Tag: Federal Inland Revenue Service

Relief for taxpayers, as FIRS approves full conditional waiver on outstanding liabilities

Aminu Imam

The Federal Inland Revenue Service, (FIRS), has approved a full waiver of penalties and interests on all outstanding tax liabilities, subject to the payment of the full principal before December 31, 2023. The waiver was disclosed in a recent public notice signed by the FIRS Executive Chairman, Zack Adedeji. The agency said the concessions, which align with Section 32 of the Federal Inland Service (Establishment) Act, LFN 2004 (as amended), were considered in recognition of the challenges faced by many taxpayers in settling their outstanding tax obligations and in line…

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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…

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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…

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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…

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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…

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