Taxation

Stanley Ihedigbo Federal Inland Revenue Service (FIRS) is set to host a two-day national conference on Illicit Financial Flows (IFFs) to tackle the menace that adversely impacts revenue collection and safeguards Nigeria’s financial integrity. The conference, scheduled to take place from July 22 to 23, 2024, at the Transcorp Hilton…

Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has directed tax offices to operate on weekends throughout June to facilitate the annual Companies Income Tax filing season. The move aimed to ease the process for taxpayers, enhance service delivery, and maximize tax collection during this critical period. The…

  Stanley Ihedigbo Lagos State Internal Revenue Service (LIRS) has issued a reminder to all individual taxpayers in the state, including the self-employed and those in the informal sector, to file their Annual Tax Returns by March 31, 2025, to avoid penalties and ensure compliance with tax regulations. According to…

    Stanley Ihedigbo   Chairman, Technical Sub-Committee on Domestic Sales of Crude Oil and Refined Products in Naira, Zacch Adedeji, has debunked reports that the naira-for-crude policy has been discontinued. According to Adedeji, the policy framework enabling the sale of crude oil in naira for domestic refining remains in…

CITN President, Samuel Agbeluyi; Sylvester Irem, and members after the Investiture in Abakaliki, on Saturday     Judith Echefu, Abakaliki   Chartered Institute of Taxation of Nigeria (CITN) has urged Nigerians to get behind the tax reform bill, which is currently before the National Assembly. According to the CITN President/Chairman…

    Stanley Ihedigbo   Federal Government of Nigeria has filed a lawsuit against cryptocurrency exchange company Binance Holdings Limited, demanding $79.51 billion and ₦231 million in compensation for alleged economic losses caused by its operations in the country. The lawsuit, filed by the Federal Inland Revenue Service (FIRS) at…

  Stanley Ihedigbo   Institute of Chartered Accountants of Nigeria (ICAN) has inaugurated a chapter for the Federal Inland Revenue Service (FIRS), and in the process, praised the leadership style of FIRS’s Executive Chairman, Zacch Adedeji. ICAN’s President, Davidson Alaribe, commended Adedeji’s leadership, emphasizing the importance of upholding high ethical…

    Stanley Ihedigbo   Lagos State Government has reaffirmed its commitment to providing free West African Examinations Council (WAEC) registration for Secondary School Three (SS3) students in state-funded secondary schools. The policy is part of the government’s broader effort to provide free education from kindergarten to SS3, which remains…

  Stanley Ihedigbo   Lagos State Internal Revenue Service (LIRS) has issued a timely reminder to all employers in Lagos State, urging them to submit their annual tax returns for the 2024 financial year on or before January 31, 2025. The directive is by the provisions of the Personal Income…

  By Abdullahi Olayiwola Gegele Nigeria’s first attempt at incorporating Value-Added Tax (VAT) as a means of generating additional tax revenue was in 1986 under the General Ibrahim Babangida military junta when decree No 7 was promulgated to legalize sales tax (now VAT) and was being collected by the 36…