FCT Tax Reforms Targets N300bn Annual Revenue   The Federal Capital Territory (FCT) is taking steps towards boosting its revenue streams. Currently, the FCT’s Internally Generated Revenue (IGR) is around N200 billion per year. With the implementation of these new initiatives, the FCT-IRS expects to increase IGR...

LIRS Shuts 34 Companies Over N356.12m Unremitted Taxes   The Lagos State Internal Revenue Service (LIRS) has closed down 34 corporate organisations for failing to remit Personal Income Taxes of their employees and for non-remittance of consumption taxes by operators in the hospitality sector to the...

NGX Profit After Tax Rises by 606% to N 1.22bn   The profit after tax of the Nigerian Exchange Limited (NGX) surged by 606.2 per cent to N1.22bn at the end of the third quarter compared to N172.7m in the same period of 2022. In the unaudited...

FG to Implement Telecoms Tax to Boost Revenue   The Federal Government is set to implement excise duty on telecommunication services to boost its revenue base. It disclosed this in its newly released 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper. It would be recalled that President Bola...

Only 40m Out of 200m Nigerians Pay Tax – RMAFC   Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Bello Shehu, has revealed that only 40 million out of over 200 million Nigerians currently pay taxes to the nation’s coffers. Speaking with Economic Confidential, Shehu said that...

FG Rules Out Fresh Taxes, Charges in Aviation   Minister of Aviation and Aerospace Development, Mr Festus Keyamo, yesterday said the plan to improve the revenue generation by aviation agencies was not tantamount to raising taxes and charges. However, he said the federal government’s intention was to...