Business

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…

Group Commends FIRS Chairman, Nami On Fiscal Prudence And Improved Staff Welfare The Executive Chairman of the Federal Inland Revenue Service, (FIRS) has received encomiums from the Global Economic Policy Initiative (GEPIn) for what the group describes as “fiscal prudence over the affairs of the FIRS, and ensuring maximum efficiency with minimal resources.” In a statement shared to the media by the President of the group, Mr Bernard Okri on Wednesday, the group stated that despite the limited budget of the FIRS to carry out the enormous task of collecting revenue for the Federation, it has been able to deliver…

The Federal Inland Revenue Service (FIRS) has stated that it would use the instrumentality of the Finance Act 2021, through collaboration with taxpayers and key stakeholders to ensure adequate funding of the country’s budget and raise the requisite financing for national development. This was stated by the Executive Chairman of the FIRS, Muhammad Nami, yesterday while delivering the keynote address at the KPMG’s Webinar on Nigeria’s 2022 Budget and the Finance Act 2021, where he also noted that the Act had provided a framework for equitable treatment, automation and deployment of ICT infrastructure, a single agency for tax collection, taxation…

To increase voluntary tax compliance, the management of the Federal Inland Revenue Service (FIRS) has introduced “Self-Service Stations” where taxpayers can file tax returns, pay taxes, apply for and validate Tax Clearance Certificates among other services, by themselves on online platforms located in FIRS tax offices across the country. This initiative is aimed at supporting taxpayers in the optimised use of the TaxPro Max solution. “As part of the Service’s effort to enhance voluntary tax compliance, the SelfService Stations will, among other things, provide taxpayers the opportunity to carry out the following services online while in the Tax Office: Filing…

NNPC GMD Kyari reveals how adulterated fuel was imported, names 4 oil companies involved The Nigerian National Petroleum Company (NNPC) Limited has explained how the adulterated Premium Motor Spirit (PMS), otherwise known as petrol was imported into Nigeria from Belgium undetected as well as the oil companies that brought it in. This is coming a few hours after the Minister of State for Petroleum Resources, Timipre Sylva, indicated that the Federal Government had ordered a major investigation to unravel the circumstance surrounding the importation and supply of the adulterated product. This was made known by the Group Managing Director (GMD)…

FIRS' HUGE TAKINGS, ANOTHER GAIN OF BUHARINOMICS-BMO The Buhari Media Organisation (BMO) has hailed the Federal inland Revenue Service (FIRS) for effectively using technology to improve its productivity and exceed its 2021 collection target of N6.04trn despite global economic challenges. BMO said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that it shows the level of creativity being deployed on President Muhammadu Buhari's watch to make Nigeria depend less on oil proceeds. "We are quite aware of efforts by some entrenched interests to literally stop the FIRS from using the technological tools it was bent…

Despite the global economic challenges occasioned by the Coronavirus pandemic, as well as the disruption of business activities in 2020 by nationwide protests, the Federal Inland Revenue Service (FIRS) achieved over a hundred percent of its collection target for the year 2021. “Notwithstanding the limitations faced in 2020/2021, the Service achieved over a hundred percent of its collection target,” Executive Chairman, Muhammad Nami stated in the FIRS 2021 Performance Update signed by him. “The FIRS, in the year 2021 collected a total of N6.405 trillion in both oil (N2.008 trillion) and non-oil (N4.396 trillion) revenues as against a target of…

In its seamless efforts to provide information of corporate customers’ transactions above ₦10 million and individuals above ₦5 million, Nigeria Federal Inland Revenue Service (FIRS) has developed a portal called Deposit Money Banks (DMBs). The momentum was awarded the International Standard Organization (ISO) 27001:2013 on the 6th of October 2021. ISO Certification, FIRS Chairman Muhammed Nami said, affirms that the DMBS is secure, the data processes and data it possesses are secure as well as the taxpayer information it holds and receives within Nigeria and across the world. “Deposit Money Banks (DMBs) is sacrosanct as the conduct of field tax…

The Board of Directors of Nigeria LNG Limited, NLNG, has approved the supply of 100 per cent of the company’s Liquefied Petroleum Gas, LPG, production (Propane & Butane) to the Nigerian market. NLNG is currently the highest single supplier of LPG into the domestic market, with an estimated 400,000 metric ton, MT, supplied in 2021. In a statement on Thursday, the NLNG said the development will crash the price of cooking gas which has been rising since March 2021. The statement quoted the Managing Director/CEO of company, Dr Philip Mshelbila, as expressing strong commitment to the continued growth of the…