Business

FIRS Lists Nigeria’s 2021 Top-Performing Taxpayers; Hails Taxpayers For Compliance, Payment and Support

FIRS Lists Nigeria’s 2021 Top-Performing Taxpayers; Hails Taxpayers For Compliance, Payment and Support

The Federal Inland Revenue Service (FIRS) has listed Nigeria’s top-performing taxpayers in the year 2021, and commended them for their exceptional efforts in contributing towards providing the necessary funds for the government to meet its social contract with the Nigerian citizens, despite the harsh economic conditions imposed by the COVID-19 pandemic. The FIRS, in a Press Release signed by the Executive Chairman, Muhammad Nami, appreciated the country’s taxpayers, noting that without them the Service would not have been able to achieve the feat it recorded in 2021 where it surpassed its tax collection target for the year and crossed the…
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FIRS Calls For Increased Collaboration Within African Countries To Effectively Tax Digital Businesses

FIRS Calls For Increased Collaboration Within African Countries To Effectively Tax Digital Businesses

The Federal Inland Revenue Service (FIRS) has stated that there is need for improved collaboration among countries and international stakeholders with the aim of exploring alternative rules that will enable market jurisdictions, particularly African countries, to effectively subject digital businesses to tax. This was stated during a presentation by the Executive Chairman of the FIRS, Muhammad Nami last week, Friday at a Technical Assistance Programme organized by African Tax Administrators’ Forum’s (ATAF) with the theme “Member’s Needs and How To Broaden the Collaboration,” held in Lomé, Togo. Mr. Muhammad Nami in his presentation noted that although some African countries had…
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Tax Harmonization and Prospects for the Nigerian Economy by Kelechi Okoronkwo

Tax Harmonization and Prospects for the Nigerian Economy by Kelechi Okoronkwo

To harmonize means to produce a pleasing combination; the way it happens in music production. Different sounds and notes are blended to produce harmony; and that is when a musical piece is pleasing. For taxation to be pleasing, there is need to harmonise the tax system. The above analogy was the opening note of Mrs. Ifueko Omoigui Okauru, a former Executive Chairman of the Federal Inland Revenue Service (FIRS) as she moderated a panel discussion on the theme, Tax Harmonisation for Enhanced Revenue Generation during the second National Tax Dialogue at the Presidential Villa, Abuja recently. The panel discussion threw…
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2nd NATIONAL TAX DIALOGUE: We Must Stop The Politicization Of Tax Revenue Generation – Nami

2nd NATIONAL TAX DIALOGUE: We Must Stop The Politicization Of Tax Revenue Generation – Nami

2nd NATIONAL TAX DIALOGUE: We Must Stop The Politicization Of Tax Revenue Generation - Nami Recognises Nigeria’s top paying and most complaint taxpayers. The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami while calling for all hands to be on deck to support the tax system and make it function efficiently has urged politicians to treat tax revenue generation as an apolitical issue. Mr. Muhammad Nami said this while delivering his opening remarks at the 2nd Annual National Tax Dialogue with the theme: “Tax Harmonisation for Enhanced Revenue Generation”, at the State House Conference Centre, yesterday. While…
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Nigeria must operate efficient tax administration to boost revenue, says President Buhari

Nigeria must operate efficient tax administration to boost revenue, says President Buhari

President Muhammadu Buhari on Tuesday in Abuja expressed his administration’s commitment to an efficient tax administration in order to improve tax revenue in the country. Declaring open the second National Tax Dialogue Week, the President expressed concern at the current tax system in the country, characterised by fragmented administration, multiple and sometimes, overlapping taxes. ''In most tax-efficient nations, tax administrative processes and practices are harmonised within a single system. ''One key deliverable of this year’s tax dialogue is to promote synergy in tax administration among the different tiers of government. ''Harmonising taxpayer identification across the country is a good start;…
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With Cooperation, We Can Improve Revenue Mobilization For Our Two Nations – Nami Tells Niger Tax Authority

With Cooperation, We Can Improve Revenue Mobilization For Our Two Nations – Nami Tells Niger Tax Authority

With Cooperation, We Can Improve Revenue Mobilization For Our Two Nations - Nami Tells Niger Tax Authority The revenue mobilization of Nigeria and Niger Republic can be improved if the revenue authorities of both countries work together to deepen their relationship, share tax information and engage in mutual administrative assistance, Muhammad Nami, Executive Chairman of the Federal Inland Revenue Service (FIRS) has stated. Mr. Nami stated this while receiving his Niger Republic counterpart, the Director General of the Niger Tax Authority, Mallam Ousmane Mahamane and his delegation at the Headquarters of the FIRS, during a cooperation visit to the Service…
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MultiChoice raises DSTV, GOTV subscription rates

MultiChoice raises DSTV, GOTV subscription rates

Pay TV company, Multichoice, has announced new rates for its offerings in Nigeria, the firm’s latest price increase that is bound to irk its customers. The firm said from April 1, subscribers will pay more for all its bouquets and its premium package on DSTV will cost N21,000, no longer N18,400. Compact Plus which cost N12,400 before will now go for N14,250, while Compact will cost N9,000 instead of N7,900. Confam will cost N5,300 and no longer N4,615, while Yanga subscribers will pay N2,950 and not N2,565. The firm blamed “rising costs of inflation and business operations” for the increase…
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Soludo Suspends All Revenue Contracts For Onitsha Markets, Parks, Others

Soludo Suspends All Revenue Contracts For Onitsha Markets, Parks, Others

Soludo Suspends All Revenue Contracts For Onitsha Markets, Parks, Others. The former Central Bank of Nigeria governor said this on Thursday during his inauguration as the governor of the state. The newly sworn-in Governor of Anambra State, Chukwuma Soludo, has banned the activities of revenue collectors in the state. The former Central Bank of Nigeria governor said this on Thursday during his inauguration as the governor of the state. Soludo said, “As a new order, many unproductive system will give way. There will be new and better ways of managing our parks, managing our markets, different and better ways of…
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Biden announces ban on all Russian energy imports over Ukraine invasion

Biden announces ban on all Russian energy imports over Ukraine invasion

President Joe Biden announced Tuesday that the U.S. will target "the main artery of Russia's economy" by banning the import of Russian energy products. "We're banning all imports of Russian oil and gas and energy," Biden said in remarks from the White House. "That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin's war machine." The president warned that the move would probably increase gas prices in the U.S., but that it was necessary to ramp up sanctions pressure on Russia's economy for its war on Ukraine.…
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FIRS Offers Concession To Taxpayers With Outstanding Foreign Currency Tax Liabilities

FIRS Offers Concession To Taxpayers With Outstanding Foreign Currency Tax Liabilities

FIRS Offers Concession To Taxpayers With Outstanding Foreign Currency Tax Liabilities Taxpayers who have outstanding foreign currency tax liabilities can now take advantage of the Federal Inland Revenue Service (FIRS) one-month window to settle these liabilities in Naira, with effect from the 1st of March, 2022, to 31st March, 2022, this is according to a Public Notice released by the Service and signed by the Executive Chairman, Muhammad Nami. The FIRS stated that it had received requests and enquiries from taxpayers on challenges being encountered in sourcing for foreign currencies to offset their outstanding tax liabilities. “In view of the…
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