Your power does not cover revenue collection, Finance Minister tells RMAFC
MEDIATRACNET The constitutional role of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) does not extend beyond monitoring of revenue accruals and disbursements of funds from the Federation Account, the…
Companies risk N25,000 penalty, interest for late filing of 2021 tax returns, FIRS warns
MEDIATRACNET Late filing of returns on Company Income Tax (CITA) beyond November 30,2021 for the 2021 tax year would attract penalty and interest, the Federal Inland Revenue Service (FIRS) has warned. The warning…
Why Nigeria must do more to grow her tax revenue, FIRS Chairman
By Bassey Udo With over 200 million population, Nigeria’s tax base is made up of only about 41 million people paying less than N1trillion as personal income tax last year,…
IGR: Let taxpayers see, feel value for their tax, FIRS Chairman tells governors, others
By Bassey Udo Governments at all levels must strive to let taxpayers see and feel the value for their tax monies the Chairman of the Federal Inland Revenue Service (FIRS),…
FIRS Board proscribes Junior Civil Service Staff Union
MEDIATRACNET Industrial crisis may be looming in the Federal Inland Revenue Service (FIRS) as the Board of the tax agency on Sunday announced the dissolution of the Nigeria Civil Service…
PIB: Nigerian governors want ownership of NNPC transferred to NSIA
MEDIATRACNET The governors of the 36 States of the Federation want the proposed ownership structure of the Nigeria National Petroleum Corporation (NNPC) in the draft Petroleum Industry Bill (PIB) currently…
Tax, other non-oil revenues sustaining monthly FAAC allocations – FIRS Chairman
MEDIATRACNET Both tax payers and revenue collection agencies must continue to work together to sustain the new role tax and other non-oil revenue sources are playing in the Nigerian economy.…
FIRS records historic tax collection of over N650bn in June, says Chairman
MEDIATRACNET The Federal Inland Revenue Service has continued to bridge the gap in shortfall in the Federal Government revenue with a historic remittance into the Federation Accounts of over N650…
FIRS extends deadline for filing income tax returns for 2020
MEDIATRACNET The Federal Inland Revenue Service (FIRS) has granted a one-month deadline extension for companies to file their income tax returns for the year ended December 31, 2020. The spokesperson…
FIRS mandate does not cover granting tax waivers to local, foreign investors, says Nami
MEDIATRACNET The mandate of the Federal Inland Revenue Service (FIRS) spelled out in the FIRS Act does not cover granting waivers and tax breaks to local or foreign investors in…