N'assembly Considers Bill to Increase VAT by 2.5% in 2025 Consumption tax, also known as value-added tax (VAT) may soon become higher in Nigeria. According to a report by The Cable, the National Assembly is reportedly considering a bill to increase value-added tax (VAT) from 7.5%...

New Bill Proposes Tax ID for Opening Bank Accounts A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or...

FG Launches USSD Code to Simplify Tax Payment The Federal Inland Revenue Service has launched a USSD code, *829#, to simplify tax payments as part of efforts to enhance the ease of doing business and improve taxpayer satisfaction. The FIRS Chairman, Zacch Adedeji, introduced the initiative...

Current Withholding Tax Regime Valid till December – FIRS The Federal Inland Revenue Service (FIRS) has said that the current Withholding Tax regime will remain effective until December 31, 2024. This is according to a public notice informing taxpayers, tax practitioners, and the general public about...

FIRS Partners ACCI to Boost Tax Compliance   The Federal Inland Revenue Service (FIRS) has strengthened its commitment to enhancing tax compliance among Nigerian businesses through a strategic partnership with the Abuja Chamber of Commerce and Industry (ACCI). This collaboration was highlighted during the opening ceremony of...

Revenue Increase, Better Compliance, Others Necessary for Tax Reforms - FIRS The Chairman of the Federal Inland Revenue Service (FIRS), Dr Zaach Adedeji, yesterday explained that Nigeria’s tax system reforms are driven by the need for increased revenue, better compliance, and more equitable economic practices. Adedeji...