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COVID-19 Pandemic and the Nigerian Tax Policy Responses

By Oluwole Osagie – Jacobs It is common knowledge that the Nigerian economy is passing through perilous times. The economy which is the engine of the government has dipped precipitously due to the significant drop in the international price of crude oil and the COVID19 pandemic. Statistics from the Nigeria

Interview: Tax is ‘Not a Joke’ in Nigeria–FIRS Boss

COVID-19 pandemic has impacted negatively on Government’s revenue sources. In June, 2020, the Federation Accounts Allocation Committee (FAAC) shared a total of N696 billion to the three tiers of the Government of Nigeria. FIRS alone contributed 70 percent of the amount shared while other revenue generating Agencies altogether contributed 30

FIRS to impose VAT on online transactions

The Federal Inland Revenue Service, FIRS, says it will soon begin collection of Value Added Tax, VAT, on online transactions. The chairman of the agency, Babatunde Fowler, made the disclosure in an interview with the News Agency of Nigeria in New York on Saturday. Mr Fowler said: “soon, we will ask banks

How Presidency illegally moved N14bn to establish Army Barracks-Report

•DPR, FIRS overpaid N837.082bn 324 MDAs fail to submit their accounts for audit Ndubuisi Francis  The audited report of the federal government for the 2016 financial statement from the Office of the Auditor-General for the Federation (OAuGF), Mr. Anthony Mkpe Ayine, has revealed that the presidency illegally withdrew N14 billion from the

Buhari, APC intimidating judges ahead of 2019 elections–Obasanjo

•Says crime, anti-corruption agencies now a witch-hunting tools Jude Johnson  The former President of Nigeria, Olusegun Obasanjo has accused the government of President Muhammadu Buhari of intimidating judges to do the bidding of the ruling All Progressives Congress (APC) on election matters. Obasanjo, who has been critical of Buhari lately, also alleged that

VAIDS: FG threatens to expose defaulters

Jude Johnson   The Minister of Finance, Mrs. Kemi Adeosun, has warned that wealthy Nigerians, who do not take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) to regularize their tax status, would be exposed and face serious consequences.   According to her, the Federal Government has compiled data on property, bank

FG investigates over 200 whistleblowing tips on taxpayers

•Suspends 2 tax officials Babatunde Abiodun  The Federal Government has begun an investigation into over 200 whistleblowing tips on tax officials and taxpayers which involves under declaration of taxes as well as demand by taxpayers and receipt of gratifications by tax officials. The government through the Federal Ministry of Finance has also commenced the