Tag Archives: FIRS

The Federal Inland Revenue Service (FIRS) has explained that there is no basis for landlords to embark on rent increment in relation to the stamp duty payable on tenancy and lease agreement by tenants in the country. FIRS had, about a week ago, mandated landlords and property agents to charge six per cent stamp duty on all tenancy and lease ...

The Federal Inland Revenue Service (FIRS) has been authorised by an Abuja-based Federal High Court, to sell two landed properties belonging to tax debtors. The tax debtors are Tradecraft Nigeria Limited and Zaibadari Company Limited. Together, they owe the Government a total of N35.9 million. About the case Specifically, Zaibadari Company Limited is owing N18.8 million in tax debts, just ...

Individuals and corporate bodies found guilty of tax evasion are to henceforth lose their properties to the Federal Government, the Chairman, Federal Inland Revenue Services (FIRS), Babatunde Fowler, has said. This was as he equally disclosed that the tax agency surpassed its target for 2018 by generating a total of N5.32 trillion. Fowler disclosed this on Tuesday at a roundtable ...

More reactions have continued to trail the decision by the Federal Inland Revenue Service (FIRS) to commence the use of the value of the property housing the offices of companies to generate figures that will be charged as Company Income Tax (CIT). Sometime in 2016, in its drive to increase tax revenue generation, the FIRS started applying the value of ...

A construction company, Sammya Nig. Ltd., has described the sealing off, of its dockyard by the Osun State Internal Revenue Task Force, as ’embarrassing’. The company in a release signed by its Chairman /CEO, Sammy Adigun, called on the state government to immediately unseal its office and pay up over N1 billion owed it. The state government had listed the ...

Officials of the Federal Ministry of Finance and the Federal Inland Revenue Service, FIRS, involved in Voluntary Assets and Income Declaration Scheme, VAIDS, said they have been inundated with calls from Nigerians in the United Kingdom seeking to inquire about how the new UK government Unexplained Wealth Orders, UWOs would affect their property in that country. A source close to ...

“To get non-contributing Corporate Organisations to key into the National Housing Fund Scheme, the Federal Mortgage Bank of Nigeria (FMBN) has sought for partnership with the Federal Inland Revenue Service (FIRS) by accessing its database to obtain list of corporate organisations in the country and enhance NHF Scheme.”- This Day The Managing Director, FMBN, Ahmed Dangiwa, during a courtesy call on ...

Property tax (real estate tax) is charged on immovable property—land and structures that are permanently attached to the ground such as a house, building, or land. This article introduces you to the various types of Property taxes in Nigeria. Real estate tax is the same as property tax, though the latter is commonly used. Albeit the purpose of this article is not ...

According to The Guardian, The Lagos Chamber of Commerce and Industry (LCCI) says recent moves by the Federal Inland Revenue Service (FIRS) to use property value as a basis for Company Income Tax assessment is worrisome. The LCCI Director-General, Mr Muda Yusuf, told the News Agency of Nigeria (NAN) in Lagos that the move by the FIRS would hurt the ...

Reports show that the Federal Inland Revenue Service, FIRS, yesterday, sealed the Diplomat Hotel, located on Shonnyway Street, Shonibare Estate, Maryland, Lagos, over a N351 million tax debt. The Guardian reports that Bukar Gana, head of the FIRS enforcement team, stated the hotel owes taxes between 2012 and 2016. The hotel’s customer care manager, who didn’t give his name, said ...