FIRS To Tax Profits From Bonds, Securities The Federal Inland Revenue Service (FIRS) has announced that it would tax profits accruing from investments in bonds and short-term government securities by companies which would now be categorised as income tax. This, it said, followed the expiration of...

Nigeria’s 8% Tax-to-GDP Ratio Lowest Globally – Osinbajo   The Vice President, Prof. Yemi Osinbajo, on Tuesday, declared that Nigeria’s eight per cent tax-to-GDP ratio was among the lowest globally and that efforts were on to increase this figure. He also stated that the Federal Inland Revenue...

FIRS To Spend N119.7bn On Worker's Salaries, Allowances   The Federal Inland Revenue Service (FIRS) has said it will spend N119,684,218,735 out of the N215,811,290,243.00 in this year’s budget on workers’ salaries and allowances. A Senate report has indicated that out of the N119.68 billion earmarked for...

FIRS Surpasses 2021 Target, Generates N6.4trn   The Federal Inland Revenue Service (FIRS) generates N6.405 trillion in 2021 despite the economic downturn experienced in the globe due to the coronavirus pandemic. The Executive Chairman of FIRS, Muhammad Nami, stated that the figure was over a hundred percent...

2022 Budget: Senate approves N215.8bn for FIRS     The Senate has approved N215.8 billion as budget for the Federal Inland Revenue Service (FIRS) for the 2022 fiscal year. The budget was approved in plenary on Wednesday. It was sequel consideration of a report by the Senate Committee on...

FIRS Deploys Technology For Tax Collection From Digital Economy   2022: Our Target Is To Achieve 100% Automation Of Tax Administration Processes – FIRS We will give priority to taxation of digital economy … The Federal Inland Revenue Service (FIRS) has stated that it will achieve 100% automation...