Close Menu
  • Home
  • Politics
  • Entertainment
  • News
  • Interviews
  • Events
  • Fashion
  • Article
  • Lifestyle
  • Movies & TV
  • Music
What's Hot

Eid-el-Kabir: Continue to support us for more impactful benefits, Sen Usman assures constituents

Gunmen attack Anambra vigilante office, set five vehicles ablaze

Anambra Police Command PPRO shines at Inspector General of Police Award

Facebook X (Twitter) Instagram
  • Home
  • Politics
  • Entertainment
  • News
  • Interviews
  • Events
  • Fashion
  • Article
  • Lifestyle
  • Movies & TV
  • Music
Facebook X (Twitter) Instagram Pinterest
DAILY BLAST
Contact
HOT TOPICS
  • Home
  • Politics
  • Entertainment
  • News
  • Interviews
  • Events
  • Fashion
  • Article
  • Lifestyle
  • Movies & TV
  • Music
DAILY BLAST
You are at:Home»Breaking News»We will leverage on finance act, 2021 to achieve adequate funding for budget – FIRS
Breaking News

We will leverage on finance act, 2021 to achieve adequate funding for budget – FIRS

DailyblastBy DailyblastFebruary 19, 2022003 Mins Read
Share WhatsApp Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram Copy Link
Share
Facebook Twitter LinkedIn Pinterest Email WhatsApp Copy Link

The Federal Inland Revenue Service (FIRS) has stated that it would use the instrumentality of the Finance Act 2021, through collaboration with taxpayers and key stakeholders to ensure adequate funding of the country’s budget and raise the requisite financing for national development.

This was stated by the Executive Chairman of the FIRS, Muhammad Nami, yesterday while delivering the keynote address at the KPMG’s Webinar on Nigeria’s 2022 Budget and the Finance Act 2021, where he also noted that the Act had provided a framework for equitable treatment, automation and deployment of ICT infrastructure, a single agency for tax collection, taxation of the digital economy among other critical interventions for improved tax administration in the country.

Related posts:

  1. FINANCE BILL 2021: “Our Tax System Must Work For Every Nigerian” — Nami, FIRS Executive Chairman
  2. Exploring the finance Act to grow non-oil revenue – Sunday Michael Ogwu
  3. Ayra Starr wins Best International Act and Best African Music Act at 2025 MOBO Awards
  4. FG will borrow to fund N6.25trn deficit in 2022 budget – Minister of Finance

On equitable treatment, Mr. Nami explained that: “In the past, situations abound where certain goods or services streamed into Nigeria by non-resident companies, especially to consumers (B2Cs), were not subject to VAT. This raised the issue of equity, as goods and services offered by domestic companies are subject to VAT.

“With the amendment of Section 10 of the VAT Act and our publication of the ‘Guidelines on Simplified VAT Compliance Regime for Non-Resident Suppliers’, there is now a mechanism for applying VAT on such goods or services, affording the same tax treatment to both local and foreign supplies.

“Similarly, Companies deriving income from Nigeria without physical presence can now be assessed, like other companies with physical presence, on fair and reasonable percentage of their turnover in line with Section 30 of CITA.”

On automation of tax processes, the FIRS Executive Chairman noted that: “with the amendment of Section 25 of the FIRS Establishment Act, the Service can now deploy either proprietary or third-party developed technologies for tax administration. Those that may still stand in the way of achieving this objective will now be liable to a daily penalty of N25,000.

“With the extension of secrecy and confidentiality requirements to other persons, like service providers, vendors and consultants of the Service, the fear of taxpayers are further allayed on the secrecy and confidentiality of their commercial and other information.”

Muhammad Nami further noted that with the amendment to Section 68 of the FIRS Establishment Act by the Finance Act, complaints from taxpayers about multiple agencies of government demanding payment of tax from them had been addressed.

“This unfortunate situation is not in line with the national tax policy thrust and was causing confusion for our taxpayers and increasing their cost of compliance. However, the amendment to section 68 of the FIRS Act by the Finance Act 2021 has made it clear that FIRS is the only agency responsible for tax assessment, collection and enforcement. As such, taxpayers are to expect a streamlined tax administration regime going forward.”

Mr. Nami stated that the Service will deploy compliance and enforcement strategies, and will leverage on intelligence and strategic data mining and analysis, to provide intelligence and information to enhance its audit and investigation functions, while also reducing the prevalence of tax abuse in incentive management in the country.

Post Views: 174
FIRS
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram WhatsApp Copy Link
Previous Article2023: South-East elders vow to punish Igbo politicians who accept to be presidential running mates to candidates from other regions
Next Article Nigeria needs more rebels – Obasanjo
Dailyblast

Related Posts

Anambra Police Command PPRO shines at Inspector General of Police Award

June 6, 2025

Leakages, compromises, logistics challenges responsible for last week’s late night examination – WAEC tells Reps committee

June 3, 2025

Parent hires thugs to assault vice principal for preventing cheating in WAEC exam

June 2, 2025
Add A Comment

Comments are closed.

Recent Posts
  • Eid-el-Kabir: Continue to support us for more impactful benefits, Sen Usman assures constituents June 6, 2025
  • Gunmen attack Anambra vigilante office, set five vehicles ablaze June 6, 2025
  • Anambra Police Command PPRO shines at Inspector General of Police Award June 6, 2025
  • Jibril Aminu (1939- 2025): A star departs June 6, 2025
  • Sallah: OmoBarca sends message of peace, unity and prosperity June 6, 2025
Top Posts

(Video) female prison officer filmed having sex with inmate in London prison

June 29, 20241,256 Views

UNN suspends lecturer for allegedly impregnating four students

February 17, 20253,099 Views

(Photos) Blood bath in Ihiala as gunmen kill billionaire businessman, seven others while preparing for mother’s burial

January 2, 2025618 Views
Latest Reviews
Most Popular

(Video) female prison officer filmed having sex with inmate in London prison

June 29, 20241,256 Views

UNN suspends lecturer for allegedly impregnating four students

February 17, 20253,099 Views

(Photos) Blood bath in Ihiala as gunmen kill billionaire businessman, seven others while preparing for mother’s burial

January 2, 2025618 Views
Our Picks

Eid-el-Kabir: Continue to support us for more impactful benefits, Sen Usman assures constituents

Gunmen attack Anambra vigilante office, set five vehicles ablaze

Anambra Police Command PPRO shines at Inspector General of Police Award

© 2025
  • Privacy Policy
  • Contact

Type above and press Enter to search. Press Esc to cancel.