FIRS

Category: Press Release

FIRS Assures Diasporans Of Tax Laws To Protect Their Investments

FIRS Assures Diasporans Of Tax Laws To Protect Their Investments

The Federal Inland Revenue Service (FIRS) has urged Nigerians living in diaspora to invest at home, assuring them that Nigeria has adequate tax laws to protect their investments in Nigeria. 

The Executive Chairman of the FIRS, Tunde Fowler made this remark yesterday in Abuja when he received the Senior Special Assistant to the President on Foreign Affairs and Diaspora, Mrs. Abike Dabiri-Erewa, who was on a courtesy visit.

Fowler said every Nigerian, irrespective of country of residence, should be concerned about what to do to contribute to the economic recovery of the Nigeria. He said that bringing investments into the country and tax compliance are measures Nigerians should adopt. He also allayed fears of double taxation on investments, explaining that the law gives room for tax holidays and exemptions for new investments.

He said: “We want to inform you that Nigeria has tax laws which protect your investments. We have signed tax treaties with various countries on double taxation and we can assure you that if you are paying your taxes on their companies abroad, you do not have to pay double taxation. 

“When it comes to the issue of taxation, we are willing to guide Nigerians living in diaspora and show them what to do. They are our brothers and sisters and we need them to come and contribute their monies here to develop our country”.

Fowler said that about 99 percent of Nigerians living abroad are tax compliant in the countries where they reside and urged them to also comply with Nigeria’s tax laws when they return to invest in the country. 

“We are in the times when we have to ask ourselves vital questions; what are we going to do for the country? One of them is to invest in the country. There must be increase in investment, increase in spending and increase in tax revenue if we must get out of recession”, Fowler said.

Earlier, Dabiri-Erewa said that some Nigerians living abroad want to invest at home and sought to know if there are laws that could protect them.

She said that Nigeria received $35 billion worth of Foreign Direct Investment (FDI) in 2016 and hopes that with the assurances of adequate tax laws to promote their investment in the country, the figure will increase in 2017.

“President Muhammed Buhari set up this office not too long ago to ensure the welfare of Nigerians living abroad so that Nigerians both at home and abroad can work together to make Nigeria a great country; so that, wherever you are, you can contribute to the development of the country. Nigerians are excelling everywhere they are and they want to know if there are tax incentives for some of them who want to invest in Nigeria especially in the area of Agriculture”, Erewa said.

Signed
Wahab Gbadamosi
H/Communications and Servicom Department​

Read More

FIRS, Nigeria Police Partner To Raise Revenue

FIRS, Nigeria Police Partner To Raise Revenue

The Federal Inland Revenue Service (FIRS) and the Nigeria Police Force (NPF) have agreed to collaborate on tax revenue collection and information dissemination through the Nigeria Police Broadcasting Service (NPBS).

The Executive Chairman of the FIRS, Tunde Fowler, while receiving the Inspector-General of Police, Mohammed Kpotum Idris, noted the blessings of the existing FIRS-NPF relationship and stressed the need for the agencies to explore further areas of collaboration.

Fowler said Nigeria has come to the realisation that taxation is important in the economy of every nation and that no country could do without it especially as the price of crude oil continues to go down across the globe.

“Nigeria has come to the realisation that without taxation, there will be no funding for both the current and future budgets. We have a long-standing relationship with the Nigeria Police Force. Apart from protection, you (the Police) play a vital role during tax enforcement. We believe that, as partners in progress, there are other ways we can partner to generate revenue for the government”, Fowler said.

The IG restated the support of the NPF for FIRS, stating that tax revenue remains the blood of the country. He said that no nation ever succeeded without taxation. 

The Police IG on the other hand said that payment of tax is good for a nation as it compels people to ask questions. Recalling how he paid steep taxes in some countries during his United Nations Mission Programme, Idris noted: “Most developed countries live on taxes and that is why they ask questions to those they pay taxes to. They ask questions on what the state has done with their monies and their governments have to pay attention because tax is a prerequisite before you can do most things”, he said.

The Chief Cop noted that on the part of the Police, the “Nigeria Police is making effort to change the face of policing in Nigeria through introduction of People Oriented Policing strategy”.

The NPF also sought for the support of the FIRS in its communication project—the establishment of the Nigeria Police Broadcasting Service (NPBS).

“Communication is very vital to policing. People need information about the police and what we are doing. Therefore, we are working on the establishment of the Nigeria Police Broadcasting Service (NPBS) and we need your support to realise this project”, Idris said.

A presentation by the Police team shows that round-the-clock information dissemination, emergency numbers and round-the-clock surveillance have reduced crime in Nairobi, Kenya. 

Stressing need for collaborations at all levels, Fowler noted that FIRS has simplified tax collection processes and made payment of taxes convenient through technology by deploying online solutions, namely: e-Registration; e-Stamp Duty; e-tax payment; e-Receipt; e-Filing and e-Tax Clearance Certificate.

