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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COURT RENEWS ARREST WARRANT AGAINST JJ OKOCHA OVER TAX EVASION

Lagos high court, Igbosere. Photo/wikipedia An Igbosere High Court in Lagos on Monday renewed a bench warrant for the arrest of a former Super Eagles captain, Augustine Okocha, over alleged tax evasion.Justice Adedayo Akintoye extended the warrant, earlier issued on Jan. 29, following an application made by the Lagos State Prosecutor, Mr Yusuf Sule. Sule told the court that Okocha was yet to settle out of court a 2017 alleged income tax evasion charge. The prosecutor said that Okocha had also failed to appear in court since Oct. 5, 2017,…

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FG PLANS TO GENERATE 6TRILLION FROM PETROLEUM TAX, VAT IN 2019

IFEANYI ONUBA The Federal Government, through the Federal Inland Revenue Service, plans to generate N4.3tn from petroleum profit tax and N1.7tn through the Value Added Tax in 2019, The amount is part of the N8.8tn tax revenue needed by the government to finance the 2019 budget. Details of how the revenue would be generated are contained in the Medium Term Expenditure Framework Tax Revenue Projections for 2019-2021. The document, which was submitted to the National Assembly by the Executive Chairman of FIRS, Mr Tunde Fowler, was obtained on Friday by…

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FIRS TO NOW CHARGE VAT ON LOTTERY, BETTING

The Federal Government yesterday announced plans to charge Value Added Tax VAT,  on lottery and gaming activities and automate collection from operators in the Lottery sector. Fowler This was announced in Lagos at a stakeholders’ engagement session with lottery and gaming operators. The session, organized by the Federal Inland Revenue Service, FIRS, in conjunction with the National Regulatory Commission, NLRC, had in attendance top brass of the revenue agency, led by FIRS Chairman, Mr Tunde Fowler; Mr. Lanre Gbajabiamila, NLRC Director-General; representative of the Senate Committee Chairmen on Sports, representative…

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YOU CANNOT INCREASE VAT, TINUBU TELLS FG

The National Leader of the All Progressives Congress, Bola Tinubu, on Thursday urged the Federal Government not to increase the Value Added Tax. He said an increase in VAT will reduce the spending capacity of the people and might increase hardship. He urged the Federal Government to rather consider increasing the tax net. He spoke on Thursday during the 11th Bola Tinubu Colloquium marking his 67th birthday, at the International Conference Centre, Abuja. It may be recalled that, sequel to the approval of N30,000 as minimum wage by the National…

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FIRS ARRAIGNS 3 COMPANIES FOR TAX EVASION, ASSAULT ON ITS STAFF

FEDERAL Inland Revenue Service (FIRS) on Monday arraigned Fortless Global Concept Limited and Everyday Wine Shop and their representatives at the Federal High Court, Abuja on alleged tax evasion, obstruction of official duty and attack on staff of the FIRS on duty among other charges. In the Charge No: FHC/ABJ/CR/48/2019, between the Federal Government of Nigeria (Complainant) and Fortless Global Concept Limited (also known as Fortless Supermarket and Stores and Chukwu Ejike (Defendants), the FIRS preferred a six-count charge bordering on tax evasion and assault on FIRS staff on duty…

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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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