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ECONOMY-FINANCE

We can not fund the 2022 budget because most Nigerians do not pay their tax - FIRS

The Federal Inland Revenue Service (FIRS) claims that the federal government would not be able to fund the 2022 financial budget worth over 16 trillion Naira because of low tax payment in the country. According to the Chairman of FIRS, Muhammad Nami, only 4.2 trillion Naira was collected as tax in nine months.

  1 month ago ago
We can not fund the 2022 budget because most Nigerians do not pay their tax - FIRS

ECONOMY-FINANCE

Opinion: Gov Wike Should Perish His Decision On VAT And Advocate Incentives For States With High IGR

Amid the ongoing VAT (Value Added Tax) saga which was initially introduced by the able governor of Rivers State, Sir Nyesom Wike, there have been some controversies concerning the decision of the governor that Rivers state would begin to collect its VAT, thus preventing the Federal Inland Revenue Services (FIRS) from further executing its duties.

  2 months ago ago
Opinion: Gov Wike Should Perish His Decision On VAT And Advocate Incentives For States With High IGR

ECONOMY-FINANCE

Today's Headlines: FIRS Proposes Road Infrastructure Tax, Monarch’s Palace Razed In Imo

FIRS proposes road infrastructure tax The Federal Inland Revenue Service, says it is proposing the introduction of Road Infrastructure Tax in Nigeria, to make the informal sector contribute to building a modern society. The Executive Chairman of FIRS, Muhammad Nami, disclosed this on Thursday while receiving a delegation of the Nigeria Union of Journalists, led by its National President, Chris Isiguzo, in his office, in Abuja.

  1 month ago ago
Today's Headlines: FIRS Proposes Road Infrastructure Tax, Monarch’s Palace Razed In Imo

POLITICS

Why Southern Governors Will Feel Betrayed That Dave Umahi Publicly Rejected Their Decision On VAT

The legal battle between Rivers State Government and the FIRS as to who should collect VAT has dominated the political space of Nigeria in the last few days. While some people believe that states should collect VAT because it is not on the exclusive list, others believe that the federal government should be allowed be collect VAT through FIRS.

  2 months ago ago
Why Southern Governors Will Feel Betrayed That Dave Umahi Publicly Rejected Their Decision On VAT

SOCIETY

Today's Headlines: FIRS Insists CSOs And NGOs Must Pay Tax; 1 Dead In Delta State Community Festival

(Photos Credit: Google) VAT War: FIRS insists CSOs, NGOs must pay tax The Federal Inland Revenue Service (FIRS) has insisted that civil society organisations (CSOs) and other non-governmental organisations (NGOs) are not exempted from paying the value-added tax (VAT).

  2 months ago ago
Today's Headlines: FIRS Insists CSOs And NGOs Must Pay Tax; 1 Dead In Delta State Community Festival

ECONOMY-FINANCE

One Big Mistake Made By Lagos State When It Sued Federal Govt. Over VAT Which Rivers State Avoided

It is no longer news that Southern states and the Northern region are at loggerheads over the issue of states collecting Value-Added Tax (VAT) generated in their states. Recently, we saw the Rivers State Government, led by Governor Nyesom Wike, drag the Federal Inland Revenue Services (FIRS) to Court, challenging the legality of the agency collecting VAT on behalf of the Federal Government.

  2 months ago ago
One Big Mistake Made By Lagos State When It Sued Federal Govt. Over VAT Which Rivers State Avoided

ECONOMY-FINANCE

VAT: Joseph Daudu Advises Northern Governors To Focus On The Economy

Value Added Tax (VAT) has generated a lot of debates in recent months, Federal Inland Revenue Service (FIRS) has dragged Lagos and Rivers State Governments to Court over the right to collect tax. Governor Nyeson Wike and Babajide Sanwo-Olu are insisting that it is their right to collect value-added tax in their respective States.

  2 months ago ago
VAT: Joseph Daudu Advises Northern Governors To Focus On The Economy

POLITICS

Why Wike, Sanwo-Olu Should Take Umahi's Advice & Allow FIRS to collect VAT, share it for States

The crisis over who has the right to collect Value Added Tax (VAT) between Federal Inland Revenue Service (FIRS) and state governments has been going on as the governments of Lagos State and Rivers State insisted on implementing the state administration of VAT. Photo credit: Vanguard

  2 months ago ago
Why Wike, Sanwo-Olu Should Take Umahi's Advice & Allow FIRS to collect VAT, share it for States

JUSTICE

Collection Of VAT By FIRS Remains - FG

The Federal Government has said that collection of Value Added Tax, VAT, by the Federal Inland Revenue Service, FIRS, will continue despite Appeal Court ruling on the matter.Abubakar Malami, Minister of Justice and Attorney-General of the Federation, AGF, said this while reacting to the disagreement over the collection of VAT between FIRS and the governments of Lagos and Rivers States in New York.

  2 months ago ago
Collection Of VAT By FIRS Remains - FG

ECONOMY-FINANCE

VAT and The 2023 Presidency: 2 Debated Issues That The North Should Consider Giving Up on One

It is arguable that the issue of who should be responsible for the collection of Value-Added Tax (VAT), and that of the region that should produce the next President of Nigeria in 2023, are among the keenly debated issues in the country at the moment. It should be recalled that over the years, the Federal Inland Revenue Services (FIRS), has been collecting VAT from states on behalf of the Federal Government.

