FIRS THREATENS TO INVADE TAX DEFAULTERS’ ACCOUNTS AND SEIZE THEIR MONEY IN 30 DAYS

September 13, 2019 The Federal Inland Revenue Service (FIRS), on Thursday said it had given tax defaulters a 30-day window to regularise their tax status. It added that failure would lead to forfeiture of the tax equivalent directly from their bank accounts to the Federal Government. The FIRS Executive Chairman, Tunde Fowler dropped the hint on the Nigerian Television Authority (NTA) programme – Platform. He said that banks had been instructed to “sweep the accounts of tax defaulters into the Federation Account after 30 days. According to Fowler, the FIRS had…

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FIRS FIXES DATE FOR COMMENCEMENT OF TAX ON ONLINE TRANSACTION

The Federal Inland Revenue Service (FIRS) says it will begin to impose Value Added Tax (VAT) on online transactions, both domestic and international, from January 2020. The chairman of FIRS, Tunde Fowler, disclosed this at the African Tax Administration Forum (ATAF) Technical Workshop on VAT on Monday in Abuja. Mr Fowler said many countries had identified Nigeria as a big market and many of them were doing online businesses, adding that there was the need to tap the potentials to generate more revenue for the country. He, however, said that the date…

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BABATUNDE FOWLER REPLIES ABBA KYARI, EXPLAINS VARIATIONS IN REVENUE

by Sodiq Yusuff The recession experienced by the Nigerian economy in 2016 as well as lower oil prices affected the revenue collected by the Federal Inland Revenue Service (FIRS) between 2015 and 2018, Tunde Fowler, the chairman, has said. Despite the challenges, Fowler explained, non-oil revenue such as VAT and company income tax — which he said are within the control of FIRS — have been on the increase compared to pre-2015 figures. But oil-based taxes, such as petroleum profit tax (PPT), are beyond the control of the service. He…

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FIRS SPEAKS ON PROBING BABATUNDE FOWLER, FIRS BOSS

The Presidency on Monday said that the chairman of the Federal Inland Revenue Service, Babatunde Fowler, was not under any probe. In a statement on its verified Twitter handle, the Presidency dismissed stories of the alleged probe. The statement as shared on Twitter read, “Following reports making the rounds in some media outlets, it is necessary to state categorically that the Chair of Federal Inland Revenue Service, Babatunde Fowler, is not under any investigation. “The letter from the Chief of Staff to the President, Abba Kyari, on which the purported…

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EFCC PROBES FIRS OVER 1.2 BIL NAIRA SCAM

As part of its investigation into the N1.2bn duty tour allowance fraud in the Federal Inland Revenue Service, the Economic and Financial Crimes Commission has commenced a forensic analysis of the bank accounts of the staff members. Sunday PUNCH gathered on Friday that EFCC detectives had obtained details of the bank accounts of FIRS staff and were carrying out a painstaking forensic investigation into “the financial inflows and outflows” in the various accounts in different commercial banks. It was gathered that the aim of the detectives was to know the depth…

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FIRS STAFF ATTACK FOWLER OVER MISAPPROPRIATION

Babatunde Fowler, Executive Chairman of the Federal Inland Revenue Service A group, Concerned Staff of FIRS, have petitioned President Muhammadu Buhari over the atrocities and infractions allegedly perpetrated by the Executive Chairman of the Federal Inland Revenue Service, Babatunde Fowler. In an open letter, the group advised President Buhari not to re-appoint Fowler because the FIRS boss had “unimaginably taken it back to the old dark period of inefficient and ineffective days.” It also recommended that the activities of Fowler from the day he was appointed up to his last…

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FOWLER’S FIRS: A FAIR SCORECARD

By ROMANUS MBAH With the prices of oil tumbling drastically to $48.86 per barrel in October 2015, after which it slid further to $44.82 the following month and $37.80 in the last month of the year, the signs were bold signs that Nigeria was facing a major economic crisis. The implication of the slump in revenue derivable from oil, the major source of funding for country’s infrastructural and human development aspirations, was that the new administration of President Muhammadu Buhari had flown into the most inclement weather possible. Public expectations of…

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FIRS MOVES TO COLLECT VAT ON ONLINE TRANSACTIONS

The Federal Inland Revenue Service (FIRS) says it will soon begin collection of Value Added Tax (VAT) on online transactions. The Chairman of the agency, Mr Babatunde Fowler, made the disclosure in an interview with the News Agency of Nigeria (NAN) in New York on Saturday. Fowler said: “soon, we will ask banks to impose VAT on online transactions for purchases of goods and services. “Not that it is something new; it actually should be in existence. “We will certainly follow up to make sure that every VAT that is…

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FIRS GENERATES 1.5TRILLION IN FIRST QUARTER OF 2019 – FOWLER

The Federal Inland Revenue Service ((FIRS) generated N1.5 trillion revenue in the first quarter (Q1) of 2019, according to its Chairman, Mr Babatunde Fowler. Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, addressing delegates at a high-level meeting on “International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Return” convened by the United Nations General Assembly in New York at the weekend. Fowler disclosed this to the News Agency of Nigeria (NAN) in New York at the weekend. He said the amount included…

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1.2BIL NAIRA TAX: FORMER NBA PRESIDENT DRAGS FIRS TO TAX TRIBUNAL

The Tax Appeal Tribunal on Tuesday adjourned until July 17, hearing in the suit filed by Joseph Daudu, SAN, challenging alleged N1.2 billion error in taxation. Mr Daudu (appellant) said he was dissatisfied with Federal Inland revenue Service (FIRS) assessments of his Withholding Tax (WHT), Personal Income Tax and Value Added Tax (VAT) for the period from 2010 to 2017. Specifically, he expressed dissatisfaction with the decision to assess him with respect to WHT and VAT in the sum of N 1. 2 billion. He prayed the tribunal to restrain…

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