Tax Crimes Commission Bill Passes Second Reading
The House of Representatives on Wednesday passed a bill seeking the establishment of the National Tax Crimes Commission to address revenue leakages in tax management and administration in the country.
When established, the bill sponsored by the Deputy Speaker...
Senate to FIRS: Suspend N17trn Tax Waivers
The Senate through its Committee on Finance on Monday frowned at the N17tn loss incurred by the country on tax waivers within the last five years.
It consequently urged the Federal Inland Revenue Service (FIRS) to suspend the tax...
FIRS Suspends Implementation of VAT Guidelines
The Federal Inland Revenue Service (FIRS) has announced the postponement of the implementation guidelines for the value-added tax simplified compliance regime on the supply of low-value goods through digital means by non-resident suppliers.
In a statement, it said the postponement...
FIRS Grants Waivers on Tax Penalties, Issues Dec 31 Deadline
The Federal Inland Revenue Service (FIRS) has offered a complete waiver on penalties and interests for overdue taxes, contingent on full principal payment before December 31, 2023.
This announcement was made through a statement issued by...
FCT Tax Reforms Targets N300bn Annual Revenue
The Federal Capital Territory (FCT) is taking steps towards boosting its revenue streams.
Currently, the FCT’s Internally Generated Revenue (IGR) is around N200 billion per year. With the implementation of these new initiatives, the FCT-IRS expects to increase IGR...
LIRS Shuts 34 Companies Over N356.12m Unremitted Taxes
The Lagos State Internal Revenue Service (LIRS) has closed down 34 corporate organisations for failing to remit Personal Income Taxes of their employees and for non-remittance of consumption taxes by operators in the hospitality sector to the...
