National News
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.”
National News
VP Shettima Departs Abuja For Dakar To Represent President Tinubu At Senegal’s 65th Independence Anniversary
VP Shettima Departs Abuja For Dakar To Represent President Tinubu At Senegal’s 65th Independence Anniversary
By: Our Reporter
The Vice President, Senator Kashim Shettima, has departed Abuja for Dakar, Senegal, to represent President Bola Ahmed Tinubu at the country’s 65th Independence Day Anniversary celebrations.
Senegal celebrates its Independence Day on April 4 each year, commemorating its freedom from French colonial rule in 1960. The day is marked by national pride, with ceremonies, parades and cultural events.
The Vice President’s attendance at the annual event is in honour of an invitation extended to President Bola Ahmed Tinubu by the Senegalese President, Bassirou Diomaye Faye, following the strong mutual relationship between Nigeria and Senegal.
The independence Day celebrations will be held at the Place de la Nation in Dakar, with President Faye playing host to Vice President Shettima and other distinguished guests from across Africa and beyond.
The Vice President is expected to return to Nigeria tomorrow after the one-day event.
VP Shettima Departs Abuja For Dakar To Represent President Tinubu At Senegal’s 65th Independence Anniversary
President Tinubu Laying Foundation For A Better Nigeria, Says Hajiya Nana Shettima
- Tasks Nigerians on constructive criticism of government actions, policies
By: Our Reporter
Wife of Nigeria’s Vice President, Hajiya Nana Shettima, has scored the administration of President Bola Ahmed Tinubu very high, saying the President is building a better Nigeria for Nigerians through his laudable economic policies, various empowerment initiatives and investments in key sectors of the economy.
And to help the President secure a better future for all Nigerians, the VP’s wife also encouraged the citizens not to relent in giving very useful advice to the government, urging them to be more constructive in their criticism of the administration instead of just attacking for political reasons.
Hajiya Nana Shettima spoke on Wednesday in Maiduguri, the Borno State capital, during the annual Ramadan feast, which had in attendance women groups and students
Emphasizing the determination of the Tinubu administration to leave a lasting legacy for generations to come, she said, “President Bola Ahmed Tinubu is baking a new cake for us that are alive today, and for the Nigerian children and grandchildren that are coming behind us. It is who he is ably supported by our lovely First Lady, Senator Oluremi Tinubu.”
Hajiya Nana Shettima noted that the President means well for the people of Borno State as well as Nigerians in all parts of the country, even as she urged the citizens to always pray for President Tinubu and members of his cabinet.
“I can tell you that he (the President) means well, not only for Borno people but for the entire nation. We should not forget him and his subordinates in our prayers,” she added.
She further commended the First Lady of Nigeria, Senator Oluremi Tinubu, for her contributions towards actualizing the agenda of the administration, especially through the Renewed Hope Initiative which she said has impacted many lives, including women, children and people with disabilities.
Also speaking at the event, the Director General of Maryam Babangida Centre for Women Development, Abuja, Dr Asabe Bashir, admonished women and the people of Borno State to imbibe the teachings of the just concluded Ramadan.
She also sought the people’s support and prayers for President Tinubu, thanking the President for picking his deputy from Borno State.
She said, “I always reiterate the importance of prayer because without prayers we can do nothing in life. We have just come out of Ramadan; let us imbibe that culture and lessons we received during the 29-day fast. We need to continue with the spiritual reflection.
“We should thank God and President Bola Tinubu for remembering the people of Borno State again by bringing the seat of the Vice President, not just to the North-East region but to Borno State after Ambassador Babagana Kingibe was elected along with the late Chief MKO Abiola so many years ago.
“We must continue to pray for the administration of President Bola Tinubu because if it succeeds, we succeed,” Dr Bashir added.
On his part, the Speaker, Youth Assembly of Nigeria, Tijjani Abubakar, thanked President Tinubu for his support to Nigerian youths through various youth empowerment initiatives.
Also, Dr Martins Ekunke, who spoke on behalf the South-South, Yoruba and Igbo communities residing in Borno State, commended the First Lady, Senator Oluremi Tinubu, for galvanizing support for people living with HIV/AIDS through her pet project, the Renewed Hope Initiative.
Among those that attended the annual Sallah feast hosted by Hajiya Shettima, were the wife of the Speaker of Borno State House of Assembly, Hajiya Maryam Lawan; wife of the Deputy Speaker of Borno State House of Assembly, Hajiya Laure Musa-Askira; female Commissioners and political appointees.
Also in attendance were women groups, members of the Borno State chapter of the Nationals Association of Nigerian Students, as well as the leaders of South-South, Igbo and Yoruba communities residing in Borno State, among others.
President Tinubu Laying Foundation For A Better Nigeria, Says Hajiya Nana Shettima
UNILORIN Alumni Commences Tinubu on Appointment of Nandap, Omotowa, Aribisala
By: Michael Mike
The National Headquarters of University of Ilorin Alumni Association has lauded President Bola Tinubu for appointing three of its members into various leadership positions in the country.
Those appointed were Comptroller General of Immigration, Mrs Kemi Nandap,, whose tenure was elongated till December 2026, Non Executive Director of NNPC, representing North Central, Mr Babs Omotowa- and the Pioneer Vice Chancellor of Federal University of Technology and Environmental Sciences, Iyin-Ekiti, Prof. James A. Aribisala.
In a congratulatory message to the trio, the National President, Prof. AbdulRasaq Kilani, and the National Secretary, Dr Barakat Raji, said the Association received the news of the appointments with excitement.
The Alumni, who commended President Tinubu for selecting the best for their various positions, assured him that the three alumni would not disappoint him in attaining the goals set for them to achieve.
While felicitating with the appointed members on their well-deserved appointment, the Association charged them to always show the excellence in them in surpassing the targets set for them by Mr President.
The Association who extolled the pedigrees of the appointed members in their various fields, implored them to live up to the expectations of the slogan of the institutions “better by far” in all ramifications.
The Alumni then prayed for their successful tenure and tasked them not to hesitate to reach out to them whenever their services are needed in any capacity towards national development.
UNILORIN Alumni Commences Tinubu on Appointment of Nandap, Omotowa, Aribisala
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