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FIRS to tax goods, services imported by non-resident companies

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FIRS to tax goods, services imported by non-resident companies

FIRS to tax goods, services imported by non-resident companies

The Federal Inland Revenue Service (FIRS) has said it will begin to tax goods or services brought into Nigeria by non-resident companies.

The agency, in a statement weekend, signed by Johannes Oluwatobi Wojuola, its Special Assistant to the Executive Chairman (Media & Communication), said it would use the instrumentality of the Finance Act 2021, through collaboration with taxpayers and key stakeholders to raise income for Nigeria.

The Executive Chairman of the FIRS, Muhammad Nami, was quoted to have made the statement on Thursday while delivering the keynote address at the KPMG’s Webinar on Nigeria’s 2022 Budget and the Finance Act 2021.

Nami said, “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 a physical presence, on a fair and reasonable percentage of their turnover in line with Section 30 of CITA.”

On the 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,” it added.

“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,” it said.

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 has been addressed.

He said, “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.”

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JAJI LAUDS SANWO-OLU, GBAJABIAMILA

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JAJI LAUDS SANWO-OLU, GBAJABIAMILA

· CALLS EX-SPEAKER BRIDGE BUILDER, REDEEMER OF THE MASSES

By: Our Reporter

Lagos politician, Oladipo Jaji, on Saturday described the Chief of Staff to the President, Rt Hon Femi Gbajabiamila as the champion of the people’s cause and bridge between all divides.

‘’Rt. Hon Femi Gbajabiamila is kind, upright, conscientious and deeply religious’’

He also described the Governor of Lagos State, Babajide Sanwo-Olu as a resourceful and persistent organizer.

Jaji in a statement in Surulere commended the former Speaker of the House of Representatives for his brilliant dramatization of politics as the medium of empowerment, development, education and leadership.

The All Progressives Congress (APC) chieftain applauded Sanwo Olu for handling development issues in Lagos State with general skill and efficiency.

The gender conscious governor was also praised for sustaining peace, developing a new moral climate and executing several projects across the state.

Jaji praised Gbajabiamila for carrying the load of the president’s office with calm, deepening grassroots democracy, giving a greater sense of security to the people, empowering the youths and enriching their knowledge to enable them garner necessary experiences for higher challenges.

‘’Rt. Hon Femi Gbajabiamila unlocked new energies in the good people of Surulere. He also rekindled hope in other parts of Lagos State’’.

The dashing leader was applauded for standing up for the people, encouraging the women and stimulating the imagination of politicians in Lagos to new visions of things to be done.

Particularly, Jaji hailed Gbajabiamila for his deep sincerity, intellectual ability and dedication to public service.

The statement highlighted qualities of poise and endurance, integrity and honesty of purpose, loyalty and ardor.

It also emphasized Gbajabiamila’s largeness of vision and inexhaustible energy.

‘’I wish His Excellency, Governor Babatunde Sanwo-Olu and Rt Hon Femi Gbajabiamila robust health, much joy and unlimited strength’’ the statement added.

JAJI LAUDS SANWO-OLU, GBAJABIAMILA

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At Launch Of Ethiopia’s GLI, VP Shettima Urges Practical Action Against Climate Change

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At Launch Of Ethiopia’s GLI, VP Shettima Urges Practical Action Against Climate Change

** Says Nigeria, Ethiopia have the largest stake in Africa’s future by keeping continent green

By: Our Reporter

Vice President Kashim Shettima has called on nations of the world to be decisive about combating climate change, saying it is a danger that must be arrested with practical actions.

According to him, while the global threat is not one that can be resolved in a conference room, it requires each country to respond to the peculiarities of the ecological burdens confronting them.

The Nigerian Vice President, who stated this on Friday during the official launch of Ethiopia’s Green Legacy Initiative (GLI), in Addis Ababa, the Ethiopian capital, said he was delighted to share in the joy of Ethiopia’s resolve to confront the threat posed by climate change “with clarity, courage, and conviction.”

The Ethiopian Green Legacy Programme, which is designed to combat deforestation, enhance biodiversity, and mitigate the adverse effects of climate change, targets the planting of 20 billion tree seedlings over a four-year period.

Senator Shettima, who is in the East African country for an official State visit at the invitation of the Prime Minister of the Federal Democratic Republic of Ethiopia, Dr. Abiy Ahmed Ali, implored nations to enhance their climate plans by doubling their adaptation and mitigation efforts.

