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The Federal Inland Revenue Service (FIRS) generates about N3 billion from stamp duty weekly. The Executive Chairman of the FIRS, Muhammad Nami, disclosed this at a meeting with the House of Representatives Committee on Finance, in Abuja, today. According to him, the feat was achieved as a result o

The Non-Academic Staff Union of Educational and Associated Institutions (NASU), has urged state and federal governments to introduce tax ceilings for low income workers to protect them from excessive and multiple taxes. Read more here

The negative impact of Coronavirus pandemic has not only been felt across sectors in Nigeria, the consequence of the lockdown on the economy is disheartening. Many businesses, especially during the lockdown were not functional, while those who opened for business or were allowed to operate did so at

In furtherance of the commitment to mitigate the negative effect of COVID-19 pandemic on individuals and businesses, Lagos State Internal Revenue Service (LIRS) has commenced the implementation of additional reliefs and measures to further ease the impact of the pandemic on taxpayers in Lagos State

Interested Nigerian engaged in Agriculture or other SME businesses can access up to N10 Million from the AGSMEIS Loan, at a single-digit interest rate of 9% per annum. Below are the requirement and steps to access Eligibility For AGSMEIS Loan Businesses in the following industry are eligible for

Business owners who register their businesses with the Corporate Affairs Commission (CAC) will no longer need to approach the Federal Inland Revenue Service (FIRS) for a tax identification number as the federal government has merged the process with business registration. CAC stated this in a stat

Writing can be easy or difficult. It’s easy if you’re knowledgeable about your topic and confident about your grammar, sentence construction, vocabulary and overall writing style. Writing is difficult if you lack the necessary skills to communicate effectively or the confidence to speak your mind.

Zenith Bank Plc has emerged as the number one bank in Nigeria by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine. The Bank climbs a whopping 29 spots  to 386 from 415 in 2019  in the 2020 global ranking of banks. Zenith Bank retained its position as the nu

Nigeria’s Finance Minister Zainab Ahmed said on Tuesday that the country was working towards meeting the single exchange rate window requirement for accessing an agreed $1.5 billion loan support from the World Bank. Ahmed made the announcement during a webinar organised by the Federal Ministry of Fi

Financial Reporting Council of Nigeria (FRCN) has released the guidance for reporting on compliance with the Nigerian Code of Corporate Governance (NCCG) 2018. The Financial Reporting Council of Nigeria said it has been engaging with all Sector Regulators, for the purpose of developing Sectoral Gui

This is to inform our esteemed customer that as part of the Ease of Doing Business Initiative, Certificates of Incorporation of Companies registered under Part A of CAMA will henceforth carry Tax Identification Numbers issued by the Federal Inland Revenue Service (FIRS). ​ ​This has dispensed with t

Rivers State Governor, Nyesom WikeThe Rivers State Governor, Nyesom Wike, has suspended all local government taxes and levies for 2020, except tenement rates to cushion the effects of COVID-19. Wike also granted a waiver of 50 per cent on all assessed capital gains tax till December 2020. Read mo

Tax revenues generated by the Federal Inland Revenue Service (FIRS) have kept the nation’s economy going despite the COVID-19 pandemic, Executive Chairman of the agency, Mr. Muhammad Nami, has said. Nami consequently urged Nigerians and body corporate in the country to continue to pay their taxes as

Ogun State Governor, Prince Dapo Abiodun has provided tax reliefs for residents and employers of labour in the state towards cushioning COVID-19 economic effects on taxpayers. The governor said the relief includes: six-month deadline extension for filling of 2019 income tax returns by the self-empl

President Buhari on Friday, 7th of August 2020 assented to the Companies and Allied Matters Bill, 2020. According to the history of country, this is the first reform of CAMA since it was first introduced 30 years ago. Some of the changes that the revised Bill introduces include the following: • Th

The Federal Inland Revenue Service (FIRS) has extended the closing date of its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30, 2020 to August 31st, 2020. Executive Chairman, FIRS, Mr. Muhammad Nami, disclosed this in a statement on Wednesday by

The Federal Inland Revenue Service (FIRS) says henceforth, stamp duty will be paid on house rent and Certificate of Occupancy (C of O) in line with its new adhesive duty. Mr Abdullahi Ahmad, the FIRS Director, Communications and Liaison Department made this known in a statement in Abuja on Thursd

There was initially a miscommunication around this but it has now been resolved. Companies with due dates of June 30, 2020 now have up till July 31, 2020 to file their returns.

According to Taiwo Oyedele, West Africa Tax Leader at PwC Nigeria... Key takeaway from the inauguration of committee on recovery of Stamp Duties held on June 30, 2020 includes: 1) Main focus is on recovery of stamp duties collected by institutions such as Money Deposit Banks, NIBSS, CAC, etc. 2)

The foreign exchange market resumed on Monday with Naira stable as the dollar was trading at N458 on the black market. Traders attributed the stability of the exchange rate to moderation in the demand for dollar amid liquidity and uncertainty about when the Central Bank of Nigeria (CBN) would resum

The Federal Inland Revenue Service (FIRS) has generated the sum of N66 billion from stamp duties between January and May. Mr Abdullahi Ahmad, the FIRS Director, Communications and Liaison Department made this known in a statement in Abuja on Tuesday. Ahmad said the Executive Chairman of FIRS, Muha