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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

IMF Warns Nigeria Against Inflationary Increase in 2020

Eric Ojo in Abuja The International Monetary Fund (IMF) has warned that in spite of the current operational tight monetary policy in Nigeria, inflation will likely pick up in 2020 following rising minimum wages and a higher Value Added Tax (VAT) rate. IMF said the revenue  initiatives planned under the 2020 budget,  including a

Public finance and development: six things to read in May

Mark Miller Chinese lending and debt sustainability The Chinese government has come under a lot of flak in recent times for its lending practices. Not all of it entirely fair, as Deborah Brautigam has been regularly pointing out.  Elsewhere, the Chinese government has won plaudits for last month’s launch of a new debt sustainability framework (pdf) for

MTN meets $2bn tax-fine deadline, lists 20.4bn shares

•Registers Nigerian business shares before listing  •Wants to list in first half of 2019 •South African firm has faced several disputes in Nigeria Jude Johnson and Alexis Akwagyiram A Nigerian judge ruled on Tuesday that South African telecoms firm MTN had met a deadline to respond to a $2 billion tax demand from the country’s attorney

FG vows to recover $7bn bailout funds from commercial banks

•Commences investigations  Godsgift Onyedinefu  The Federal Government said it has commenced investigation into the $7 billion bailout funds given to commercial banks in 2016 by the Central Bank of Nigeria  (CBN) in a bid to recover the money. The Chairman of Special Investigation Panel for the Recovery of Property, Chief Okoi Obono-Obla  disclosed

Again, IMF urges Nigeria to review tax policies

The International Monetary Fund, IMF, yesterday urged Nigeria to urgently review the country's tax policies by widening the tax base and increasing compliance on Value Added Tax, VAT. Speaking at a panel session on 'Leveraging Dom Amine Mati estic Resource Mobilisation for Sustainable Development,' at the 2018 Nigerian Economic Summit, NES,

Buhari signs new Executive Order to collect taxes on foreign assets of Nigerians

The Muhammadu Buhari administration is stepping up the regulations on money laundering and tax evasion by releasing a new Executive Order tagged ‘Voluntary Offshore Assets Regularisation Scheme (VOARS).’ The new Executive Order (008) takes effect from October 8, the day it was signed by President Muhammadu Buhari. According to a spokesperson of

Magu blasts SAN for receiving N1.7bn legal fee

The acting Chairman of the Economic Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, has slammed some Senior Advocates of Nigeria (SAN) for allegedly  frustrating the anti-corruption war by collecting outrageous legal fee from defendants. He said these SANs knowingly supplied the technical know-how and helping in the dispersal of the proceeds

Nigeria, Foreign Countries Share Data on Overseas Bank Accounts

Property Owned by Nigerians Babatunde Abiodun  The Nigerian government and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians. The Minister of Finance, Mrs. Kemi Adeosun, confirmed this on Friday in Abuja during the presentation of Progress