World News

Jun
21
2022
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By Thewhisperer
Soludo debunks claim on Obi’s $20m investment, says it’s fake news

Soludo debunks claim on Obi’s $20m investment, says it’s fake news

Business, Politics
Chukwuma Soludo, governor of Anambra, has debunked a statement credited to him that a purported investment of Peter Obi, the presidential candidate of Labour Party, in the state has yielded returns. Obi served as Anambra governor three different times from 2006 to 2014, owing to a series of legal battles occasioned by impeachment and issues on election schedule. The former Anambra governor’s presidential ambition has gained popularity among Nigerian youths on social media. In May, there were posts on social media claiming that Soludo said Obi invested $20 million in SABMiller Plc, now AB InBev, on behalf of the state…
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Jun
20
2022
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By Thewhisperer
Woman discovers ‘husband’ to be female, 10 months after marriage

Woman discovers ‘husband’ to be female, 10 months after marriage

World News
A woman only found out that her husband was a woman in disguise 10 months after their wedding day. The 22-year-old woman, who has been identified by her initials NA, shared her story on social media after the case made headlines. It comes after the accused, who is referred to by their initials AA, appeared before the Jambi District Court in Indonesia on Tuesday, June 14. The victim claimed that she matched with the scammer on a dating app in May 2021, according to a report by The Nation. The accused pretended to be a male US-trained surgeon and a…
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Jun
10
2022
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By Thewhisperer
FIRS To Commence Nationwide Monitoring On Tax Compliance

FIRS To Commence Nationwide Monitoring On Tax Compliance

Business, News
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…
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Jun
01
2022
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By Thewhisperer
FIRS To Commence Recovery of Unremitted Tax Deductions By States, Local Governments

FIRS To Commence Recovery of Unremitted Tax Deductions By States, Local Governments

Business
The Federal Inland Revenue Service (FIRS) has stated that it will commence the process of enforcement and recovery of unremitted tax deductions owed by some States and Local Governments in Nigeria. This decision is contained in a Public Notice, signed by its Executive Chairman, Muhammad Nami, where the tax authority noted that most States and Local Governments have failed to remit to the Service Withholding Tax (WHT) and Value Added Tax (VAT) deductions from payments made to contractors and service providers by them as required by law. The Notice, highlighting relevant portions of the Companies Income Tax Act (CITA) and…
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May
23
2022
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By Thewhisperer
Nigeria Did Not Endorse The OECD Minimum Corporate Tax Agreement In The Country’s Best Interest – FIRS

Nigeria Did Not Endorse The OECD Minimum Corporate Tax Agreement In The Country’s Best Interest – FIRS

Business
Nigeria’s cautious approach to the endorsement of the Organization for Economic Cooperation and Development (OECD)/ G20 Inclusive Framework two-pillar solution to the taxation of the digital economy is in the best interest of the country, and to ensure that Nigeria does not lose out on potential revenue from the digital economy. This was explained in a statement issued to the press by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, on Monday. Explaining in his statement, why the agreement is unfair to Nigeria and the developing countries in general, Muhammad Nami stated that the country, having…
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May
16
2022
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By Thewhisperer
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

Business
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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May
10
2022
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By Thewhisperer
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

Business, News
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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Apr
24
2022
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By Thewhisperer
Tax Harmonization and Prospects for the Nigerian Economy by Kelechi Okoronkwo

Tax Harmonization and Prospects for the Nigerian Economy by Kelechi Okoronkwo

Business, Opinion
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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Mar
30
2022
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By Thewhisperer
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

Business
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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Mar
29
2022
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By Thewhisperer
Nigeria must operate efficient tax administration to boost revenue, says President Buhari

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

Business, News
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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