withholding tax Archives - New Mail Nigeria https://newmail-ng.com/tag/withholding-tax/ Hottest and Latest Updates of News in Nigeria. Re-defining the essence of News in Nigeria Fri, 28 Apr 2017 21:04:09 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://newmail-ng.com/wp-content/uploads/2024/01/cropped-newmail-logo-32x32.png withholding tax Archives - New Mail Nigeria https://newmail-ng.com/tag/withholding-tax/ 32 32 FIRS adopts technology to drive tax collection – Fowler https://newmail-ng.com/firs-adopts-technology-to-drive-tax-collection-fowler/ Fri, 28 Apr 2017 21:04:09 +0000 http://newmail-ng.com/?p=62601 The Executive Chairman of Federal Inland Revenue Service (FIRS), Tunde Fowler, on Friday said the service was adopting technology to boost tax revenue in 2017. Fowler who disclosed this at the closing ceremony of a three-day training on taxation for journalists in Lagos, said that the service collected N3.30 trillion in taxes in 2016, a […]

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The Executive Chairman of Federal Inland Revenue Service (FIRS), Tunde Fowler, on Friday said the service was adopting technology to boost tax revenue in 2017.

Fowler who disclosed this at the closing ceremony of a three-day training on taxation for journalists in Lagos, said that the service collected N3.30 trillion in taxes in 2016, a drop from the N3.74 trillion it collected in 2015.

The FIRS boss, represented by Mrs Nneka ifekwuna, the Deputy Director of Communications and Servicom, said the service was convinced that 2017 would be a better year in terms of tax collection .

Fowler said that apart from the use of technology, the agency was also using persuasion and enforcement as well as partnership with the press to boost tax revenue.

He said that other efforts included ongoing nationwide registration of new taxpayers to expand the tax net in the country.

“The result is the registration of 814, 000 additional taxpayers by December 2016 by FIRS and 3.4 million taxpayers by State Internal Revenue Services (SIRSs).

“By Decemeber last year, Nigeria had a national tax roll of 14 million,” Fowler said.

On the ease of tax payment, Fowler said taxpayers filing their tax returns at the FIRS offices nearest to them had increased the compliance level.

He said that FIRS had embarked on some other initiatives to promote voluntary compliance.

The executive chairman said these included shielding taxpayers from the burden of carrying forward tax liabilities that rose from penalty and interest.

He said that collaboration with the Office of Accountant General of the Federation had forced all the ministries, departments and agencies to be remitting Withholding Tax (WHT), Value Added Tax (VAT) and others.

The FIRS boss said the organisation was being guided by its core values which included professionalism, integrity, efficiency, ownership and collective responsibility.

Fowler said that the FIRS had introduced waiver of interest and penalties to realise its mandate of generating revenues for sustainable development.

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FIRS shuts Ekiti College of Education, arrests officers over N6.7m tax arrears https://newmail-ng.com/firs-shuts-ekiti-college-education-arrests-officers-n6-7m-tax-arrears/ Wed, 10 Dec 2014 13:29:42 +0000 http://newmail-ng.com/new/?p=17207 The Federal Inland Revenue Service, FIRS, has sealed the College of Education, Ikere-Ekiti, and arrested its principal officers for not remitting about N6.7 million tax arrears. The arrested Principal Officers were the Provost, Prof. Francesca Aladejana; Registrar, Gbenga Ojo, and the Bursar, Kayode Ige. The enforcement team, led by Olugbenga Adepesoye, stormed the institution and […]

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The Federal Inland Revenue Service, FIRS, has sealed the College of Education, Ikere-Ekiti, and arrested its principal officers for not remitting about N6.7 million tax arrears.

The arrested Principal Officers were the Provost, Prof. Francesca Aladejana; Registrar, Gbenga Ojo, and the Bursar, Kayode Ige.

The enforcement team, led by Olugbenga Adepesoye, stormed the institution and sealed it around 10:30 am in a joint operation with the Ekiti State Police Command.

Speaking with journalists after the operation, the Ekiti State Monitor, Olugbenga Adegoke, said, “We came here because of the arrears of value added tax and withholding tax that the institution is owing us.

“The assessment period is between 2002 and 2007. The reconciliation was done around May 2008. It was about N12 million. Since then, the institution only paid over N5 million. The outstanding is N6.7 million.

“We made a lot of entreaties and persuasions, we monitored them, on several occasions we saw the provost, the bursar and the registrar. All our entreaties fell on deaf ears. That is why we are here.”

Adegoke said the service had no immediate plans to prosecute the officials.

