No hiding place for fake tax certificate issuers and holders, FIRS bellows

No hiding place for fake tax certificate issuers and holders

No hiding place for fake tax certificate issuers and holders, FIRS bellows     The war against fraudsters who specialise in producing and selling fake Tax Clearance Certificates (TCC) is getting tougher by the day as the Federal Inland Revenue Service (FIRS) declared there is no hiding place for them. The agency of the Federal Government of Nigeria made this strong statement via the launch of a state-of-the-art, user-friendly online portal that detects any TCC not duly issued by the FIRS. Executive Chairman, FIRS, Muhammad Nami, disclosed this at the…

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FIRS launches TaxPro-Max, a naira tax-filing online platform

FIRS launches TaxPro-Max

FIRS launches TaxPro-Max, a naira tax-filing online platform     As part of its efforts at modernizing tax administration in the country, the Federal Inland Revenue Service (FIRS), has introduced a new Tax Administration Solution (TaxPro-Max) for ease of tax compliance. A Public Notice signed by the Executive Chairman, FIRS, Mr Muhammad Nami, disclosed that “TaxPro-Max enables seamless registration, filling, payment of taxes and automatic credit of withholding tax as well as other credits to the Taxpayer’s accounts, among other features. The TaxPro-Max also provides a single-view to Taxpayers for…

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Senate approves N216.646bn FIRS’s 2021 budget

Senate approves N216.646bn FIR’s 2021 budget

Senate approves N216.646bn FIRS’s 2021 budget     The Senate has approved N216,646,579,231.00 as 2021 budget for the Federal Inland Revenue Service (FIRS). The Senate also approved the upward review of the revenue target of FIRS from N5.076 trillion last year to N7.61 trillion this year. These resolutions of the upper chamber followed its consideration of a report by the Senate Committee on Finance. Chairman of the Committee, Senator Solomon Adeola, said FIRS targets total revenue collection of N7.61 trillion for the year as against N5.076 trillion budgeted last year,…

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FIRS loses stamp duty collection right to NIPOST

FIRS loses stamp duty collection right to NIPOST

FIRS loses stamp duty collection right to NIPOST   The Federal Government on Thursday declared that the Nigeria Postal Service was the agency authorised to produce and collect stamp duties across the country. By this declaration, NIPOST has reclaimed the right to collect stamp duties from the Federal Inland Revenue Service. This brings to an end the prolonged years of scuffle between both agencies on who had the authority to collect stamp duties in Nigeria. The Minister of Communications and Digital Economy, Isa Pantami, made the latest decision public in…

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FIRS threatens sanctions against non-compliance with self-certification form

FIRS launches TaxPro-Max

The Federal Inland Revenue Service (FIRS), on Thursday clarified its statement a day earlier directing account holders in financial institutions in the country to submit self-certification forms or risk being barred. This has been perceived by some analysts as desperation on the part of the revenue generating agency to meet its revenue target set by the Federal Government. “Failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account,” it tweeted. Curiously, the notification, which was…

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Senate calls for digitization of process as FIRS gets N168.8bn budget approval

FIRS launches TaxPro-Max

For efficacy and transparency, the Senate has called on the Federal Inland Revenue Service (FIRS) to digitize tax administration process. This followed approval of a total sum of N168.8 billion as 2020 budget for the government revenue collector by the Senate. The approval came following the consideration of a report by the Senate Committee on Finance. Chairman of the Committee, Senator Solomon Olamilekan Adeola (APC – Lagos West) while giving a summary of the 2020 budget for the FIRS said N1.56 trillion was projected for Oil revenue and N4.502 trillion…

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NCC, FIRS sign MoU for ascertaining VAT elements of telcos’ transactions

NCC, FIRS sign MoU for ascertaining VAT elements of telcos’ transactions

In line with its inter-agency collaboration, the Nigerian Communications Commission (NCC) has signed a Memorandum of Understanding (MoU) with the Federal Inland Revenue Service (FIRS) to ensure the tax agency ascertain accuracy and completeness of value added tax (VAT) elements and other taxes payable in the transactions of telecoms operators. With the MoU, the FIRS will be able to integrate an application programming interface (API) technology solution with the systems of telecom operators for independent verification of the amount of VAT that should be paid by mobile network operators (MNO)…

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Experts faults FIRS’s new plan on VAIDS enforcement

Senate approves N216.646bn FIR’s 2021 budget

Analysts at KPMG Nigeria, a leading auditing firm in Nigeria has identified inconsistence in a recent declaration by the Federal Inland Revenue Service (FIRS) on further implementation of voluntary assets and income declaration scheme (VAIDS). The FIRS on June 2, 2020 extended the deadline for waiver of penalty and interest (P&I) on outstanding tax liabilities arising from desk reviews, tax audits and investigation to Tuesday, 30 June 2020. The announcement follows its earlier COVID-19 palliative measures No.3 published in our Tax Alert Issue No. 4.4 of April 2020. Further, the FIRS has expanded the…

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