Customs Suspends 25% Penalty on Improperly Imported Vehicles
Amid economic hardship occasioned by high cost of living in Nigeria and to encourage compliance, the Nigeria Customs Service (NCS) at the weekend announced that the federal government has approved the suspension of the 25 percent penalty previously imposed in…
LIRS Gives One Week Extension Of Deadline for Filing of Annual Tax Returns
In view of the recent downtime experienced on the e-tax portal, the Lagos State Internal Revenue Service (LIRS) has extended the filing of employers’ annual tax returns by 1 (one) week starting from February 1 to February 7, 2024. Mr….
Tinubu Sets 18% Tax to GDP Target in 3 Years
President Bola Tinubu on Tuesday in Abuja expressed his resolute commitment to break the vicious cycle of overreliance on borrowing for public spending, and the resulting burden of debt servicing it places on the management of Nigeria’s limited government revenues….
In Six Months FIRS Rakes-in Record N5.5 Trillion
Nigeria’s Federal Inland Revenue Service (FIRS) has announced a total tax revenue collection of N5.5 trillion for the half-year period of January to June 2023. This is the highest tax revenue collection ever recorded by the Service in any first…
Tinubu Vows To Remove Investment Bottlenecks, Reposition Economy
President Bola Tinubu has assured the manufacturing and service sectors in Nigeria that more reforms will be unfolded to enable efficiency and attract investments. Tinubu also promised that the ongoing economic ‘‘revolution’’ will be deliberately steered to capture and favour…
Free Trade Zones Scheme Generates N35.1bn Customs Duty in 2021 – NEPZA
The Nigeria Export Processing Zones Authority (NEPZA), says that the Free Trade Zones (FTZs) Scheme generated a total of N35.1 billion for government as Customs Duty in 2021. The authority said the sum of N408.3 million was also remitted as…
Buhari Seeks Duty-free Market Access for Least Developed Countries
President Muhammadu Buhari has called on developed and developing nations to grant duty-free and quota-free market access for products originating from the world’s 46 least-developed countries. He said that this would ensure their integration in regional and global value chains….
FIRS Opens 25 New Satellite Tax Offices Across Nigeria
… Officially Launches, Micro And Small Tax Office, Epe, Lagos As part of its goal to bring tax services nearer to the taxpayers and tax paying public, the Federal Inland Revenue Service (FIRS), has announced the opening of 25 new…
Online Betting: FIRS Deducts Taxes At Transaction Points, Issues Deadline To Operators
The Federal Inland Revenue Service (FIRS) has commenced the deduction of taxes at transaction points from Online Gaming Transactions using the Sentinal National Payment Gateway and Electronic Solution. In a Public Notice signed by its Executive Chairman, Muhammad Nami, the…
NNPC Declares N674bn Profit After Tax For 2021
For the second year in a row, the Nigerian National Petroleum Company (NNPC) Limited on Tuesday declared a profit after tax of N674bn. The Group Chief Executive Officer of NNPC, Mele Kyari, in Abuja said the NNPC as a corporation…
