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Business News

Nigerians react as FIRS Chairman asks companies to pay tax before due date

Nigerians have been reacting to the circular from the Executive Chairman of Federal Inland Revenue Service (FIRS), Muhammad Nami, to taxpayers over payment of taxes.

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FIRS, Nigeria generates N424.71 billion VAT in Q3 2020

Nigerians have been reacting to the circular from the Executive Chairman of Federal Inland Revenue Service (FIRS), Muhammad Nami, to taxpayers over payment of taxes.

The circular, which was an update on palliative measures to cushion the effect of covid-19 on taxpayers, asked corporate organizations in some sectors of the economy to consider making payment of their annual returns earlier than the due date apart from their normal monthly obligations.

According to the circular, the Executive Chairman said, ‘’I wish to specially make an appeal to corporate bodies in the sectors above to go the extra mile at this time to cooperate with us in making special arrangements to pay their taxes. They may consider, for instance, a situation where they can commence payment of their annual returns earlier than the due date apart from their normal monthly obligations.’’

‘’This has become necessary in order to ease some of the cash flow gaps being experienced by the government at this critical time’’.

Some Nigerians took to Twitter to expressed their anger as they believe the government is insensitive to what Nigerians and businesses are going through.

A tweeter user was unhappy as the government is using FIRS to tax companies that are barely surviving.

Ayo Bankole, was wondering if we are ok in this country and advised Nigerians not to read the statement by the FIRS Chairman.

Another tweeter user wanted the government to explain how some of those sectors can boom in a locked-down economy.

READ ALSO: CBN: Banks no longer allowed to sack more than 5 staff without approval

Dr, Olawale, was expecting FIRS to give tax cuts at this period rather than ask for the tax to be paid before the due date.

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READ ALSO: Businesses most affected by COVID-19 outbreak

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Another tweeter user said that government on their own has already determined that businesses are experiencing a boom.

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However, some Nigerians feel differently. They agree that some sectors are enjoying a boom due to the coronavirus lockdown.

A tweeter user Obinna Nwosu, feels that the Telcos and Nigerian banks are making a huge profit and so should pay the tax.

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A tweeter user, Dr Thompson Udenwa, is not happy with people’s negative reaction towards FIRS move, as he believes some of those sectors are making a lot of money.

 

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

3 Comments

3 Comments

  1. Adebayo

    April 27, 2020 at 2:04 am

    But your banks have just recently announced billions of naira profit returns on their businesses and i think thats why the FIRS has asked for their taxes and not from other general companies.
    So please tell the banks to pay to FIRS.
    Let the banks give what is Ceaser to Ceaser.

  2. Prince Timothy Okeowo

    April 27, 2020 at 9:24 am

    FIRS Chmn has just displayed his dearth of knowledge of taxation. He should tell all Nigerians his own definition of economic boom.
    Not until we learn to put square peg in a square hole, Nigeria will continue drifting aimlessly with this bunch of lunnies parading themselves as professionals. So disgusting

    • Tunde Karimu

      May 3, 2020 at 11:05 am

      This shows the kind of people that are hand picked to lead us. The vat that mtn and co steals from every call is not enough for them, the vat they get from that inter bank transfer not enough etc. When the whole world is relaxing taxes they are here killing the economy. A boy of 21 in Somalia just invented a ventilator. In Nigeria, many young stars With inventive skill are never encouraged in as much as they are not from his them and they cannot make it a white elephant project. I thought that this govt that is full of wonders will begin to look inward to start manufacturing our own PPEs medically going by he happenings in the world that we cannot entrust our health system in the hands of Chinese. But our only area of specialisation is corruption. Father in Heaven, if our sins have made you to sell us to this insensitive govt looking for loans in every nook and cranny of world, pls, Sir, deliver us Nigerians from them. Amen

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