Tax – Page 4 – City Business News

July 7, 2022 No Responses

Tax Development: FIRS Boss Harps On Collaboration Among Regulatory Bodies

The Federal Inland Revenue Service (FIRS) has described collaboration among regulatory bodies as critical in deepening FIRS institutional framework through qualitative reporting and effective representation of their clients. Mr Muhammad Nami, the Executive Chairman of FIRS said this when he...

July 5, 2022 No Responses

Income Tax Returns: FIRS Extends Due Date For Companies

The filing of Companies Income Tax Returns for the 2022 Year of Assessment, due on 30th June 2022, has been extended to 31st August 2022, for companies who were unable to meet up with the deadline as at the end...

June 11, 2022 No Responses

FIRS Embarks On Nationwide Tax Compliance Campaign

The Federal Inland Revenue Service (FIRS) is to embark on a compliance exercise from July, 2022 on Value Added Tax (VAT) and Withholding Tax (WHT). The announcement is contained in a public notice signed by the FIRS Executive Chairman, Muhammad...

June 8, 2022 No Responses

NEPZA, FIRS Sign MoU On Effective Tax Administration In Free Trade Zones

The Nigeria Export Processing Zones Authority (NEPZA) has signed a Memorandum of Understanding (MoU) with Federal Inland Revenue Service (FIRS) for effective administration of taxes in the free trade zones. Signing the MoU on Tuesday in Abuja, the Execut...

May 30, 2022 No Responses

2021: TAJBank Reports 433 Per Cent Increase In PBT

TAJBank Limited, the second non-interest bank, recorded more milestones in its second year of operations with its profit before tax (PBT) surging to N1.6 billion in FY2021, representing 433% improvement over the preceding year’s profit. This is even as...

May 16, 2022 No Responses

NLNG Tops Tax Compliance Firms In Nigeria

The Federal Inland Revenue Service (FIRS), on Monday, listed Nigeria’s top-performing taxpayers in the year 2021 and commended them for their exceptional efforts in contributing towards providing the necessary funds for the government to meet its social cont...

April 28, 2022 No Responses

GTCO Declares N54.3b Profit Before Tax In Q1

Guaranty Trust Holding Company Plc, (GTCO) has released its unaudited financial results for the first quarter of 2022 to the Nigerian Exchange Ltd., (NGX) and London Stock Exchanges, declaring a profit before tax of N54.3 billion. The group, in a...

February 23, 2022 No Responses

Stanbic IBTC Bank Customer Protests Alleged Frozen Of Account

Chief Oluwarotimi Fadoju, a Customer at the Stanbic IBTC Bank, Ring Road branch, Ibadan, Oyo State, on Tuesday created scene inside the banking hall, protesting alleged frozen of his account over Tax Identification Number (TIN) certificate. Fadoju, who c...

December 7, 2021 No Responses

FIRS Urges Comprehensive Revenue Inclusion

Executive Chairman, Federal Inland Revenue Service (FIRS) Muhammad Nami, on Monday in Abuja called for the aggregation of all revenues generated at national and sub-national levels. This, he said, would enable proper determination and accurate computatio...

October 8, 2021 No Responses

FIRS Boss: Only 41m People Pay Tax In Nigeria

The Chairman, Federal Inland Revenue Service (FIRS), has said that only 41 million pay taxes in Nigeria out of the over 200 million population in the country. Nami made the disclosure at the ‘Public Presentation and Breakdown of the Highlights...

October 5, 2021 No Responses

Lagos Advocates 42% Revenue Allocation To States

Lagos State Governor, Babajide Sanwo-Olu on Monday advocated an upward review to 42 percent the revenue accruing to states from the Federation Account. Sanwo-Olu said that an upward review to 42 percent would enable the states to cater for their...

September 20, 2021 No Responses

Organised Private Sector Seeks FG’s Directive On VAT Payment

The Organised Private Sector of Nigeria (OPSN) on Sunday in Lagos called on the Federal Government to urgently make a pronouncement on the ongoing controversy over VAT payment. This, it said, would enable businesses to know what to do. OPSN...

September 17, 2021 No Responses

FIRS Implores CSOs On Tax

All Civil Society Organisations (CSOs) are expected to register for tax purposes and obtain Taxpayer Identification Number (TIN), Mr Temitayo Orebajo, Director, Tax Policy and Advisory Department, Federal Inland Revenue Service (FIRS) has said .Ore...

September 11, 2021 No Responses

Sanwo-Olu Signs VAT Bill Into Law

Lagos State Governor, Mr Babajide Sanwo-Olu, on Friday signed the state Value Added Tax(VAT) Bill into Law. The State House of Assembly had on Thursday, Sept. 9, passed the bill for a law to impose and charge VAT on certain...