Business

Visits to include MDAs, NGOs, other corporate bodies... The Federal Inland Revenue Service (FIRS) has stated that it would embark on a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) compliance exercise from July, 2022. This information is contained in a public notice announcing the compliance monitoring exercise, and signed by the FIRS Executive Chairman, Muhammad Nami. The exercise is coming on the heels of an earlier notice by the Service to commence the enforcement and recovery of unremitted tax deductions owed the Federation by some States and Local Governments. The VAT and Withholding Tax Compliance Monitoring exercise will…

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…

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;…