FIRS, Lottery Commission Collaborate on Digital VAT Collection The Federal Inland Revenue Service (FIRS) and the National Lottery Regulatory Commission (NLRC) have started processes to automate the collection of Value Added Tax (VAT) in the lottery and gaming businesses in Nigeria. At an interactive session with...

FIRS Targets N750bn From 55,000 Millionaire Tax Defaulters   The Federal Inland Revenue Service, FIRS hopes to pull in about N750bn from about 55,000 defaulting taxpayers, Executive Chairman, Tunde Fowler said today in Abuja. Fowler told the House of Representatives joint committees on Finance, Appropriations, Aids, Loans...

14 Commercial Banks Billed To Pay N103bn Taxes To FIRS   A total of 14 commercial banks listed on the Nigerian Stock Exchange are billed to pay N103bn in taxes to the Federal Inland Revenue Service for the 2018 financial year. An analysis of the recent financial...

Taxation: FIRS Discovers 55,000 Tax Defaulters   The Federal Inland Revenue Service (FIRS) has disclosed that it recently discovered not less than 55,000 tax defaulters from the bank accounts substitution initiative that it embarked upon earlier this year. The Chairman of the Service, Babatunde Fowler, made the...

As FG Recovers N33bn From Defaulters, Earns N1.1trn From VAT   The National Bureau of Statistics has said that the country generated a total of N1.1tn as Value Added Tax revenue (VAT) in the 2018 fiscal period. The amount is contained in the VAT report for the...

LCCI Tackles FIRS Over Freezing Of Alleged Tax Defaulters’ Bank Accounts   The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over reports by many corporate bodies bordering on freezing of their accounts and alleged debiting of such accounts by the Federal Inland Revenue...