The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has disclosed that a total sum of N7,314,129,314,386.08 accrued into the Federation Account in fiscal year 2023. The figures were contained in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) titled “CBN Federation Account Component Statement”. In a […]
Tag: Federal Inland Revenue Service (FIRS)
Tinubu Inaugurates National Single Window Steering Committee
In furtherance of its current fiscal reforms drive to optimize revenue generation and enhance ease of doing business in the country, President Bola Tinubu, on Tuesday, inaugurated a steering committee to drive an initiative called the National Single Window Project (NSWP). Speaking while inaugurating the committee at the Presidential Villa, Tinubu said the initiative was […]
FG Orders Banks To Deduct 0.375% Stamp Duty On Loans
The Federal Government has directed deposit money banks (DMBs) in the country to immediately begin the deduction 0.375% Stamp Duty on all loans disbursed by them and remit the deductions to it. According to a message by the DMBs to their customers with outstanding loans, the deduction is specifically to apply to only the principal […]
FG Files Tax Evasion Charges Against Binance
The Federal Government has initiated criminal proceedings against Binance, a cryptocurrency exchange platform, in a decisive move aimed at upholding fiscal responsibility and safeguarding the economic integrity of the country, The criminal proceeding charges, filed at the Federal High Court in Abuja, were announced by the Federal Inland Revenue Service (FIRS) in a statement issued […]
FIRS Introduces Self-Registration Module On Tax-Pro Max Platform
In furtherance of its sustained drive to digitalize revenue collections at the federal level, the Federal Inland Revenue Service (FIRS) has introduced a self-registration module on the Tax-Pro Max platform. The revenue agency, in a public notice signed by its Executive Chairman, Dr. Zacch Adedeji, indicated that the initiative was part of reforms towards improving […]
National Tax Crimes and Oversight Commission Bill Passes 2nd Reading
Nigeria’s House of Representatives has passed the second reading of the Bill on National Tax Crimes and Oversight Commission. The Green Chamber passed the Bill on Wednesday after its lead sponsor, Hon. Benjamin Kalu, outlined its main objectives during the plenary session. Joined by eight other lawmakers during the presentation of the draft legislation, the […]
Reps Probe Multichoice Over Alleged N1.8Trn Unremitted Tax
The House of Representatives has initiated moves to investigate the alleged N1.8 trillion tax owed the Federal Government by Multichoice group, the operator of DSTV and GoTV services. The Green Chamber’s decision to probe the TV entertainment and other services providing firm was sequel to the adoption of a motion by Rep. Saidu Abdullahi during […]
Senate Urges FIRS To Target N30Trn Revenue In 2024, Flaws Tax Waivers
The Senate has advised the Federal Inland Revenue Service (FIRS) to strive for N30 trillion revenue collection in the fiscal year 2024, thereby raising the N19.7 trillion target earlier set for the tax agency. The Senate Finance Committee, during its budget presentation for 2024, advised the Service to strive to meet the projection after a […]
FIRS Introduces TAXPRO-MAX Platform For Filing Transfer Pricing Returns, CbCR Reports
The Federal Inland Revenue Service (FIRS) has announced its transition from the e-TPPLAT used in filing transfer pricing returns and country-by-country reporting notification to a new platform called TAXPRO-MAX platform. The Executive Chairman of the federal tax agency, Dr. Zacch Adedeji, made this disclosure on Monday in a statement signed by him. The announcement specified […]
FIRS To Parley CBN, Works Ministry On Tax Credit Scheme For Construction Projects
The Federal Inland Revenue Service (FIRS) has unveiled plans to meet with the Central Bank of Nigeria (CBN) and Ministry of Works this Friday with a view to reviewing about N2.59 trillion tax credit scheme for road repairs and construction in the country. The Chairman of the federal revenue service, Dr. Zacch Adedeji, during a […]