“The e-Registration (electronic Registration) enables taxpayers to register with FIRS electronically. To do business with FIRS, one needs to be duly registered. Now, you could get registered and authenticated online by visiting the FIRS website www.firs.gov.ng.Newly incorporated businesses are to go to: www.cac.gov.ng and follow the end to end process which h includes payment of Stamp Duties to complete your incorporation process.

The e-Stamp Duty (electronic Stamp Duty) enables taxpayers to pay their Stamp Duties online. Under the new e-Stamp Duty from the FIRS, stamping could be done from the comfort of your home or office. In the past, it required a physical stamp. The e-tax payment (electronic payment of taxes) allows taxpayers to pay their taxes electronically, from the comfort of their homes and offices using platforms such as e-taxpay, remitta and interswitch”, Fowler said.

The FIRS Chief Executive added that e-Receipt (electronic Receipt) enables taxpayers to receive electronic receipt after payment of taxes while the e-filing (electronic filing) enables taxpayers to file tax returns electronically through the FIRS website (www.firs.gov.ng).

He noted that e-TCC (electronic Tax Clearance Certificate) provides an e-repository of all Tax Clearance Certificates (TCCs) issued by FIRS and enables FIRS Staff and authorised third parties to verify TCCs, thereby reducing the incidence of fraudulent certificates. 

“Basically, what we have provided for Nigerians is convenience to pay their taxes and we know that this will the level of tax compliance. I like to thank the Police Force for giving their maximum support to Nigerian including when it comes to revenue generation across the country”.

“We are your key partners and we will continue to collaborate to provide service to the Nigeria. Of course, our partnership with the Police will continue to grow strong”, Fowler said.

Signed
Wahab Gbadamosi
H/Communications and Servicom Department
Federal Inland Revenue Service​

Read More

FIRS WARNING: AVOID RESTRICTIONS ON YOUR ACCOUNT

FIRS WARNING: AVOID RESTRICTIONS ON YOUR ACCOUNT

Read More

FIRS Offers New Tax Regime To Further Compliance

FIRS Offers New Tax Regime To Further Compliance

The Federal Inland Revenue Service (FIRS), has taken a major step to help reduce tax liabilities arising from penalty and interest on taxpayers from 2013 to 2015.

The measure is part of the Service efforts to promote voluntary compliance and shield taxpayers from the burden of carrying forward old tax liabilities as regards to interest and penalty.

FIRS announced in a public notice signed by its Executive Chairman, Mr. Tunde Fowler, that taxpayers in default should come forward to declare their indebtedness within stipulated 45 days while the waiver lasted.

It also required that such defaulted taxpayers must present a payment plan on the outstanding Principal Tax Liability acceptable to the Federal Board of Inland Revenue.

The special window which commenced on October 5, will end on November 24, 2016, and is expected to address accumulated penalty and interest, and not principal tax due.

Fowler, said that the waiver would allow part payment as well as full payment of undisputed tax liabilities which must be paid, while the balance would be paid instalmentally.

He advised taxpayers who have not fulfil their tax obligations to take advantage of the special window to pay a reasonable amount of not less than 25 percent of the principal tax liabilities.

“By this public notice, FIRS invites taxpayers who have not been fulfilling their statutory tax obligations, to take advantage of this special window, failing which all legal means at the disposal of the FIRS will be deployed including criminal prosecution of the Board and Management of the defaulting organisation,” he said.

The Service is relying on the provision of the Companies Income Tax Act CAP C21, LFN 2007 and Federal Inland Revenue Service Establishment Act (FIRSEA) 2007, to offer the special window.

The combined sections stated that: “the FIRS in exercise its powers under Section 85 (3) of the Companies Income Tax Act CAP C21 LFN 2007 (as amended) (and replicated in Section 32 (3) of the Federal Inland Revenue Service Establishment Act (FIRSEA 2007) hereby invites all principal officers, especially Chairmen, Managing Directors, Chief Executive Officers, Executive and Non-Executive Directors, Chief Financial Officers and all company owners or their representatives, to take advantage of the special window to avoid payment of penalty and interest on tax due between 2013 to 2015.”

In a related development, the Service has urged taxpayers to file their Companies Income Tax (CIT), Value Added Tax (VAT) and Withholding Tax (WHT) returns at the FIRS office nearest to their place of business or choice of location.

Taxpayers are advised to apply to the Tax Controller indicating the tax office of their choice and request for the transfer of their file and Taxpayer Identification Number (TIN).

This measure is also expected to ease processes of tax administration, reduce cost for taxpayers and enhance voluntary tax compliance as well as service delivery to the tax paying public.

Signed
Wahab Gbadamosi
Head, Communication and SERVICOM Department

Read More