PIA'll Deplete Tax Revenue, FIRS warns       Federal Inland Revenue Service (FIRS) Chairman, Mohammed Nami, said though the law may affect revenue expected to be generated from Petroleum Profit Tax next year, government revenue is expected to increase significantly in 2023. Speaking at an interactive session on...

Recover N17.69bn From Tax Evaders, Senate Tells FIRS       The Federal Inland Revenue Service confirmed that companies with untraceable addresses evaded taxes to the tune of N17.69bn, according to a report by the Office of the Auditor General of the Federation for 2015. The Senate has consequently...

In Six Months, Nigeria’s VAT Hits N1trn - NBS       Nigeria generated a N1tn in the first half of the year, consisting of N512.25bn in the second quarter and N495.39bn generated in the first quarter. The figures were contained in the ‘Sectoral distribution of Value Added Tax’...

VAT, Multiple Taxations Undermine Stock Market Performance     Barely two years after the resumption of Value Added Tax (VAT) to the stock market, investors have returned about N30 billion into government coffers. The amount includes the 10 per cent withholding taxes remitted to the government, despite...

FIRS, Firm Partner To Simplify Tax Remittances       No further simplify tax remittances, SystemSpecs has collaborated with the Federal Inland Revenue Service (FIRS). This deal is also aimed at strengthening tax administration through its Remita Payment Gateway, which powers payments on TaxPro-Max, a new solution for filing...

ECOWAS Advices Nigeria To Raise VAT On Hotels, Others       The Economic Community of West Africa States has canvassed an increase in the Value Added Tax on luxury items including perfume, wine and other alcoholic beverages, fuelling speculations about inflation on the items. According to ECOWAS, Nigeria...