He said, “We have long accepted that climate change is not a problem to be solved in a conference room; it is a danger we must arrest with practical actions, with each nation rising to the occasion by responding to the peculiarities of the ecological burdens they face.

“Ethiopia’s Green Legacy Initiative is one such response. It is an inspiring blueprint to reimagine the future. The promise of GLI is the dream of every nation. It is a lesson in vision, in purpose, and in audacity. For those of us who have followed this programme, the numbers are staggering, but the impact is even more compelling.

“To plant 20 billion seedlings within four years, to establish over 20,000 nurseries, and to create hundreds of thousands of green jobs is to show that the future is something we must plant, nurture, and build.”

VP Shettima noted that he was not in Ethiopia to only share in the country’s joy and exchange ideas but to also convey what he described as the deep and abiding solidarity of his boss, President Bola Ahmed Tinubu, and the people of Nigeria.

Applauding those who made the Green Legacy Initiative a reality, he assured Ethiopia of Nigeria’s unflinching support, adding that both countries have the largest stake in Africa’s future.

“Ethiopia and Nigeria are the two most populous countries in Africa. This distinction is not just statistical; it is existential. It means we have the largest stake in Africa’s future. It means that more of our people are exposed to the peril of climate change, and it also means that we face the highest cost of inaction.

“This is why we are not mere spectators in this fight. We are partners. We are participants. And we are prepared to play our part to keep Africa green,” the Vice President pledged, just as he said it is the promise Nigeria and other nations have been making at the Conferences of the Parties (COP) every year.

“It is the pledge we renewed at the last COP in Azerbaijan. And today, we gather not only to stand by this promise but to celebrate the path Ethiopia has illuminated for the world,” he added.

Senator Shettima thanked the government and people of Ethiopia for the warmth and generosity extended to him and other members of the Nigerian delegation.

He said they felt at home, “not just because of the hospitality shown to them, but because the launch of the Green Legacy Programme resonates with the aspirations “to leave behind a planet fit for the dreams of generations to come.

In his address at the event, Ethiopian Prime Minister Abiy Ahmed called on African countries to make the Green Legacy a culture, adding that Ethiopia was proud of Nigeria and its bold move to embrace the green initiative.

The Prime Minister called for partnership across African countries, stating that it was time to place less emphasis on foreign aid and begin to focus more on indigenous and home-grown domestic ideas and visions.

“This year’s Green Legacy is to rise by planting, and it is in consonance with our plan to shock the world with our Green Legacy vision. We never received any aid when we set out to achieve our 20 billion tree planting initiative.

“We thank Nigeria for supporting and accepting this initiative. With its population and growing economy, we are sure that the government of President Bola Ahmed Tinubu, as exemplified by the esteemed presence of Vice President Kashim Shettima, will go a long way in raising the awareness and collaborative effort needed amongst African countries,” the Prime Minister said.

He further expressed optimism that with Ethiopia’s hosting of the forthcoming United Nations summit on Climate Change, the stage is set for all hands to be on deck to achieve one of Ethiopia’s biggest green revolution plans.

Earlier in the day, Vice President Shettima was guided through Ethiopia’s Unity Park, Science Museum, and the Adwa Victory Memorial Museum, which showcase Ethiopia’s historic and transformative trajectory.

At Launch Of Ethiopia’s GLI, VP Shettima Urges Practical Action Against Climate Change

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VP Shettima Arrives For Ethiopia’s Green Legacy Programme Launch

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VP Shettima Arrives For Ethiopia’s Green Legacy Programme Launch

By: Our Reporter

Vice President Kashim Shettima has arrived at the venue for the official launch of Ethiopia’s flagship Green Legacy Programme in Addis Ababa.

The project is part of Nigeria’s commitment to regional and continental collaboration on climate action and aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which prioritizes environmental sustainability, food security, and green economic growth.

VP Shettima is in the company of the Ethiopian Prime Minister, Abiy Ahmed.

The Vice President, who is on an official state visit to Ethiopia, will participate in the launch ceremony of the environmental initiative aimed at combating deforestation and mitigating climate change effects.

The Green Legacy Programme targets the planting of 20 billion tree seedlings over a four-year period to enhance biodiversity and address environmental challenges across Ethiopia.

This initiative aligns with Nigeria’s existing endeavours in afforestation and reforestation, such as the Great Green Wall project, which focuses on restoring damaged environments, combating desertification, and fostering climate resilience throughout the Sahel region.

VP Shettima Arrives For Ethiopia’s Green Legacy Programme Launch

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