Tag: FIRS

FG grants N16 trillion waiver to Dangote, Honeywell, others

Aminu Imam

The Federal Government has foregone N16.76 trillion in revenue to tax reliefs and concessions given to large companies between 2019 and 2021. These were contained in the tax expenditure statement (TES) reports in the Medium-Term Expenditure and Fiscal (MTEF) strategy documents posted on the website of the Budget Office of the Federation. As of the end of 2021, 46 companies had benefitted from various tax incentives and duty waiver schemes while the requests of 186 companies were still pending. The TES deals with revenue forgone on Company Income Tax (CIT),…

Read More

FIRS, MultiChoice agree to resolve tax disputes, withdraw all court cases

Aminu Imam

The Federal Inland Revenue Service, (FIRS), and MultiChoice Nigeria have agreed to an amicable resolution over pending tax disputes. Both parties announced the agreement yesterday, in Abuja. It is understood that as part of the agreements, MultiChoice will withdraw all pending lawsuits, and FIRS will conduct a forensic system of the company’s accounts. “By the broad terms of the agreement, MultiChoice shall withdraw all pending lawsuits towards an amicable resolution of the dispute. Also, as part of the agreement, the FIRS commenced a Forensic Systems Audit of MultiChoice accounts on…

Read More

Tax evasion: Appeal Tribunal orders Multichoice Nigeria to pay N900bn, 50% backlog before hearing appeal

Aminu Imam

A Tax Appeal Tribunal, (TAT), sitting in Lagos, on Tuesday, ordered Multichoice Nigeria  Limited, owners of popular cable television services, DSTV, GOTV to pay 50 percent of N1.8 trillion, which the Federal Inland Revenue Service, (FIRS), has determined through a forensic audit to be the amount in taxes that Multichoice Nigeria Limited had failed to pay to the Fwderal Government in past assessment years. The five-member TAT, led by its Chairman, Professor A.B. Ahmed, issued the order following an application to it by the Counsel to FIRS. Multichoice Nigeria Limited…

Read More

FIRS to collect N5tr tax from Twitter, other social media platforms

Aminu Imam

…Raises 2022 tax collection by nearly 30% The Federal Inland Revenue Service, (FIRS), says it has set up an international unit that would tax giant digital companies like Twitter, Facebook and other social media platforms in 2022. The Executive Chairman of FIRS, Mohammed Nami, made this on Wednesday, during his appearance before the public hearing by the House of Representatives Committee on the 2022-2024 Medium Term Expenditure Framework, (MTEF), and Fiscal Strategy Paper, (FSP). According to him, the 2022 projected revenue from FIRS rose by N5 trillion due to registration of Twitter and other…

Read More

FIRS to collect N5tr tax from Twitter, other social media platforms

Aminu Imam

The Federal Inland Revenue Service, (FIRS), says it has set up an international unit that would tax giant digital companies like Twitter, Facebook and other social media platforms in 2022. According to the executive chairman of FIRS, Mohammed Nami, the tech giants have been included in the country’s tax bracket, adding that its new international tax department has been charged with the tax collection. The new development, which was made known on Wednesday, shows that the administration of President Muhammadu Buhari is going forward with its plan to tax the…

Read More

‘MultiChoice has never paid VAT since its inception’ – FIRS

Aminu Imam

…‘We will prove our tax compliance’ – Company replies The Federal Inland Revenue Service, (FIRS), has raised an alarm over the level of non-compliance by MultiChoice Africa (MCA), the parent company of MultiChoice Nigeria (MCN). According to FIRS, the company which provides services to MCN has never paid Value-Added Tax (VAT) since its inception. This was revealed in an issued statement by the FIRS Executive Chairman, Muhammad Nami. Nami also revealed the FIRS has appointed Nigerian Deposit Money Banks as agents to freeze and recover the sum of N1.8 trillion…

Read More

House of Representatives demands FIRS Chairman’s resignation

Aminu Imam

The House of Representatives Committee on Public Accounts has called on the chairman of the Federal Inland Revenue Service, (FIRS), Muhammad Nami, to resign immediately if he is unable to discharge his responsibilities. The committee expressed its displeasure over the FIRS chairman for not responding to the invitation extended to him for a hearing on Wednesday.  The House of Representatives had begun an investigation into federal government ministries and agencies over allegations of tax evasion. However, the committee sent for Muhammad Nami again with a request to appear before it…

Read More

Reps order probe of NNPC, CBN, FIRS, EFCC, others over illicit financial flows

Aminu Imam

The House of Representatives has ordered the probe of various departments and agencies of the Federal Government over illicit financial flows in the country. At the plenary yesterday, the House specifically mandated its Committees on Finance; Anti-Corruption; Financial Crimes; Banking and Currency; and Insurance and Actuarial Matters to “investigate the phenomenon of illicit financial flows and appraise the Federal Governments current policy framework to curb the continuous loss of Nigeria’s revenues to illicit financial flows”. The House also mandated the Committees on Finance; National Planning and Economic Development; Anti-Corruption; Financial…

Read More

FIRS threatens deduction of taxes from defaulters’ bank accounts

Aminu Imam

The Federal Inland Revenue Service, (FIRS), has warned that it shall commence the deduction of taxes directly from the bank accounts of defaulters. This warning was issued on Wednesday by the agency, in a statement signed by the FIRS’s Director of Communication, Abdullahi Isma’ila. The Gederal Government’s revenue collector said the warning became necessary following rising cases of willful and illegal withholding of taxes collected by companies, corporations, ministries, departments, and agencies (MDAs) and other agents of collection. It said necessary steps will be taken “to recover taxes due from…

Read More

Taxation better way to diversify an economy – FCT-IRS boss

Abdul-Azeez Ahmed Kadir

Abdullahi Attah, the Executive Chairman, FCT Internal Revenue Service (FCT-IRS) says there can be no better diversification of economy than through taxation. Attah said this in an interview in Abuja on Wednesday. He said that taxation was major means of raising funds for government’s expenditure hence the need for responsible government to take that seriously. He said many developed countries of the world depended on tax to generate revenue for development projects. “When people pay tax, they feel a lot of pains because they are not seeing any direct benefits;…

Read More