Nigerians Kick as FG Implements 7.5% VAT on Diesel The Federal Government, on Monday, confirmed that it had commenced the implementation of the payment of 7.5 per cent Value Added Tax on Automotive Gas Oil, popularly called diesel. Officials of the Nigeria Customs Service and Federal...

Tinubu Economic Advisers Seek Customs, NIMASA, FIRS Merger   President Bola Ahmed Tinubu Policy Advisory Council has recommended the declaration of a state of emergency on revenue generation in the country. The council also proposed the merger of the Federal Inland Revenue Service, Nigerian Customs Service, and...

FIRS, LIRS Join Forces to Strengthen Tax Compliance The Federal Inland Revenue Service (FIRS) and the Lagos Internal Revenue Service (LIRS) have signed a Memorandum of Understanding (MoU) to establish a Joint FIRS and LIRS Audit and Investigation Team, AIT, aimed at driving exchange of...

Seven Banks Paid N1bn for Forex Offences - Report The Nigerian Exchange Limited recent report revealed that seven Deposit Money Banks paid sum of N1,088,334,000 as fines to the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission, Pension Commission and others in...

FIRS, Customs Generates N12.7trn Revenue in 2022 Revenue collection by two key agencies of the Federal Government (FG), the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS), rose to N12.7 trillion in 2022 representing a 46.8 percent increase from N8.7 trillion collected...

Companies, Consumers Taxes Hit N5.3tn – NBS The National Statistics Bureau data shows that consumers of goods and services and companies paid N5.34tn as taxes to the government in 2022. This represents a 42.14 per cent increase from the N3.76tn that was raised in 2021. The...