FG TARGETS 1BILLION DOLLARS TAX REVENUE, DEPLOYS 700 COMMUNITY TAX OFFICERS TO STATES

• Deploys 700 community tax officers to 9 states The Voluntary Assets and Income Declaration Scheme (VAIDS) has deployed over 700 graduates as Community Tax Liaison Officers(CTLOs) to nine states of the Federation and the Federal Capital Territory (FCT). The CTLOs have been handed the responsibility of creating awareness about the VAIDS scheme and taxation in general.  A statement by the VAIDS office revealed that the CTLOs, posted to their various states of origin, will carry out the assignment in Lagos, Ogun, Enugu, Edo, Cross River, Delta, Oyo, Kaduna and…

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CHINESE FIRM TO TAKE OVER KANO TAX REVENUE IMPROVEMENT PROJECT

By SALIHI ABUBAKAR BELLO, Kano Kano State governor, Abdullahi Umar Ganduje has on behalf of his government signed a Memorandum of Understanding, MoU with  Chinese firm, Inspur Group of China for upgrade of the State tax authority processes. According to him,  the state is determined to improve its revenue base in the face of dwindling allocation from the Federation Account. Inspur is one of the largest global data center and cloud computing solutions provider in the world which provides IT products and services to over 100 countries across all the…

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FIRS GENERATES 2.5 TRILLION FROM TAXES IN 8 MONTHS

Ifeanyi Onuba, Abuja The Federal Inland Revenue Service on Tuesday said it generated a total of N2.51tn from taxes for the federation between January and August this year. The Executive Chairman, FIRS, Mr. Tunde Fowler, said this in Abuja at the 20th anniversary lecture and awards of the Finance Correspondents Association of Nigeria. Out of the amount, he said oil taxes contributed about 65 per cent, while taxes from oil sources contributed the balance. He added that the agency was able to achieve the revenue collection through innovative ways of…

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TAXMAN, FOWLER GETS UN GLOBAL RECOGNITION

Oyetunji Abioye The United Nations Secretary-General, Mr. Antonio Guteress, has named the Executive Chairman of the Federal Inland Revenue Service, Mr. Tunde Fowler, as a member of the International Experts Committee on Tax Matters. The committee has 25 members worldwide. Fowler’s appointment was conveyed by the Minister Plenipotentiary of Nigeria Permanent Mission, New York, Mr. Bolaji Akinremi, in a mail to the FIRS. Akinremi, in a mail to the FIRS, said, “I have great joy to inform you that the UN Secretary-General, Antonio Guteress, has appointed Mr. Babatunde Fowler as…

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FIRS GENERATES 2.5 TRILLION IN 8 MONTHS

The Federal Inland Revenue Service (FIRS) has collected N2.5 trillion as total revenue in the last eight months. A document available to Daily Trust indicated that the highest source of revenue collected was petroleum profit tax which contributed N1.7 trillion while the other non-oil taxes contributed the balance of N876.4 billion. In January, the service collected total revenue of N317.8 billion, February (N229.5 billion), March (N230.8 billion), and April (N218.4 billion). The collection rose to N286.8 billion in May, with N500.2 billion in June as the highest collection within the…

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FG GIVES WEALTHY TAX EVADERS 90 DAYS TO DECLARE THEIR ASSETS

• Says N1.3trn spent on capital projects in 2016 • Ambode demands review of revenue allocation formula Gboyega Akinsanmi and Akinwale Akintunde The federal government Monday said it had given tax evading wealthy Nigerians and corporate bodies 90 days to declare their taxable income and pay appropriate taxes or face the full wrath of the law. The ultimatum came through Vice-President Yemi Osinbajo during the 57th Annual Conference of the Nigerian Bar Association (NBA) in Lagos, where the state Governor, Mr. Mr. Akinwunmi Ambode, called for a review of the…

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FCT TO INAUGURATE INLAND REVENUE SERVICE

The Minister of the Federal Capital Territory (FCT), Muhammad Musa Bello, has said the FCT Inland Revenue Service (FCT IRS) will soon be inaugurated. The minister said this while addressing members of the Manufacturers Association of Nigeria (MAN), Abuja branch during its 4th Annual General Meeting held in Abuja. Bello said the FCT IRS when fully operational would tackle multiple taxations with a view to streamlining all taxes in the FCT. He said, “Some taxes in the FCT were collected on our behalf by the Federal Inland Revenue Service, but…

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WITH VAIDS NO NIGERIAN CAN EVADE TAX AGAIN SAYS FIRS BOSS, FOWLER

The Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, says with the introduction of Voluntary Assets and Income Declaration Scheme no Nigerian can evade tax payment. Fowler said this at the 138th Quarterly Meeting of the Joint Tax Board on Monday in Abuja. The theme of the meeting was “Administering Voluntary Assets and Income Declaration Scheme (VAIDS) – 2017 in Nigeria: The role of stakeholders.’’ Fowler, also the Chairman of JTB, said every Nigerian would be held accountable with the introduction of the new scheme. He said that the so…

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FG NOW SET TO TAX FIRST CLASS AND BUSINESS CLASS TICKETS

Finance Minister, Mrs. Kemi Adeosun, said Thursday that the federal government would begin to tax first and business class flight tickets in line with the new tax drive aimed at boosting revenue. The move is coming almost three years after the previous administration rolled out the initiative among a cocktail of measures to boost revenue with the precipitous decline in oil price from mid-June 2014. Adeosun said the new drive followed the signing of a policy to tax first and business class tickets as well as other luxury goods. She…

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WE ARE PROFILING THE RICH FOR TAXATION- FINANCE MINISTER, KENI ADEOSUN

Ifeanyi Onuba, Abuja The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said that the Federal Government was currently profiling high net worth individuals to ensure that what they currently own as assets correspond with the amount they were paying as taxes. She said this via a video posted on her Facebook page where she responded to questions from Nigerians about the implementation of the Voluntary Asset and Income Declaration Scheme. The VAIDS offers a grace period from July 1, 2017 to March 31, 2018, for tax defaulters to voluntarily…

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