N9.8bn tax debt: FIRS shuts NDPHC HQ
The Federal Inland Revenue Service (FIRS), yesterday, sealed the headquarters of the Niger Delta Power Holding (NDPHC) over tax liabilities, totaling N9, 831,368, 259.90.
FIRS generates N5tr, targets N5.3tr by year-end
Excutive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowaler, has disclosed that the service generated N5 trillion by the second week of December 2018.
Intra-Group services under the 2018 Transfer Pricing Regulations
Introduction We now have additional rules you need to follow to obtain a tax deduction for intra-group service fees. The Federal Inland Revenue Service (FIRS) updated the Income Tax (Transfer Pricing) Regulations, 2018 (“2018 TP Regulations”) to include specific requirements taxpayers must meet before their intra group services will be considered to be arm’s length.…
‘Tamerri Festival will make Abuja City more culture-friendly’
Organisers of Tamerri Festival, which will hold its third edition on Saturday, November 24 and Sunday, November 25...
Nigeria earns N43.2b from solid minerals as government, others share N9.9b
The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday in Abuja said Nigeria’s solid minerals sector contributed a total of N43.22billion to government revenue in 2016.
FIRS generates N4.3trn tax revenue from January to October - Fowler
The Federal Inland Revenue Service (FIRS) on Friday said it generated N4.3 trillion as tax revenue between January and October this year. FIRS Executive Chairman, Babatunde Fowler, disclosed this during the “Federal Inland Revenue Service Special Day” at the ongoing Lagos International Trade Fair held at Tafawa Balewa Square. Represented by Mrs Angel Fadahunsi, FIRS…
The safe harbour provision in the 2018 TP Regulations: what can be done to make it effective?
One of the changes in the 2018 TP Regulations is the complete overhaul of the safe harbour provision. In this article, we examine these changes and provide recommendations for dealing with some of the shortcomings we have identified.
Deloitte sees automation transforming tax administration in Nigeria
Experts in tax administration have said automation will transform taxes for companies and regulators in the very near future, as technology is expected to impact satisfaction level positively.
FIRS, tax collection and economic growth
As the Office of the Citizen is becoming increasingly proactive about accountability and transparency in the governance process, it is also important for citizens and those in authorities to note the correlation between diligent tax collection....
Freezing taxpayers’ accounts and rights of appeal
In recent times, the Nigerian government, in a quest to diversify the economy and increase tax revenue has introduced numerous measures to widen the tax base at the domestic level and internationally.