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Despite the national and global economic upheaval caused by the COVID-19 pandemic, the Federal Inland Revenue Service (FIRS) has said the non-oil tax receipts have consistently contributed 75-90 per cent of total tax revenue in recent months due strategic reforms.
The Federal Inland Revenue Service (FIRS) says it has recorded significant increase in collectable tax revenue from the non-oil sector of the economy.
Responsibility of stamp duties collection between FIRS and NIPOST was raised at an interactive session on the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) organised by Joint Senate Committees on Finance and National Planning in Abuja on Thursday.
The federal government says it is ready to support the 36 states to recover the backlog of stamp duties and generate more revenues for the country.
The Federal Inland Revenue Service (FIRS) generates about N3 billion from stamp duty weekly.
The Federal Inland Revenue Service (FIRS) has expressed its resolve to ensure that all monies collected by the Nigeria Postal Service (NIPOST) into its ‘illegally operated Stamp Duties’ Account’ are fully recovered and remitted into the Federation Account.
The imbroglio between Nigeria Postal Service (NIPOST) and the Federal Inland Revenue Services (FIRS) over jurisdiction in respect of stamp duty collection worsened on Tuesday.
The Federal Inland Revenue Service (FIRS) has given detailed information to guide taxpayers and the general public on rates payable as stamp duty.
Stakeholders in the capital market have stressed the need to attract private and domestic capital for funding of critical infrastructure in the country.
It was gathered that the current amendment of the Stamp Duty Act by the National Assembly according to the workers Union is being done to allow the FIRS to be the agency collecting stamp duty on electronic transactions.
The Federal Inland Revenue Service (FIRS) has hinged the future of tax administration in Nigeria to technology.
The Nigeria Employers’ Consultative Association, NECA, has appealed to the Federal Government to stop deducting stamp duty charges from bank customers in the country.
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), says it will soon commence probe of banks over stamp duties collection as it expects to recover more than N100 billion from the probe.
The Federal Inland Revenue Service has announced that it realised a total of N2.5 trillion (N2,529,615,174,601.25) from various taxes from January to June 2018.
As the March 31, 2018, deadline given by the federal government for tax amnesty under its Voluntary Assets and Income Declaration Scheme (VAIDS) draws nearer, the Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has warned that there would be no sacred cows after the cut-off date.
The Governor of Kaduna State, Nasir El-Rufai, and the Minister of Finance, Mrs. Kemi Adeosun, will on Thursday meet with business leaders, business owners and tax payers in Kaduna over the Voluntary Assets and Income Declaration Scheme (VAIDS).
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