FIRS

The House of Representatives is set to probe the alleged N1.8 trillion tax owed to the Federal Government by Multichoice Group, the operator of DSTV and GoTV. The resolution followed the adoption of a motion by Rep. Saidu Abdullahi(APC-Niger) at plenary in Abuja on Wednesday. Moving the motion, Mr Abdullahi said Multichoice, a prominent multinational corporation operating in Nigeria, had been accused of non-remittance of tax revenues due to the Federation. This, he said, was evidenced by the suppression of…

The Federal Inland Revenue Service (FIRS) said it did not experience a bomb scare at the agency’s headquarters in Abuja on Monday. The FIRS spoke after rumour of a bomb scare was circulated earlier on Monday. In a response to this newspaper, Dare Adekanmbi, special adviser on media to the FIRS chairman, said the situation arose from an unrelated event near one of the FIRS offices on Sokode Crescent, Abuja. Citing a report by the Director of Security, Safety, and Fleet Management at FIRS, Gregory Asuquo, Mr…

The Minister of Finance, Wale Edun, says the federal government is targeting a 77 per cent increase in Internally Generated Revenue (IGR).Mr Edun, who is also the coordinating minister of the economy, said this on Wednesday in Abuja, at the opening of the 2024 Strategic Management Retreat of the Federal Inland Revenue Service (FIRS). The News Agency of Nigeria (NAN) reports that the theme of the retreat is “Re-imagining To Tax Administration for Equity and Economic Growth. According to Mr Edun, tax plays an…

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The Federal Inland Revenue Service (FIRS) says it plans to generate a total of N25 trillion for the country in 2024. It also said it plans to generate N7.5 trillion in the second half of this year. This is contained in the presentation made by the FIRS Chairman, Muhammad Nami, at the meeting of the National Economic (NEC) on Thursday in Abuja. The meeting held at the State House was chaired by Vice President Kashim Shettima. “FIRS 2023 revenue projection for the second half of the year was put at N7.5 trillion…

The Federal Inland Revenue Service (FIRS) has announced a total tax revenue collection of N5.5 trillion for the half-year period of January to June 2023. This is the highest tax revenue collection ever recorded by the Service in any first six months of a fiscal year, the agency said in a statement Thursday. The statement noted that Muhammad Nami, Executive Chairman of the FIRS, made the disclosure while presenting the 2023-2024 tax revenue outlook to the National Economic Council at its meeting on Thursday, July…

The Federal Inland Revenue Service has announced its plan to collect and remit Value Added Tax (VAT) from traders, especially those in the informal sector. This will be achieved in partnership with the Market Traders Association of Nigeria using a unified systems technology, the FIRS said in a statement on Monday. The Federal Inland Revenue Service (FIRS) is the agency of the Federal Government of Nigeria responsible for assessing, collecting, and accounting for tax and other revenues accruable to the Federal…

President Bola Tinubu’s Policy Advisory Council has proposed the merger of the Federal Inland Revenue Service, Nigerian Customs Service, and the Nigerian Maritime Administration and Safety Agency (NIMASA) into the Nigerian Revenue Service. The merger, according to the council, will aid the collection of all direct and indirect taxes and levies on behalf of the federal government. The council therefore advised the passage of an emergency economic reform bill to grant the president special powers to drive the…

The Federal Inland Revenue Service (FIRS) has appointed MTN, Airtel, and commercial banks to withhold Value Added Tax (VAT) charged on all taxable supplies made to them, and remit to the Service. This is contained in a public notice the FIRS issued on November 1, signed by its executive chairman, Muhammad Nami, where the FIRS explained the role of the companies as well as the obligations of their suppliers with regards to the withholding of Value Added Tax. “This Notice is given to all persons carrying on trade,…

Nigeria’s tax agency plans to generate tax from online gaming transactions using a platform run by a UK-based financial technology company. The Federal Inland Revenue Service (FIRS) will use the Sentinal National Payment Gateway and Electronic Solution to improve tax collection from gaming companies, the executive chairman, Muhammad Nami, said in a statement on Wednesday. The Sentinal national payment gateway is a transaction processing system that enables integrated payment services providers to deduct taxes at…