 70 per cent came from Lagos, which means that...
Nine Top FIRS Officials In EFCC Custody Over Alleged Multi-billion Naira Fraud
Crime

Nine Top FIRS Officials In EFCC Custody Over Alleged Multi-billion Naira Fraud

Nine senior officials of the Federal Inland Revenue Service (FIRS) are currently in detention over alleged multi-billion naira fraud. The officials, who are being detained by the anti-graft agency (EFCC) in Abuja, include the Director of Finance and Accounts (DFA) of the FIRS, Mohammed Auta. Apart from Mr Auta, another director of the agency, Peter Hena, is also alleged to be involved in the scandal. Mr Hena, the Coordinating Director, Support Services Group of the FIRS, is currently out of Nigeria and will be arrested as soon as he returns to the country, EFCC sources told this newspaper. A top official of the FIRS, however, said Mr Hena is on official medical leave outside the country and did not flee. Mr Hena is believed to be one of the closest officials to the FIRS ...
How FIRS Plans To Realise Its Revenue Target – Babatunde Fowler
Uncategorized

How FIRS Plans To Realise Its Revenue Target – Babatunde Fowler

The Federal Inland Revenue Service (FIRS) says it plans to realize its revenue target for the year through recoveries from defaulting millionaire taxpayers, values added (VAT) and compliance enforcement activities. The Chairman of FIRS, Tunde Fowler, said in January that the agency’s revenue collection target for 2019 was about N8 trillion. Mr Fowler told the House of Representatives joint committees on Finance, Appropriations, Aids, Loans and Debt Management Legislative Budget and Research and National Planning and Economic Development that he hopes about N750bn would be realized from about 55,000 defaulting taxpayers during the year. Mr Fowler, who spoke on the 2019/2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), said using banking information ...
VAT Designed To Support The Poor, Says Babatunde Fowler
Politics

VAT Designed To Support The Poor, Says Babatunde Fowler

The Federal Inland Revenue Service (FIRS) yesterday explained that Value Added Tax (VAT) is a consumption tax primarily designed to support poor people, and not to create hardship for them. The Chairman of FIRS, Babatunde Fowler allayed fears that the increase in VAT may cause hardship for the poor, stating that VAT is charged on consumption and capacity to consume. He said: “When you don’t consume certain categories of goods and services, you are not liable to pay VAT charges on those items. VAT is not charged on all medical and pharmaceutical products. It is not charged on basic food items. It is not charged on books and educational materials. It is not charged on baby products, fertilizers, locally produced agricultural and veterinary medicine. VAT is not charged on farming ma...
Proposed VAT Hike: Labour Warns Against Plan, Vows To Resist It
News

Proposed VAT Hike: Labour Warns Against Plan, Vows To Resist It

When President Muhammadu Buhari recently urged Nigerians to fasten their belt in readiness for a bumpy ride in his second tenure, grappling with the concomitant effects of a 35-50 per cent review of the Value Added Tax (VAT), in an economy that is still nursing the aches of recession, was never envisaged. It was the Minister of Budget and National Planning, Udoma Udo Udoma and the Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Tunde Fowler that dropped the bombshell last week when they appeared before the Senate Committee on Finance. The proposal, which increases VAT from the current five per cent to either 6.75 per cent (35%) or 7.25 per cent (50%) according to them, is to enable the Federal Government pay the newly-approved N30,000 minimum wage. Their proposal ha...
FIRS Goes After 85,000 Millionaire Tax Debtors
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FIRS Goes After 85,000 Millionaire Tax Debtors

The Executive Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, has said that the Service, in collaboration with other stakeholders like the Nigeria Police Force, will this year go after wealthy tax defaulters. Fowler said this on Thursday in Abuja when the Acting Inspector-General of Police, Mohammed Adamu, paid a courtesy visit to the Revenue House. A statement from the FIRS on Thursday said Fowler informed the police boss that already the service had realised the sum of N23bn based on a closer look at the books of 45,000 tax debtors. He said each of the 45,000 tax debtors had over N100m as turnover in their accounts. The Service, he said, would be going after another set of over 40, 000 millionaire tax defaulters in 2019. He requested the Nigeria Police to as...
Cee-C And Her Dad Hosted By Tunde Fowler At FIRS Headquarters
Lifestyle

