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‘The Punch’ News On Uniforms, Meals’ Budget, Mere Fabrications – FIRS

The Federal Inland Revenue Service (FIRS) has described The Punch newspaper’s report on its approved budgetary provisions for uniforms and meals for the 2022 fiscal year as totally ill-informed and baseless and advised the public to  ignore in its entirety the newspaper’s ‘misleading’ report.. The federal revenue agency in a statement issued by the Special […]

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Experts Task African Govts On Digitization Of Revenue Administration

Tax experts have called on African countries to digitalize revenue administration and collection as businesses continue to shift their activities online amid increasing COVID-19 disruptions across the continents’ economies. The experts gave the advice on Monday during the sixth African Tax Research Network conference held virtually. In his remarks at the forum, commissioner-general of the […]

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CSOs Differ On Proposed Social Media Tax, As NASS Backs FIRS

Leading civil society organisations (CSOs) in the country have expressed divergent views on current moves by the Federal Inland Revenue Service (FIRS) to legalize collection of taxes on online businesses and social media organisations. Already, the revenue agency is seeking the consent of the National Assembly for further amendment of the just enacted 2021 Finance […]

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NNPC Reports N756.99Bn As Fuel Subsidy Cost In 7 Months

The Nigerian National Petroleum Corporation (NNPC) reported that it incurred N756.99 billion on fuel subsidy from January to July this year. These figures were contained in the state-owned petroleum company’s operations report for the seven- month period. According to the corporation’s data on fuel importation and subsidy provisions in the financial records, the subsidy provisions […]

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U.S Revenue Service Extends Tax Returns Filing For Hurricane Victims

The United States’ Internal Revenue Service on Tuesday announced that victims of Hurricane Ida that began on August 26 now have until January 3, 2022, to file various individual and business tax returns and make tax payments. The IRS, stated on its website that it was offering this relief to any area designated by the […]

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Multichoice Clarifies Stance On Tribunal’s Tax Dues Order

Barely 24 hours after Tax Appeal Tribunal (TAT) Lagos directed it to pay N900 billion (about $2.2 billion) which is 50 percent of a disputed N1.8 trillion ($4.38 billion) outstanding tax liabilities to the Federal Government relating to its previous years’ operations, MultiChoice Nigeria Limited has countered the order. The company, which is a division […]

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Tribunal Orders Multichoice Nigeria To Pay N900Bn Tax To FG

The Tax Appeal Tribunal (TAT) sitting in Lagos has ordered Multichoice Nigeria Limited, DSTV and other TV entertainment services provider, to pay N900 billion tax arrears being the 50 percent of the company’s N1.8 trillion the tax arrears as demanded by the Federal Inland Revenue Service (FIRS) based on its forensic audit on the entity’s […]

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FIRS Files Appeal Against High Court Judgment On VAT, PIT Collections

The Federal Inland Revenue Service (FIRS) has filed an appeal against a recent judgment of the Federal High Court in Port Harcourt, Rivers State, which granted the state the right to collect the Value Added Tax (VAT) and Personal Income Tax (PIT). The federal revenue agency had indicated its intention to file an appeal on […]

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China Introduces VAT, Property Tax Reliefs For Residential Property Leasing

The Chinese government has announced tax reliefs for residential property leasing operators as part of its efforts to support the growth of real estate and housing sub-sector of the nation’s economy. The latest fiscal measure by the government was jointly made by the country’s Ministry of Finance, State Administration of Taxation, and Ministry of Housing […]

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FCMB Reports N94.2Bn Revenue, 9.4% PBT Growth In H1 2021

The FCMB Group Plc has released its unaudited interim earnings report for the first half of 2021, which reflected a gross revenue of N94.2 billion and profit before tax (PBT) of N8.9 billion. The group, in a statement issued on its financial performance during the period in review , reported an increase in its non-interest […]