“Until when they make the commitment and the commitment is not fulfilled, we may be tempted to refer it to the legal and prosecution unit of the FIRS. They may likely face prosecution if they fail to pay the outstanding,” he said.

The atmosphere became charged on arrival of the Provost who was not around when the enforcement team got to the institution.

She engaged in a hot argument with Adegoke, who insisted that she must go with the enforcement team to Ado-Ekiti.

Aladejana said the institution was making efforts to pay the arrears, while begging for understanding.

But Adegoke replied, “That has been said several times. The FIRS wants a commitment, that is why we are here. We are not here to intimidate anybody, we want a full commitment on when you will pay the outstanding N6.7 million.

“We know this is a state institution but what we need is that the provost, the bursar and the Registrar need to go with us to make commitment.”

The three officials accompanied by their lawyer were later released around 1pm after extracting commitments from them at the FIRS State Office.

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FIRS raids Jimoh Ibrahim’s NICON Group over N90m tax debt https://newmail-ng.com/firs-raids-jimoh-ibrahims-nicon-group-n90m-tax-debt/ Thu, 12 Jun 2014 06:12:30 +0000 http://newmail-ng.com/new/?p=9865 The Federal Inland Revenue Service (FIRS) today carried out enforcement activities on NICON Luxury Hotel and NICON Insurance limited for alleged failure to remit more than N90 million outstanding tax liabilities due to the government. The officials are currently held and being interrogated by the officials of the FIRS Special Investigation and Enforcement Unit. The […]

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The Federal Inland Revenue Service (FIRS) today carried out enforcement activities on NICON Luxury Hotel and NICON Insurance limited for alleged failure to remit more than N90 million outstanding tax liabilities due to the government.

The officials are currently held and being interrogated by the officials of the FIRS Special Investigation and Enforcement Unit.

The investigation is aimed at recovering arrears of taxes accruing to government from Companies Income Tax (CIT), Education Tax (EDT), Withholding Tax (WHT) and Value Added Tax (VAT).

Earlier, the Service had served series of notices on the companies to pay their outstanding tax liabilities or being compelled to do so.

However, the companies had admitted their outstanding tax liabilities when the enforcement team called at their offices.

The enforcement is a warning to other organisations and individuals in the country on the need to comply with the tax laws.

Section 40 of the FIRS Establishment Act 2007 provides that;

“Any person who being obliged to deduct any tax under this act or the laws listed in the First Schedule to this Act, but fails to deduct, or having deducted, fails to pay to the Service within 30 days from the date the amount was deducted or the time the duty to deduct arose,

“…commits an offence and shall, upon conviction, be liable to pay the tax withheld or not remitted in addition to a penalty of 10 per cent of the tax withheld or not remitted per annum and interest at the prevailing Central Bank of Nigeria minimum re-discount rate and imprisonment for period of not more than three years,” the section stated.

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Osun seals Oduduwa varsity over unpaid tax https://newmail-ng.com/osun-seals-oduduwa-varsity-unpaid-tax/ Mon, 07 Apr 2014 16:59:43 +0000 http://newmail-ng.com/new/?p=6460 The Osun Internal Revenue Service on Monday sealed off Oduduwa University, Ipetumodu, over non-remittance of N173 million income tax. Oduduwa University, Ipetumodu is a private tertiary institution located in Ife North area of the state. Femi Balogun, Senior Special Assistant to the Governor on Revenue, who led the team to the university said in a […]

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The Osun Internal Revenue Service on Monday sealed off Oduduwa University, Ipetumodu, over non-remittance of N173 million income tax.

Oduduwa University, Ipetumodu is a private tertiary institution located in Ife North area of the state.

Femi Balogun, Senior Special Assistant to the Governor on Revenue, who led the team to the university said in a statement that “the tax liabilities covered back duty liability from 2006-2011 and the enforcement is the last stage of any tax process which is in line with Section 104 sub section (1) and (2) of personnel income tax act as amended.

“Tax payment is a law and a civic responsibility of all sundries; it is through this effort that government provides massive infrastructural development, security and other amenities. “The Revenue Department will stop at nothing to ensure that every individual performs his civic obligations.”

He advised the university to do the needful by paying up its tax liability to avoid further action of prosecution in a court of law.

“We have commenced the general enforcement on all corporate tax defaulters and within the next few days, the enforcement team will visit all tax defaulters.

“We have on our radar corporate institutions like banks owing back duty of withholding tax on bank interest and some other companies that are recalcitrant in fulfilling tax obligations.

“It is important to urge all tax payers and companies with outstanding tax liabilities to resolve their tax issues to avoid embarrassment,” Balogun said.

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