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 […]
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 […]
The Federal Inland Revenue Service (FIRS) has debunked some media reports insinuating that is planning to impose taxes on online content creators and skit makers, saying that it has no intentions of imposing taxes on online content creators. The News Agency of Nigeria (NAN) broke the news on Monday based on discussions with FIRS staff, […]
MultiChoice Group (MCGJ.J), Africa’s largest pay TV conglomerate, disclosed on Thursday that its subsidiary entities in Nigeria had settled a tax dispute with Nigerian tax authorities, thereby agreeing to pay about $37.3 million to the Federal Inland Revenue Service (FIRS). In 2022, the Federal Inland Revenue Service (FIRS) froze MultiChoice Nigeria’s accounts due to its […]
The Federal Inland Revenue Service (FIRS) has announced plans to ensure that social media content creators and influencers in the country always file their annual tax returns. The Special Adviser on Media to the FIRS chairman, Dare Adekanmbi, who gave this hint, noted that the social media influencers constituted a significant group of tax evaders […]
The Minister of Finance and Coordinating Minister of the Economy, Dr. Olawale Edun, on Wednesday charged the management of the Federal Inland Revenue Service (FIRS) to deploy the needed technology and solutions with a view to achieving 18% tax-to-GDP ratio target set for the country. The minister, who gave the charge the FIRS Management Retreat […]
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, on Wednesday unveiled a new organizational structure for the revenue service, describing the initiative as a critical milestone in the management’s commitment to revolutionize tax administration in Nigeria. Adedeji announced the organizational restructuring of the Service at the ‘2024 Strategic Management Retreat […]
Despite complaints by bank customers over excessive charges by banks, the Federal Government has approved the payment of Electronic Money Transfer Levy (EMTL) for all foreign currency (FCY) transactions. In recent years, customers of the deposit money banks (DMBs) and other financial institutions (OFIs) had been lamenting over sundry charges being imposed on them and […]
The Federal Inland Revenue Service (FIRS) has expressed its readiness to boost its tax revenue collection by 57% to N19.4 trillion in the 2024 fiscal year. A news report from Bloomberg indicated that the federal tax agency hoped to increase its oil revenues to N9.96 trillion and the non-oil tax revenue component to N9.45 trillion. To […]
Deposit Money Banks (DMBs) in Nigeria will start the deduction of the backlog of Electronic Money Transfer Levy (EMTL) on old foreign currency transactions carried out by Nigerians on January 31, 2024. According to the latest directive from the fiscal authorities to the banks, the deductions will cover transactions between 2021 and 2023. As expected, […]