The Centre for Democracy and Development (CDD), one of Nigeria’s leading civil advocacy group on good governance, has identified revenue shortfalls as one of the constraints that undermined the Federal Government’s efforts to meet the broad economic development targets as outlined it the Economic Recovery and Growth Plan (ERGP). The civil society group made this […]
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has told federal legislators that the tax collection agency generated about N4.012 trillion from January-September this year, representing 60.77 percent of the N8.8 trillion target this year. Fowler made the disclosure when he appeared before the Senate Committee on Appropriations that the […]
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has said that Nigeria loses about $15 billion dollars to tax evasion annually. Fowler, who gave this figure at a meeting of tax experts in Abuja organized to chart ways to combat offshore tax evasion through exchange of information regime, said that […]
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has said that the establishment of Non-Resident Persons’ Tax Office (NRPTO) is intended to ease tax assessment and payment of taxes by non-resident persons in the country. Specifically, the FIRS boss noted that the “devotion of attention to this segment of taxpayers […]
The Federal Government on Thursday hinted of plans to extend tax drives to cover carbonated (soft) drinks with a view to using collections from the items to augment collectible revenues required to fund the budget. The Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed, disclosed this during an interactive session with journalists at the […]
The Federation Account Allocation Committee (FAAC) on Thursday disclosed that the three tiers of government shared a total of N693.529 billion for the month of September from the total revenue collections into the Federation Account in the month. The N693.529 billion comprised revenues from Gross Statutory Revenue, Value Added Tax(VAT), and Exchange Gain. This is even […]
Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Friday appealed to Nigerians to show understanding on the proposal by the government to increase Value Added Tax (VAT) rate from 5% to 7.5% in view of the fiscal necessity to boost the nation’s non-oil revenue earnings to finance critical programmes of the […]
The President of the Senate, Senator Ahmad Lawan said on Friday that the National Assembly was eager to receive the 2020 budget proposals to enable the legislature provide adequate time to work on the bill and pass it for enactment Lawan was quoted by his Special Adviser on Media, Mr. Ola Awoniyi, as making the […]
The Federal Account Allocation Committee (FAAC) on Thursday disclosed that the three tiers of government shared the sum of N740.880 billion in August from revenue accruals to the Federation Account during the month. A breakdown of shared revenues to the tiers of government showed that Federal Government got N301.804 billion, representing 52.68 per cent, while […]
The Federal Inland Revenue Service (FIRS) has indicated its intention to collaborate with the Central Bank of Nigeria (CBN) to track Value Added Tax (VAT) payments made electronically by foreign entities not registered in the country. This is one of the strategies being considered by the revenue agency in a document it submitted to the […]