Tinubu’s governance faces efficiency test over tax reform goals
Post AMUGE
December 9, 2024
CITN, NECA endorse bill, say it is beneficial to all Onome Amuge President Bola Tinubu rode to power on the wings of ambitious economic reforms that promised to lift the fortunes of Nigerians, yet his tenure has been marred by skyrocketing fuel prices, a weakening naira, and rising inflation, all serving as persistent reminders of […]
CITN Organises capacity-building workshop for finance journalists
Post AMUGENovember 28, 2024
Business a.m. The Chartered Institute of Taxation of Nigeria (CITN) will host a one-day workshop to enhance the knowledge of media practitioners and finance reporters, particularly members of the Finance Correspondents Association of Nigeria (FICAN). The workshop, scheduled for Wednesday, December 4, 2024, at 9:00 a.m., aims to improve journalists’ understanding of taxation terminologies and […]
“No tax ID, no account”- New bill enforces tax ID for opening financial accounts
Post AMUGEOctober 11, 2024
Business a.m. Nigeria’s lawmakers are set to introduce a groundbreaking legislative proposal, requiring all individuals engaged in financial services, including banking, insurance, and stock broking, to provide their Tax Identification Number (TIN) before opening new accounts or operating existing ones. The proposed legislation, titled “A Bill for an Act to Provide for the Assessment, Collection […]
FIRS innovates tax payment system with USSD Code *829#
Post AMUGEOctober 10, 2024
…Becomes 6th African nation to embrace USSD innovation Business a.m. The Federal Inland Revenue Service (FIRS) has unveiled a Unstructured Supplementary Service Data (USSD) code *829#, aimed at enhancing taxpayers’ satisfaction and ease of doing business in Nigeria. This initiative makes the country the sixth African nation to integrate USSD code technology into tax payment […]
Tax debtors/defaulters have till August 31 to pay to avoid penalty-FIRS
Businessam StaffJuly 8, 2020
The Federal Inland Revenue Service has given tax debtors/defaulters till August 31, 2020 to pay up before the hammer of the Federal Inland Revenue Service (FIRS) descends on them. The FIRS which extended the window of its waiver of penalty and interest on tax debts owned by individuals and businesses from June 30, 2020 to […]
COVID-19: FIRS unveils automated tax system to boost revenue collection
Businessam StaffMarch 18, 2020
The newly appointed Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami. The Federal Inland Revenue Service (FIRS) says it has unveiled a new automated platform for taxpayers to file transfer pricing declaration and disclosures in Nigeria. The FIRS said the electronic system would also help block leakages in tax collection, especially the Stamp […]
Nami blames FIRS target failure on waivers, overheads
Businessam StaffFebruary 14, 2020
Mohammed Nami, the executive chairman, Federal Inland Revenue Service, has blamed the inability of the service to meet its revenue target on non-discretionary tax waiver grants, illicit financial flows abroad and high overhead costs. The FIRS had in recent times been unable to meet its revenue target a situation that made the Presidency to query […]
CITN lauds FIRS’ strategies towards improving Nigeria’s revenue generation
Adesola AfolabiSeptember 2, 2019
The Chartered Institute of Taxation of Nigeria has lauded achievements of the Federal Inland Revenue Service (FIRS) towards improving the revenue base for the country. According to the institute, The FIRS has done credibly well and needs to be commended by both government and well-meaning Nigerians. Adefisayo Awogbade, registrar/chief executive for the institute in a […]
Apple agrees to pay Ireland €13bn in back taxes after EU challenge
Businessam StaffDecember 5, 2017
Apple has agreed to pay Ireland up to €13bn (£11.5bn) in back taxes after the European Commission said it received unfair tax incentives. The European Commission ruled in 2016 that the tax arrangement was illegal under EU state aid rules, but Apple and Ireland have both appealed the order. In October, Europe’s competition chief Margrethe […]
Israel set to send tax bills to Facebook, Google
Businessam StaffNovember 15, 2017
Israel is planning to send tax bills within a year to internet companies, Google and Facebook, financial Media reported on Wednesday. Isreal is joining efforts by several countries, including the European Union, to get the internet giants to pay more tax. TheMarker quoted Moshe Asher, the Chairman of Israel’s Tax Authority, as saying work on […]