  2 months ago ago
VAT and The 2023 Presidency: 2 Debated Issues That The North Should Consider Giving Up on One

POLITICS

Updates on VAT Controversies

Recently, the Governor Nyesom Wike-led Government of Rivers State signed into law Rivers State VAT Law 2021, and directed the State Revenue Service to commence collection of VATs in Rivers State against the hitherto collection by the Federal Inland Revenue Service (FIRS). Similarly, the Lagos State Government followed suit when Governor Babajide Sanwolu signed Lagos State VAT Law.

  2 months ago ago
Updates on VAT Controversies

ECONOMY-FINANCE

2 major revelations that signal the northern states are winning the VAT Crisis

The crisis over the Value Added Tax (VAT), between the Federal Inland Revenue Service (FIRS) and state governments, has led to several court cases in a bid to decide who has the right to collect VAT. Photo credit: Vanguard Recall that the FIRS has been collecting the VAT in all the states of the federation and shared it percentage among the federal, state, and local governments by the FIRS before the governments of Rivers and Lagos States kicked against the idea and vowed to introduce state administration of VAT.

  2 months ago ago
2 major revelations that signal the northern states are winning the VAT Crisis

JUSTICE

OPINION: Why Wike And Sanwo-Olu Should Halt VAT Collection And Wait For Supreme Court Ruling Soon.

It is no longer news that the issue of who should collect Value Added Tax, VAT between the states and the federal government agency, the Federal Inland Revenue Service, FIRS has been taken to the apex court, the Supreme Court for the final verdict after FIRS appealed for the case.

  2 months ago ago
OPINION: Why Wike And Sanwo-Olu Should Halt VAT Collection And Wait For Supreme Court Ruling Soon.

ECONOMY-FINANCE

Analysis of the Issues Surrounding VAT

The battle between the Federal Inland Revenue Service (FIRS) and some states, notably Rivers and Lagos, has not been an easy one. Both Rivers and Lagos are insisting on collecting the Value Added Tax (VAT) generated by their states as against the position of the Federal Inland Revenue Service that had been collecting the VAT on behalf of the federal government.

  2 months ago ago
Analysis of the Issues Surrounding VAT

JUSTICE

FIRS will continue to collect VAT – FG

Following the Court of Appeal's decision, the Federal Government states the Federal Inland Revenue Service (FIRS) will continue to collect Value Added Tax (VAT). Abubakar Malami, the Attorney-General of the Federation (AGF) and Minister of Justice, informed the News Agency of Nigeria (NAN) in New York about the dispute between FIRS and the Rivers Government over VAT collection.

  2 months ago ago
FIRS will continue to collect VAT – FG

ECONOMY-FINANCE

Hairdressers, Carpenters, others should be made to pay tax for the roads they use - FIRS chairman

The Executive Chairman of the Federal Internal Revenue Service, Muhammad Nami has recently announced that the agency is proposing the introduction of road tax in Nigeria to make the informal sector contribute to building a modern society. The chairman disclosed this in a statement signed by Johannes Wojuola, media aide to the FIRS chairman while receiving a delegation of the Nigeria Union of Journalists (NUJ).

  1 month ago ago
Hairdressers, Carpenters, others should be made to pay tax for the roads they use - FIRS chairman

JUSTICE

Federal Government Announces Continuous Collection Of Tax By FIRS

Following the ruling of the Court of Appeal in the issue of Value Added Tax (VAT), the Federal Government has declared that the Federal Inland Revenue Service (FIRS). According to a statement disclosed by Mr. Abubakar Malami, The Attorney- General of the Federation (AGF), and minister of Justice, the matter was due to the disagreement over the collection of Value Added Tax between FIRS, and Rivers State government.

  2 months ago ago
Federal Government Announces Continuous Collection Of Tax By FIRS

ECONOMY-FINANCE

FIRS: Nigeria Not Generating Enough Revenue From Stamp Duty

Muhammad Nami, the executive Chairman of Federal Inland Revenue Service (FIRS), has criticized the inefficiencies in the current stamp duty and capital gain tax collection system. The chairman said, these inefficiencies have led to poor revenue generation from these taxes. He made this known at the opening ceremony of the 2021 tax week of the Chartered Institute of Taxation of Nigeria, in Abuja on Thursday.

  1 month ago ago
FIRS: Nigeria Not Generating Enough Revenue From Stamp Duty

ECONOMY-FINANCE

President Buhari Directs FIRS To Tax Digital Transactions For FG Revenue Improvement

Following the devastating situation of the economy in the country, and the poor revenue issues, however, the situation has taken a positive turnaround following the news of President Buhari's, instructions to the Federal Inland Revenue Service (FIRS) to tax digital transaction across Nigeria.

  2 months ago ago
President Buhari Directs FIRS To Tax Digital Transactions For FG Revenue Improvement

ECONOMY-FINANCE

Nigeria is a poor country with only 41 million taxpayers out of over 200 million population: FIRS

The Chairman of the Federal Inland Revenue Service (FIRS) Muhhamad Nami says Nigeria is a poor country with only 41 million of its over 200 million population paying taxes . He disclosed this when he was speaking at the 'Public Presentation and Breakdown of the Highlight of the 2022 Appropriation Bill' on Friday in Abuja .

  1 month ago ago
Nigeria is a poor country with only 41 million taxpayers out of over 200 million population: FIRS