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Implementation of 7.5% VAT begins February 1 — Minister

The Federal Government will from February 1 begin the implementation of 7.5 percent Value Added Tax espoused by the finance law. The law, according to the government, will take effect after all the necessary administrative procedures must have been completed, especially the gazette of the Act by the Federal Ministry of Justice. The Minister of... Continue Reading →

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FIRS Suffers N4.8tn 10-year Revenue Shortfall

Within a 10-year period covering 2010 and 2019, the Federal Inland Revenue Service recorded a revenue shortfall of N4.88tn, figures obtained from the FIRS have indicated. The FIRS data showed that during the 10-year period, the service generated about N43.41tn revenue from taxes. When compared to the N48.29tn targeted revenue set by the Federal Government... Continue Reading →

Senate Okays Nami As FIRS Chairman

The Senate on Wednesday confirmed the appointment of the newly reconstituted board of the Federal Inland Revenue Service, seven years after its dissolution. The confirmation followed the consideration and approval of the report of the Senate Committee on Finance, presented at plenary by the panel chairman, Senator Solomon Adeola Punch NG reports. The FIRS board... Continue Reading →

BREAKING: Buhari Sacks Fowler, Appoints New FIRS Chairman

President Muhammadu Buhari has approved the composition of a new board for the Federal Inland Revenue Service (FIRS) subject to Senate confirmation. The presidential media aide, Garba Shehu, said in a statement issued today that President Buhari had nominated a renowned tax consultant, Muhammad M. Nami as the new chairman Punch NG reports. Chairman of... Continue Reading →

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