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Here’s why FIRS won’t accept your tax returns by January 2019

FIRS said it will no longer accept tax returns that do not carry a CITN stamp, come early 2019.

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Mr Tunde Fowler Chairman, Federal inland Revenue Service (FIRS), Tax

Nigeria’s Federal Inland Revenue Service (FIRS) said it will no longer accept tax returns that do not carry a CITN stamp, come early 2019.

In a statement signed by the agency’s Registrar, Mr Adefisayo Awogbade, it was made known that the Chartered Institute of Taxation of Nigeria (CITN) is the only institute empowered by an Act of law to oversee tax issues in Nigeria. As such, it is compulsory for all tax filings to the FIRS to have the CITN stamp and seal.

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“The CITN requires all its members to take necessary steps to be in good standing with the Institute by obtaining their stamps and affixing same thereto on tax returns from the effective date of January 2, 2019.” – Awogbade

He also used the medium to call on all professional tax filers who have not obtained their license from the Federal Institute of Revenue Service to do so as soon as possible.

But this is not compulsory for everybody… 

Note that the requirement to use the CITN stamp and seal only applies to professionals tax filers who submit tax returns on behalf of their clients. In other words, “taxpayers who do not need the service of tax practitioners and who decide to file their tax returns directly would not be under obligation to comply with affixing of CITN stamp and seal on their tax returns filed with FIRS.”

The Federal Inland Revenue Service has in recent times made a lot of attempts towards changing the status quo in Nigeria’s tax system. The Voluntary Asset and Income Declaration Scheme (VAIDS) by FIRS was a relative success. Earlier in June, the Revenue’s Chairman, Mr Babatunde Fowler stated that as much as N30 billion was recovered from former tax defaulters within an 11-month period.

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Not everyone is impressed by FIRS

The Institute has been tackling tax defaulters and recently made known its resolve to do this with more vehemence, even to the extent of selling off their products. Some people have, however, found faults with the Institute’s enforcement action. A recent Op-Ed on Nairametrics called on the FIRS and the authorities to stop focusing on growing the tax numbers but also give thoughts to the appropriateness of methods used to achieve these numbers as they can have a medium to long-term detriment on the Nation.

Patricia

Emmanuel covers the financial services sector for Nairametrics. Do you have a scoop for him? Well then, contact him via his email- [email protected]

2 Comments

2 Comments

  1. Osazee

    September 13, 2018 at 11:18 pm

    So much for ease of doing business in Nigeria

  2. Anonymous

    September 20, 2018 at 10:33 am

    Fowler, s method of tax administration is crude. He should be called to order. He is killing small businesses and making it difficult for them to operate.
    All the collections so far, what has been done with them. No good road, nothing!!

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Entertainment

FG hands over National Theatre to CBN, Bankers Committee, to create 1 million jobs

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CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs, CBN injects $2.63 billion to defend naira in one month, CBN’s COVID-19 N50 billion targeted credit facility, CBN’s heterodox policies buoys credit growth

The Federal Government has announced the official hand over of the National Arts Theatre Complex at Iganmu Lagos, to the Central Bank of Nigeria (CBN) and the Banks under the aegis of the Bankers’ Committee, in order to commence the renovation of the facility.

This was contained in a tweet post by the Presidential Aide to President Muhammadu Buhari on New Media, Tolu Ogunlesi, on his official Twitter handle on Sunday, July 12, 2020.

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During the event which was attended by the Minister for Information and Culture, Lai Mohammed and the Lagos State Governor, Babajide Sanwo-Olu, the CBN Governor, Godwin Emefiele, said the bankers were targeting 1 million jobs from this project in the next 5 years.

Details later…

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Patricia
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Economy & Politics

FG disburses N349.5m in Conditional Cash transfer to poor households in Kaduna 

The disbursement was done under the federal government’s Conditional Cash Transfer.

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The Federal Government has successfully disbursed a total of N349.5 million to 34,946 poor and vulnerable households in Kaduna State, under the conditional cash transfer programme. 

According to the Head of Cash Transfer Unit in the State, Hajiya Hauwa Abdulrazaq, the disbursement lasted a period of 10 days, from July 1 to July 10.  

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Speaking in an interview with the News Agency of Nigeria (NAN) on Sunday, Abdulrazaq explained that the benefiting households were drawn from 9 local government areas in the state – 4,470 from Kajuru; 8,032 in Birnin Gwari; 1,963 in Kauru; 1,406 in Sanga, 4,380 in Lere2,021 in Kachia; 5,478 in Ikara; 2,784 in Chikun, and 4,412 in Kubau LGAs.  

She noted that the disbursement was done under the federal government’s Conditional Cash Transfer, a Households Uplifting Programme targeting poorest of the poor households in the country, and that each of the households received N10,000 each, being payment for the months of May and June at N5,000 per month. 

“The households uplifting programme is one of the national social investment programmes which implementation began in September 2016,” she said. 

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NAN reports that the programme began in 2017 in Kaduna state with about 10,000 beneficiaries, but expanded to 22,380 in April 2020.  

In May, a total of 12,566 new beneficiaries were added summing the figures to 34,956 beneficiaries in the state.   

The state government had also commenced the process of capturing poor and vulnerable households into the social register in the remaining 14 LGAs, from which beneficiaries of the cash transfer would be extracted in subsequent months.  

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Patricia
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Coronavirus

Evacuation: 247 Nigerians arrive home from Malaysia, Thailand 

The returnees were evacuated with a chartered Air Peace flight APK-7813.

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Evacuation: 247 Nigerians arrive home from Malaysia, Thailand 

The Federal Government of Nigeria has safely evacuated and returned home, two hundred and forty-seven Nigerians who were stranded in Malaysia and Thailand 

The returnees were evacuated with a chartered Air Peace flight APK-7813 which arrived the Nnamdi Azikiwe International Airport, Abuja at about 11p.m. on Saturday. 

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According to Mr Gabriel Odu, the Head of Media and Public Relations Unit of the Nigerians in Diaspora Commission (NiDCOM) who spoke to NAN, some of the returnees disembarked in Abuja, while the others proceeded to Murtala Muhammed International Airport, Lagos. 

READ ALSO: Nigerians willing to travel abroad will wait a bit longer – Aviation Ministry

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In line with the protocols announced by the Presidential Task Force on COVID-19, all of the returnees presented a negative COVID-19 test result before boarding the evacuation flight, and upon arriving Nigeria, are expected to proceed on a 14-day self-isolation 

Since four weeks ago, from the federal government, through the ministry of Foreign Affairs announced the resumption of evacuation flights, hundreds of stranded Nigerians have been returned home to their families from different countries including the United States of America, United Kingdom, Egypt, Malaysia and Thailand.  

READ ALSO: COVID-19 could impoverish additional 5 million Nigerians – World Bank  

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The returnees bear the cost of their flight tickets and are expected to self-isolate for four weeks, upon their return to Nigeria. Returnees who receive a clean bill of health after the isolation, are given their passports and allowed to go home.  

Patricia
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