Business

FIRS commences direct collection of taxes from online gaming operators 

FIRS commences direct collection of taxes from online gaming operators 

The Federal Inland Revenue Service (FIRS) has stated that it has commenced the deduction of taxes at transaction points from Online Gaming Transactions using the Sentinal National Payment Gateway and Electronic Solution. In a Public Notice signed by its Executive Chairman, Muhammad Nami, the Service while directing full compliance by the online gaming community, explained that the Sentinal National Payment Gateway was a transaction processing system that enables Integrated Payment Services Providers to deduct taxes at the points of transaction and immediately remit the tax deducted to the government’s treasury. “The FIRS is automating the administration of tax on online…
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Air Peace Chairman, Onyema, Laments Bad Treatment Of Nigerian Airlines By Foreign Countries

Air Peace Chairman, Onyema, Laments Bad Treatment Of Nigerian Airlines By Foreign Countries

The Chairman/CEO of Air Peace Airlines, Allen Onyema, has lamented the bad treatment of Nigerian Airlines by foreign countries in contravention of the Bilateral Air Services Agreement.   Onyeama made the allegations during an interactive session with the Speaker of the House of Representatives, Rep. Femi Gbajabiamila, at the National Assembly, Abuja.   He said the Nigerian government was not deliberately denying foreign airlines of their funds as was being insinuated in some quarters, but that the foreign countries were the ones rather fleecing Nigerians by hiking the price of airfares and blaming it on their trapped funds in Nigeria.…
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Naira Falls To N750 Against US Dollar

Naira Falls To N750 Against US Dollar

The naira has suffered further depreciation at the parallel market, currently trading for N750 against the dollar, according to black market platform Aboki Forex. The current parallel market exchange rate was monitored by Peoples Gazette Thursday night. The online newspaper had reported in September that the naira hit a record high, trading at N719 against the dollar. Since then, the dollar has continued to rise, exchanging at a higher rate. In 2021, the apex bank prohibited the sale of foreign exchange to BDC operators in a bid to arrest the fast fall of the country’s currency. The apex bank had…
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FIRS Cautions MDAs: Stop Contracting Tax Assessment, Collection, Enforcement To Consultants

FIRS Cautions MDAs: Stop Contracting Tax Assessment, Collection, Enforcement To Consultants

The Federal Inland Revenue Service (FIRS) has cautioned Ministries, Departments and Agencies of Government (MDAs) against the appointment of consultants and concessionaires to collect taxes due to the Federal Government or any of its agencies, as the FIRS is the sole agency of government saddled with the responsibility of tax collection. In a Public Notice it issued Thursday, 22nd September, 2022, signed by its Executive Chairman, Muhammad Nami, the FIRS accused some MDAs of including functions of assessment, collection, accounting and enforcement of taxes and levies in their agreements with concessionaires and consultants. “It has come to the notice of…
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FG to ban ‘ponmo’ to revive leather industry

FG to ban ‘ponmo’ to revive leather industry

The federal government says it is proposing legislation to ban the consumption of animal skin, locally known as ponmo, in the country to revive tanneries. Muhammad Yakubu, director-general, Nigerian Institute of Leather and Science Technology (NILEST), Zaria, said this in Abuja on Sunday. Yakubu said the legislation was necessary to revive the comatose leather industry in the country. He said the habit of eating animal skin, which has no nutritional value, should be stopped to save the industry and boost the nation’s economy. The director-general added that the institute, in collaboration with stakeholders in the industry, would approach the national…
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Road Infrastructure Tax Credit Scheme, One of the Greatest Innovations of FG, Says FIRS Boss, Nami

Road Infrastructure Tax Credit Scheme, One of the Greatest Innovations of FG, Says FIRS Boss, Nami

The Road Infrastructure Tax Credit Scheme has been described by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami as one of the greatest innovations of the Federal government in its resolve to tackle Nigeria’s infrastructure deficit. The scheme which provides for public-private partnership intervention in the construction, refurbishment and maintenance of critical road infrastructure in the country with participants being entitled to Tax Credits against their future Companies Income Tax was the subject of debate at the Senate Stakeholder and Public Hearing on the 2023 Medium-Term Expenditure Framework (MTEF) and Fiscal Paper, which held yesterday at…
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Again, naira crosses N700/$ mark at parallel market

Again, naira crosses N700/$ mark at parallel market

The naira has continued its downward trend, falling to N702 per dollar at the parallel market on Monday. The figure represents N10 or 1.4 percent depreciation compared to the N692 it traded last week. Bureaux De Change (BDC) operators in Lagos and Abuja, who spoke to TheCable, said that there is high demand for foreign currency in the street market. The street traders, popularly known as ‘abokis‘ put the buying price of the dollar at N690 and the selling price at N700-N702, leaving a profit margin of N10-N12. Last month, the naira weakened to N707 a dollar. It later strengthened…
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Are States, LGAs Now Above The Law?

Are States, LGAs Now Above The Law?

We are living in interesting times in Nigeria. Issues of public discourse never cease to amaze one in this country. When you think that you have seen and heard it all, something risible would just pop up like a bolt out of the blues to add to the dramatic turn of events that are unfolding all around us. The Body of Attorneys-General of the 36 States of the Federation (BOAG), rising from its Conference which was held in Lagos State recently, issued a communique in which it erroneously claimed that the Federal Inland Revenue Service (FIRS) "lacks the power to…
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Taxes cushion oil revenue slump as FIRS grows collections

Taxes cushion oil revenue slump as FIRS grows collections

.....Corporate taxes trump oil earnings for first time on record Although taxes now seem to be the main revenue source of the government, it would need even more attention to become the new oil as the amount generated from the source remains low relative to government spending For the first time in nearly half a century, non-oil revenue usurped petrodollars to become the main source of the Nigerian federal government’s revenue in 2021 and that dominance has grown since then. So dominant has non-oil revenue become compared to oil that in the recently published financial accounts of the federal government,…
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MTN Makes U-Turn, Admits Not Paying N757.7bn Tax To FIRS

MTN Makes U-Turn, Admits Not Paying N757.7bn Tax To FIRS

Nigeria’s biggest network provider, MTN Nigeria has reversed itself on the claims that it remitted N757.5bn to the Federal Government in 2021. The company said last week that the actual amount paid to the tax authority- the Federal Inland Revenue Service in 2021 was N291.67bn. “Without prejudice but specific to the Federal Inland Revenue Service (FIRS), direct remittances by the company to FIRS in 2021 was N291.7bn. While the balance represents VAT, levies, fees and duties paid to other Federal Government agencies.,” MTN reversed earlier claims. The telecom firm said VAT on revenue paid to the government was N98.99bn; Withholding…
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