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FIRS
News and Analysis about firs
The Federal Government has categorized all electricity companies including the generation and distribution companies (GenCos and DisCos) as part of those exempted from payment of withholding tax in the country.
A review of the recently released Company Income Tax (CIT) report for the first quarter of 2024 reveals that income tax payment by companies in manufacturing, agriculture and 12 others declined by a minimum of 16%.
The Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) are expected to receive $10 million for technical assistance as part of the newly approved $750 million Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR) project.
The Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have experienced a 131% increase in their cost of revenue collection for the first quarter of 2024.
The Federal High Court on Friday discharged Tigran Gambaryan, a 39-year-old American, and fleeing Nadeem Anjarwalla from the Federal Inland Revenue Service (FIRS) tax evasion case against the cryptocurrency exchange platform, Binance.
In the first quarter of 2024, Value Added Tax (VAT) paid by Nigerians increased from N1.20 trillion in Q4, 2023 to N1.43 trillion in the first three months of 2024. This represents an increase of 19.21% when compared quarter-on-quarter.
The Federal Inland Revenue Service(FIRS) has accused the Akwa Ibom state government of refusing to pay the N84 billion tax allegedly owed between 2008 and 2015.
Ten commercial banks in Nigeria contributed a total of N33.7 billion to the Nigeria Information Technology Development Fund (NITDEF) in 2023.
The Federal Inland Revenue Service (FIRS) has failed to reach the approved target for the 2024 budget of N9.96 trillion, with a monthly average of N829.97 billion from oil taxes.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has stated that the committee has proposed an exemption of manufacturers and farmers from paying withholding tax as a way of reducing the tax burden on businesses.
FIRS has blamed Nigeria Correctional Service for failing to produce Binance executive, Tigran Gambaryan for tax evasion arraignment.
The Federal Government, in partnership with the United Nations Development Program (UNDP) and the Organisation of Economic Co-operation and Development (OECD), has launched the Tax Inspectors Without Borders- Criminal Tax Investigation Programme (TIWB-CI)