Cee-C And Her Dad Hosted By Tunde Fowler At FIRS Headquarters

Big Brother Naija 2018 first runner-up, Cee-C paid a visit to the Federal Inland Revenue Service headquarters in Abuja today. They were hosted by the chairman, Babatunde Fowler. She wrote All in due time! Federal Inland Revenue Service, founded in 1943, with a mission To operate a transparent and efficient tax system that optimises tax revenue collection and voluntary compliance. Thanks so much for having small me! The love and reception was out of this world! I am humbled again ??? Thanks to Mr Babatunde Fowler, God bless you for your kindnessss! Thanks to my dad (he appreciates your love too). Don’t Forget to pay your TAX!!!!
FIRS Boss Warns Of Consequences Of Failure To Take Advantage Of VAIDS
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FIRS Boss Warns Of Consequences Of Failure To Take Advantage Of VAIDS

Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has advised tax defaulters to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) to avoid prosecution as well as other penalties at the end of the scheme on 31 March. Speaking on Tuesday at the a one-day VAIDS Workshop for professionals in tax advisory services, Fowler, who was represented by Mr. Gbolaga Oshiga, urged Nigerians to truthfully declare their incomes and assets under VAIDS. The scheme, an initiative of the Federal Ministry of Finance, he said, was conceived to bring more Nigerians into the tax net and increase the country’s Tax-to-GDP ratio from the meagre six per cent. “Tax compliance level in the country is one of the lowest in the world. The compliance level to GD...
Federal Govt Orders Contractors To Show TIN Before Payment
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Federal Govt Orders Contractors To Show TIN Before Payment

The federal government has ordered vendors of Ministries, Departments and Agencies (MDAs) to display their Tax Identification Numbers (TINs) on their invoices before payments are effected by the MDAs. The Minister of Finance, Kemi Adeosun, handed down the directive to the Accountant-General of the Federation, Ahmed Idris, on Tuesday in Abuja. Mrs. Adeosun said that the directive was due to the N100 billion discovered as tax revenue shortfall by contractors between 2012 and 2017. The minister, in a memo entitled “Compliance with Tax Payments by Federal Government Vendors”, disclosed that persistent leakages in revenue remittances by vendors had been uncovered. She said that the discovery was made by the Federal Government’s Project Lighthouse, a system-wide revenue intelligence ...
N100 Billion Revenue Shortfall: Nigerian Govt Orders Contractors To Show TIN Before Payment
News

N100 Billion Revenue Shortfall: Nigerian Govt Orders Contractors To Show TIN Before Payment

The federal government has ordered vendors of Ministries, Departments and Agencies (MDAs) to display their Tax Identification Numbers (TINs) on their invoices before payments are effected by the MDAs. The Minister of Finance, Kemi Adeosun, handed down the directive to the Accountant-General of the Federation, Ahmed Idris, on Tuesday in Abuja. Mrs. Adeosun said that the directive was due to the N100 billion discovered as tax revenue shortfall by contractors between 2012 and 2017. The minister, in a memo entitled “Compliance with Tax Payments by Federal Government Vendors”, disclosed that persistent leakages in revenue remittances by vendors had been uncovered. She said that the discovery was made by the Federal Government’s Project Lighthouse, a system-wide revenue intelligence data-war...
Senate Tackles Finance Minister Adeosun Over Plan To Pass 2018 Budget In January
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Senate Tackles Finance Minister Adeosun Over Plan To Pass 2018 Budget In January

