Tag Archives: FIRS

The Federal Inland Revenue Service generated a total of N1.17 trillion in the first quarter of this year from the collection of various taxes, according to a document in the possession of our correspondent. This was a significant rise over the N778.19 billion recorded in the corresponding period of 2017. According to a letter written by the Executive Chairman of …

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Over N4.03 trillion was collected as revenue in 2017 as the Federal Inland Revenue Service (FIRS) recorded 82.38 percent success in its projected income of N4.89 trillion for the year. However, the revenue is N720 billion more than the 2016 total collection figure of N3.3 trillion. Details of sectorial contributions showed that taxes from non-oil sources accounted for 63 per …

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…Claims revenue-generating agencies under-remitted N1.7trn in 4yrs  …NNPC operated N3.1trn deficit Shocking revelations emerged at the Senate, yesterday, that almost all  various federal revenue-generating agencies have short-changed the Federal Government to the tune of N1.7 trillion, through under-remittance of revenues generated between 2012 and 2016. It was also discovered that the Nigerian National Petroleum Corporation ( NNPC), ran at a …

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The Federal Inland Revenue Service on Tuesday said it generated a total of N2.51tr from taxes for the federation between January and August this year. The Executive Chairman, FIRS, Mr. Tunde Fowler, said this in Abuja at the 20th anniversary lecture and awards of the Finance Correspondents Association of Nigeria. Out of the amount, he said oil taxes contributed about …

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The Joint Tax Board (JTB) and the Federal Inland Revenue Service (FIRS) have started sharing data of high net worth individuals to profile income earners and taxpayers and get them to pay appropriate taxes. Twelve states have signed the Memorandum of Understanding (MoU) under the Voluntary Assets and Income Declaration Scheme (VAIDS). The JTB also announced yesterday that it had …

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The Federal Inland Revenue Service (FIRS) has disclosed that it realised N27 billion from the penalty wavers for tax defaulters’ exercise it concluded in December 2016. The chairman of the service, Babatunde Fowler, disclosed this at the opening ceremony of the FIRS/journalism.com media training series on accurate reporting of taxation, holding in Lagos. It is part of the efforts of …

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The Federal Inland Revenue Service says it will soon introduce electronic Tax Clearance Certificate (TCC) system to  help reduce  fraudulent certificates. Mr Kola Okunola, Director ICT, FIRS, said this in a presentation at the ongoing training by Journalism.com Ltd., in collaboration with FIRS on Thursday in Abuja. He said that the implementation of the e-TCC verification system had reached an …

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Despite crude oil prices selling below $50 per barrel most of the year, Federal Inland Revenue Service (FIRS) was able to generate N3.303 trillion by the end of 2016. Executive Chairman of FIRS, Mr Tunde Fowler who disclosed this at the opening of a five-day journalism training on taxation in Abuja on Monday said it happened because of certain innovations …

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Panel seeks merger of Customs, FIRS To ensure accountability and improve revenue generation, the National Tax Policy Review Committee has advised the Federal Government to merge the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS). Presenting draft of the policy at the Committee’s second stakeholders engagement in Abuja on Tuesday, West Africa Tax Leader of PricewaterhouseCoopers, Mr Taiwo Oyedele, explained that …

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Against the multiplicity of tax regime in the domestic economy, speakers at the 8th Wole Soyinka Centre Media Lecture Series have charged the Federal Government on the need to ensure an inclusive, simplified and automated tax regime in the country. The lead speaker, Adebimpe Balogun, who was the first female president of the Chartered Institute of Taxation of Nigeria (CITN), …

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