VAT Hike Will Kill Businesses, Shrink GDP, Experts Say Experts and groups such as the Nigeria Employers’ Consultative Association have said the recent increase in the Value Added Tax rate from five per cent to 7.2 per cent will lead to closure of many businesses. The...

23,141 Tax Defaulters Owe N254bn, Says FIRS   The Federal Inland Revenue Service says a total of 23,141 defaulters owe N254bn in tax liabilities. The service also said it recovered over N97.7bn from tax defaulters since it gave the directive to banks. The Executive Chairman, FIRS, Mr Babatunde...

FG Plans Bill To Address Multiple Taxes, Disparity   The Technical Committee of the National Tax Policy Implementation Committee will soon present a bill to the Minister of Finance and National Planning, Mrs Zainab Ahmed, that will harmonise all taxes to enhance ease of doing business...

Nigeria Earned N35trn From Tax In 8 Years, Says FIRS   Within an eight-year period covering 2011 and 2018, the country earned a total of N35.56tn as tax revenue, statistics obtained from the Federal Inland Revenue Service have revealed. An analysis of the tax revenue statistics showed...

FIRS Strategies Will Improve Tax Revenue - CITN   The Chartered Institute of Taxation of Nigeria has expressed confidence that the current strategies and initiatives of the Federal Inland Revenue Service will improve revenue collections. The Registrar/Chief Executive, CITN, Adefisayo Awogbade, said the institute had observed that...

FIRS Places VAT On Online Transactions From January 2020   Chairman of the Federal Inland Revenue Service, Babatunde Fowler, on Monday said that Nigerian banks would start charging Value Added Tax on local and foreign online transactions from January 2020. Fowler spoke at a technical workshop organised...