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FIRS Proposes Road Infrastructure Funding Scheme For Nigeria

The Federal Inland Revenue Service (FIRS) has proposed the introduction of Road Infrastructure Tax in Nigeria as a fiscal option of encouraging the informal sector contribute to current drive to enhance the quality of the nation’s road networks sustainably. Executive Chairman of FIRS, Mr. Muhammad Nami, was quoted by his Special Assistant, Media and Communications, […]

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FIRS Cautions Firms Against Late Filing Of Returns On CITA

The Federal Inland Revenue Service (FIRS) has warned companies that late returns on Company Income Tax Returns beyond 30th November 2021 for the 2021 tax year will attract penalty and interest for late filing. A Public Notice signed by the FIRS Chairman, Muhammad Nami, dated October 6, 2021 and titled “Expiration of Waiver of Late Returns Penalty and Interest on […]

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Senate Passes 2022-2024 MTEF/FSP, Endorses FIRS’ Collection Of VAT

The Senate  on Wednesday passed the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) ahead of the expected laying of the 2022 Appropriation Bill before the joint session of the two chambers of the Legislature by President Muhammadu Buhari. The passage of the 2022-2024 MTEF/FSP was sequel to the consideration of  the report […]

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States, Local Govts Get 85% Of VAT Collections – FIRS

The FIRS on Thursday clarified that the 36 states and 774 local governments get 85% of VAT collections monthly while it collects 15% being the collection expenses approved by the governments as controversies between some states and it over Value Added Tax (VAT) collection rage on. The federal revenue agency made the clarification in a […]

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Andersen Flaws FIRS On MultiChoice Nigeria’s Tax Liability Computation

Andersen Tax Nigeria, one of the Nigeria’s leading tax and business advisory companies, has queried how the Federal Inland Revenue Service (FIRS) arrived at the N1.8 trillion tax notice it served on MultiChoice Nigeria, warning that the current dispute between the tax agency and company over the tax figures could hurt the reputation of both […]

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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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Nigeria’s Economy To Rebound In Q1 2020 – Ahmed

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed,has projected that based on current micro and macroeconomic indices of the nation’s economy, there are strong indications that the nation’s economy would rebound in the first quarter of next year. The past few months had been challenging for the federal government as the devastating […]