Buhari replaces Fowler with Nami as FIRS boss

…directs agency’s boss to hand over to most senior director   President Muhammadu Buhari has appointed Muhammad Nami as the new chairman of the Federal Inland Revenue Service (FIRS). Nami replaces Babatunde Fowler as the organisation’s chief executive. Senior Special Assistant on Media and Publicity to the President, Garba Shehu, in a statement yesterday said Buhari also approved the composition of a new board for the organisation. The Presidency described the new FIRS boss as a renowned tax consultant. Fowler, who was appointed in 2015, has been directed to hand…

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FIRS: Nigeria loses $15bn to tax evasion annually

Finance Minister: We’ve revenue problem, not debt crisis   Nigeria is losing about $15 billion annually to tax evasion, Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has said. Fowler spoke yesterday as global tax experts converged on Abuja to find solution to offshore tax evasion. At the meeting, the FIRS boss said Nigeria would implement the first Automatic Exchange of Information standard by 2020. He said the regime was part of the country’s commitment to improve transparency in tax administration, increased tax revenue collection, enhanced effectiveness and…

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Court to rule in suit seeking to sack FIRS boss, Fowler Oct 11

A Federal High Court sitting in Kano, yesterday fixed October 11, to deliver ruling in a suit filed by a lawyer, Stanley Okwara, seeking to sack Dr. Babatunde Fowler as the executive chairman of the Federal Inland Revenue Service (FIRS). The trial judge, Justice Lewis Allagoa, fixed the date after hearing all the parties in the suit, including the preliminary objections and counter affidavits of the defendants. The court had last week ordered Fowler to appear before it yesterday, to show cause why he should not be sacked for overstaying his…

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Fowler to accountants: Don’t collude with tax evaders

Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has advised accountants against colluding with tax evaders, warning that they have no power to substitute accounts. Fowler gave the advice on Wednesday at the ongoing 49th Annual Conference of the Institute of Chartered Accountants of Nigeria (ICAN), where he was the keynote speaker at a panel discussion on “FIRS Power of Substitution, Critical Review and Matters Arising.” The discussion was chaired by a former FIRS Chairman, Mrs Ifueko Omoigui-Okauru. While explaining the dynamics involved in the substitution of accounts, Fowler…

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FIRS recovers N97.7bn from tax defaulters

Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has said the agency recovered over N97.7 billion from tax defaulters since it gave the directive to banks to put a lien on tax defaulters’ bank account. Fowler made the disclosure yesterday in Abuja at the 49th Annual Accountants Conference organised by the Institute of Chartered Accountants of Nigeria (ICAN). He said that under the tax substitution programme, FIRS intensified its efforts to collect taxes from default payers by appointing banks and other financial institutions as collection agents. With the…

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VAT: FG realised N39.3bn from banking services in 2 years

Sector’s contribution on steady decline       The Federal Government earned N39.3 billion as Value Added Tax (VAT) from banking services in the last two years, New Telegraph has learnt. Sectoral Distribution of VAT data released by the National Bureau of Statistics (NBS) indicated that this amount was generated between 2017 and 2018. Breakdown of the figure showed that the government was able to make N20.8 billion as VAT from the sector in 2017, while it got N18.5 billion in 2018. In the same vein, quarterly data of VAT…

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Fowler to Kyari: Oil revenue figures beyond FIRS’ control

…says low oil price, recession responsible for falling tax returns Presidency: Nigeria heading for fiscal crisis if… PDP demands probe of revenue collections since 2015     Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has attributed the declining performance of the Service between 2015 and 2018, to the low earnings from crude oil and the recession, which hit the Nigerian economy in the second quarter of 2016. Fowler noted that while the FIRS management has control of non-oil revenue collection figures, oil revenue collection figures were subject to…

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FIRS: PDP wants probe of revenue collections since 2015

The Peoples Democratic Party (PDP) has called on the National Assembly to hold a public hearing into revenue collections in the country by the Federal Inland Revenue Services (FIRS) in the last four years. The party also told the lawmakers to take urgent steps to recover the alleged stolen funds and channel such to projects that have direct bearing on the welfare of Nigerians. PDP, in a statement Monday by its National Publicity Secretary, Kola Ologbondiyan, said variance in the remission of taxes by the FIRS  further confirmed its stance that the President Muhammadu…

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Rethinking proposed 5% e-commerce tax

Chairman of the Federal Inland Revenue Service (FIRS) recently announced plans to enforce payment of five per cent tax on e-commerce transactions from January (next year). While this is aimed at augmenting Nigeria’s revenue, stakeholders are worried that the policy would reverse the progress the country has made in e-commerce and cashless policy. SAMSON AKINTARO reports     If the words of the Federal Inland Revenue Service (FIRS) Chairman, Babatunde Fowler, are anything to go by, Nigerians will from next year pay extra to shop online. Specifically, the tax is…

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Fowler: FIRS generated N5.23trn in four years

The Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has declared that the agency generated over N5.23 trillion in four years. Fowler, who made the disclosure yesterday during a courtesy call on the Chief of Army Staff (COAS), Lt-Gen. Tukur Buratai in Abuja, said the development was unprecedented. He also commended the Army for dealing substantially with cases of unrest across the country, thereby creating an enabling environment for economic development. “We are quite aware that unrest brings about poverty, unemployment and instability which further affect the…

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