Over 14billion is lost yearly on Tax Evasion: Chairman FIRS

Babatunde Fowler, executive chairman, Federal Inland Revenue Service (FIRS), says Nigeria loses about $14 billion to tax evasion annually. According to NAN, he said this on Wednesday while declaring open a seminar by the West Africa Tax Administration Forum (WATAF) in Abuja. The three-day seminar was organised by WATAF in collaboration with Global Forum on[...]

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Chairman FIRS may not be renewed as he is recently Questioned by Federal Government

There are indications that the tenure of Babatunde Fowler as executive chairman of the Federal Inland Revenue Service (FIRS) will not be renewed following President Muhammadu Buhari’s misgivings about his stewardship, TheCable understands. Fowler, whose tenure expired on Saturday, has been questioned over revenue collection under his watch. In a letter circulating on social media[...]

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Lagosians react as FG puts 5% tax on all online purchases!

Lagos – Mixed reactions have trailed the proposed plan by the Federal Government to slam a five per cent Value Added Tax (VAT) on goods bought online. Prof Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, said that the online space was still growing and taxing it now would discourage transactions.[...]

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The NTCA advocate for a tax increase on Tobacco and tell us Why

The Nigeria Tobacco Control Alliance, NTCA, has said that its renewed campaign for the increase in tobacco price was to ensure that the country is at par with the World Health Organization, Who recommended level of 70 percent of retail price. Board Chairman of NCTA, Akinbode Oluwafemi and the Project Coordinator, Olu’Seun Esan while briefing[...]

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VAT Revenue Drops in the First Quarter of 2019

The National Bureau of Statistics (NBS) says Nigeria generated N289.04 billion from value-added Tax (VAT) in the first quarter of 2019, a decline from the N298.01 billion generated in Q4 2018. This is contained in a Sectoral Distribution of VAT report for the first quarter 2019 released by the bureau. This, it said, represented a[...]

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UAE bannes Non-Tax Paying Cigarette Companies

Imports of cigarettes into the UAE that do not bear digital tax stamps will be prohibited from Wednesday, according to the Federal Tax Authority (FTA). The authority added in a statement that it will be illegal to sell any unmarked cigarette packs in local markets from August 1. The step is part of the timeline[...]

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Court orders Jay Jay Okocha’s arrest

A Lagos Division of the Lagos State High Court in Igbosere has issued a bench warrant for the arrest of former Super Eagles star, Austin Okocha, over tax evasion charges. Mr Okocha – or Jay Jay Okocha as he is popularly known – has repeatedly failed to appear before the court to answer why he[...]

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Jose Mourinho sentenced to one year jail term for tax fraud

Manchester United manager Jose Mourinho has been found guilty in a long-running tax fraud case. He was accused of owing nearly €3.3m in undeclared image rights revenue for 2011 and 2012 when he was Real Madrid manager. According to the El Mundo, Mourinho has accepted wrongdoing and has been sentenced to a one-year jail term.[...]

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