Budget 2020: Low VAT Collections Threaten Revenue Projections     Plans by the fiscal authorities to bridge the 2020 deficit gap partly through the Value Added Tax (VAT) rate hike from 5% to 7.5% this fiscal year may be scuttled by the lingering lockdown occasioned by the...

FIRS Sets June 30 To Resume Field Audit, Investigation Exercises     The Federal Inland Revenue Services (FIRS) has said it will resume audit, investigations and monitoring exercises earlier suspended as part of measures to cushion the effects of Covid-19 pandemic on the 30th June 2020. In a...

Revolutionising Tax For Nigeria’s Sustainable Growth     The Federal Inland Revenue Service (FIRS), is currently implementing small businesses-friendly tax policy that temporary exempts operators with annual turnover of N25 million and below from charging Valued Added Tax (VAT), while deploying technology to ensure continued quality service...

FIRS Gives Deadline On Tax Interests, Penalties Waiver   Federal Inland Revenue Service (FIRS) is to waive interests accruable to debts as well as the related penalties for defaulting taxpayers if they fully settle their indebtedness on or before May 31. FIRS Executive Chairman, Mr. Muhammad Nami,...

FIRS sets new record in revenue collection ...records 15% increase in Q1 The final performance result in revenue collection by the Federal Inland Revenue Service (FIRS) for the first quarter(Q1, 2020) has been released, which revealed that the Service posted a new collection record of 15% increase for the quarter under review compared to the Q1,2019   The...

N8.5 trillion tax target: FIRS records 10.4% increase in Q1 collection In spite of the sharp fall in the price of Nigeria’s major export and top earner – crude oil – the Federal Inland Revenue Service (FIRS), has recorded an 10.4% increase in its collection...