The Senate on Tuesday challenged the Minister of Finance Kemi Adeosun, on Federal Government’s insistence on passing the 2018 Budget in January when less than 50 per cent of the 2017 budget was only implemented. The upper chamber also queried why the 2017 Budget had no correlation to the 2018 Budget, insisting the implementation, if passed by January, would be poor because of the size of Nigeria. Chairman Senate Committee on Finance, Sen. John Enoh, made the position known during the budget defence of the ministry. Eno asked to know how the ministry achieved 64 per cent budget performance in 2017 when other Ministries, Departments and Agencies (MDAs) were nearly scratching below 40 per cent. Responding, Adeosun said the ministry was working to raise all the MDAs to 50 per cent performa...
TAX EVASION: FG To Seize, Sell 2000 Properties In Abuja
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TAX EVASION: FG To Seize, Sell 2000 Properties In Abuja

The Federal Inland Revenue Service (FIRS) has said that it will soon start to seize and sell properties in Abuja whose owners have been evading tax payment. This was as the FIRS also disclosed that about N17 billion had been raised under the Federal Government’s Voluntary Assets and Income Declaration Scheme (VAIDS). FIRS chairman, Mr. Tunde Fowler, made these revelations in Abuja on Thursday when he spoke a at a media training on VAIDS. He said, “Since VAIDS was launched, we have seen over 2000 properties in Abuja that have ownership of corporate organizations that have not filed any tax, have not paid any tax. “That is why we gave them notice that we will shortly be going to court, we will be seizing those properties and selling them to make up for the outstanding tax and if there is...
VAIDS: FIRS Generates N17 Billion In Six Months
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VAIDS: FIRS Generates N17 Billion In Six Months

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has revealed that the tax amnesty granted by Federal Government under Voluntary Assets and Income Declaration Scheme (VAIDS), raked in N17 billion between June and December 2017. Fowler made this disclosure at the flag off of VAIDS public enlightenment, on Thursday, in Abuja. According to him, an additional N6 billion is expected for remittance before the end of December 2017. The tax agency also noted that it had identified 2,000 properties in various parts of Federal Capital Territory (FCT), Abuja whose owners neither pay taxes nor file returns on them. Fowler added that more firms are keen to seize the window of opportunity offered by amnesty to regularize their tax status, adding that...
Use Of Tax Consultants Cripples Tax Institutions – Ex-FIRS Chief Ifueko Omoigui-Okauru
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Use Of Tax Consultants Cripples Tax Institutions – Ex-FIRS Chief Ifueko Omoigui-Okauru

Mrs Ifueko Omoigui-Okauru, former Chairman of the Federal Inland Revenue Service (FIRS), said she did not engage consultancy service during her tenure in FIRS because of its long term disadvantages. She told the News Agency of Nigeria (NAN) in Nairobi, Kenya, on the sidelines of the 5th Pan African Conference on curbing Illicit Financial Crimes from Africa, that the use of consultants in revenue activities could cripple tax institutions. She added that when she was the chairman of the Nigerian tax agency, she chose to work with staff of FIRS to build their capacity and ensure continuity. “It boils down to capacity and this is where I have been in the forefront of the issue of tax consultants. “Much as I would have used tax consultants throughout my tenure and make revenue easy;...
Panic Grips Expatriates As FIRS Seals Atiku’s Intels Office
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Panic Grips Expatriates As FIRS Seals Atiku’s Intels Office

Intels, an oil services company linked with with the former Vice President Atiku Abubakar, appears to be in feeper ctidis, as the revenue agency, Federal Inland Revenue Service, FIRS, has placed a seal on its head office, asking the company to pay unremitted taxes. However, what appeared to be a much bigger trouble is that the Nigeria Free Zone Authority has written Intels, accusing the oil services company of operating illegally, within the zone . As a consequence of the letter from the Free Zone Authority, multiple sources said Monday afternoon that the appropriate authorities such the Immigration Service may ask most expatriates operating at Intels to leave, especially as the expatriate quota Intels enjoys will be affected by this letter. The fear among expatriates heightened b...

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