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Akwa Ibom Threatens To Sanction Oil Firms Over Tax Evasion

Akwa Ibom State Internal Revenue Service (AKIRS) has threatened to sanction oil companies operating in the state over unremitted taxes, saying that such fiscal dereliction by them will no longer be tolerated by the state government. The Chairman of the Service Board, Mr. Okon Okon, cautioned the oil firms against all forms of tax evasion […]

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NCS Apapa Command Generated N518.046Bn In 2020 – Comptroller

The Nigeria Customs Service (NCS), Apapa Area Command said it raked into government coffers the sum of N518,046,832,016.84 in the 2020 fiscal year. The Command Comptroller, Mohammed Abba-Kura, who gave these figures at a media briefing held on Tuesday in Lagos, said the revenue generated represented N94,379,835,352.53 increase over the N423.6 billion generated in the […]

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Nigeria Lost N5.4Trn To Tax Evasion By Multinationals In 10 Years – Nami

….Says Newly Created Audit Units Will Curb Illicit Financial Outflows The Federal Inland Revenue Service (FIRS) on Monday disclosed that Nigeria lost $178 billion (about N5.4 trillion) to tax evasion by multi-nationals in 10 years. To curb such abuses within the fiscal system, the Executive Chairman of the Service, Mr Muhammad Nami, said the Service […]

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Unity Bank, BoI, Others Challenge Revenue Boards’ Tax Assessments At TAT

Unity Bank, Silver Plastics, Bank of Industry (BoI) have challenged the taxes imposed on them by the revenue services in the North-West Zone at Tax Appeal Tribunal (TAT), sitting in Kaduna over alleged errors in the computation of their tax liabilities. Some of the corporate tax payers within the North West Zone, comprising the states […]

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FIRS Generates N4.178Trn In 10 Months, Lauds Taxpayers

The Federal Inland Revenue Service (FIRS) has reported the sum of N4,178 trillion as its total revenue generated from January to the end of October 2020, representing 99 percent of its N4.23 trillion set target for the period. The Executive Chairman of the Service, Muhammad Nami, who made this disclosure in his goodwill message delivered […]

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ATAF Releases Draft Law On Digital Services Tax

The African Tax Administration Forum (ATAF) has suggested an approach to drafting legislation on digital sales tax services. The Suggested Approach – published on September 30 – has been developed by the ATAF Secretariat and ATAF’s Cross-border Taxation Technical Committee. It is aimed at helping African countries that are considering implementing digital service tax to […]

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60th Independence Anniversary: Buhari Justifies Fuel Subsidy Removal, Lists Achievements

President Muhammadu Buhari on Thursday stoutly defended his administration’s recent fiscal policy measures, particularly the deregulation of the petroleum pricing regime, saying the measures are inevitable if the abuses in the downstream subsector are to be curtailed and the economy better positioned for citizen’s socio-economic wellbeing. The President, who justified the fiscal policy stance of […]

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Reps Approve N13.08Trn Budget Proposal For 2021

The House of Representatives on Wednesday approved the Medium Term Expenditure Framework (MTEF), the Fiscal Strategy Paper (FSP), and put the total government’s proposed expenditure for the fiscal year at N13.08 trillion The approval of the proposed budget by the lawmakers was sequel to the unanimous adoption of a report presented by the Chairman, House […]

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RMAFC Vows To Recover Unremitted Revenue From Defaulting MDAs

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has unveiled plans to carry out a nationwide verification and reconciliation exercise on revenue inflows and remittances from relevant organizations to the appropriate government treasury covering a four year period (Jan 2016 – Dec 2019) with a view to compelling defaulting MDAs to remit such revenue to […]