• About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, March 9, 2021
Daily Concord News
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World
    Police Promotion: PSC Insist No Zone is Marginalized

    Police Promotion: PSC Insist No Zone is Marginalized

    Ex- BPE DG, Dikki Arraigned Over N26B PHCN Severance Benefit Scam

    Ex- BPE DG, Dikki Arraigned Over N26B PHCN Severance Benefit Scam

    Police Deploy 2 Surveillance Helicopters for Abducted Zamfara School Girls

    Police Deploy 2 Surveillance Helicopters for Abducted Zamfara School Girls

    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    2020 Budget: Senate approves N11.35bn for Police Trust Fund

    Senate confirms Ex-Service Chiefs as Ambassadors-Designate 

    Senate confirms Ex-Service Chiefs as Ambassadors-Designate 

    Trending Tags

    • Politics
    • Business
    • Sports
    • Entertainment
      • All
      • Gaming

      Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

    • Tech
      • All
      • Startup

      What You Need To Know About Buhari’s Historic Solar Power Project For Five Million Households

      Knowledge on Demand: How EdTech Makes Learning Easier, Faster and Safer

      Nurturing Nigeria’s Digital Economy By Salisu Na’inna Dambatta

      Artificial Intelligence Cannot End Privacy: What Technologists Need To Understand

      How The Buhari Administration Is Taking Technological Revolution Serious

      BAYELSA/KOGI ELECTION RESULTS: PDP Should Accept Defeat with Grace

      Trending Tags

    • Lifestyle
      • All
      • Food
      • Health
      Abuja Global Shapers Hub Pay A Velentine Day Visit To Kubwa General Hospital

      GIVE A GIFT – The Abuja Global Shapers Valentine’s Edition

      A NEW NIGERIA IS COPIED: Men Don’t Cry, But I Cried!

      The Food Matter By Salisu Dambatta

      Food Prices: Roots and Tubers To The Rescue

      Food Prices: Roots and Tubers To The Rescue

      Farmers/Herders Relationship: Gov Ganduje Inaugurates Stock Routes Demarcation Committee

      Survival Strategies of Families during the Pandemic Lockdown

      Trending Tags

    • Opinion
    No Result
    View All Result
    Daily Concord News
    No Result
    View All Result
    Home Business

    Tax Sensitization Tour: Nami Tasks Collecting Agents on Prompt Remittance

    February 18, 2020
    in Business, local, News
    3 min read
    0
    30
    SHARES
    39
    VIEWS
    Share on WhatsAppShare Share

    Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has urged all tax collecting agents in the public and private sectors to make correct collection and prompt remittance of all collectable taxes high priority so that Nigeria can derive maximal benefit from the 2019 Finance Act.

    Mr. Nami gave this charge in Lagos on Tuesday during his on-going tour of the South-West to sensitize the public on the 2019 Finance Act.

    Advertisements

    Tuesday’s tour took Mr. Nami to Government House, Alausa, Lagos where he met the Governor of Lagos State, Mr. Babajide Sanwo-Olu, and the headquarters of the National Airspace Management Agency (NAMA) in Ikeja.

    Mr Nami also held an enlarged meeting with Management and members of staff of the FIRS in Lagos at the Service’s Agidingbi Office where both Management and Staff exchanged ideas on strategies to achieve the aims of the 2019 Finance Act.

    The FIRS helmsman was accompanied by the top hierarchy of the FIRS and two Members of the FIRS Board, Chief Adewale Ogunyomade (South-West) and Mrs. Ehile Akintola Aibangbee (South-South).

    In his presentation to Governor Sanwo-Olu, Mr. Nami gave a broad overview of the palliatives available to taxpayers in the 2019 Finance Act, including a reduction in Company Income Tax for Small and Micro Enterprises (SMEs) from 30% to 20%; exemption of SMEs who make a turnover of N25 million or less from paying value added tax (VAT) and a further cut by 2% for corporate and individual taxpayers who file their CIT or Personal Income Tax (PIT) returns three months before due date.

    Mr. Nami also canvassed a closer collaborative effort between the FIRS and the Lagos State Government, especially in the area of information sharing, tax audit, correct collection and prompt remittance of CIT, PIT, Withholding Tax and Stamp Duty.
    He stressed that Lagos and other states should do this as a patriotic duty and in self-enlightenment since these taxes “still come back to you through budgetary allocations”.

    The FIRS chief disclosed that a number of multinational companies operating in Lagos State have not paid CIT since 2011 as they appeared to have perfected the illicit act of profit shifting to escape paying tax. He stated that “the FIRS and the Lagos State Government need to collaborate to map out strategies to tax these tax-evading companies whose goods and services we all consume or patronize and who also use public infrastructure to do their business but yet repatriate their profits home. We need to tax them so that we can have the fund to combat insecurity, build and maintain public infrastructure and provide social amenities for Nigerians.”

    Responding Governor Sanwo-Olu said the Nigerian economy has the capacity to generate more than the N8.5 trillion the FIRS has been mandated to collect “when we look at our economic indices. And we need this money. It is only when the FIRS does well that we can get this money through the FAAC. We in Lagos pledge to work even closer with you in the FIRS to meet your target. We also pledge to use the money judiciously in the service of the public when it comes back to us as allocation”.

    At NAMA where he was received by Director, Safety, Electronics and Engineering Services (DEES), Engr. Farouk Ahmed, Mr. Nami stressed that collecting agencies should support the FIRS by re-dedicating themselves to correct assessment, collection and prompt remittance of all taxes accruable to the Federal Government.

    He tasked collecting agencies to deduct stamp duty, withholding tax and CIT from their contractors “at the point of payment and promptly send these to the FIRS” in lump sum, rather than staggered payments as is the current practice. This, he said, “is better for everybody as we would all have to do less reconciliation and enforcement activities, and we can therefore use the saved time to expand the tax net.”

    Mr. Nami also clarified that outstanding VAT on contracts invoiced before the February 1, 2020 commencement date of the 2019 Finance Act should be paid on the old VAT rate, stressing that all collecting agencies in default in this regard should clear this up immediately.

    The FIRS chief urged NAMA and similar collecting agencies to increase their diligence in collecting offshore taxation from service providers based outside Nigeria, saying “if you don’t take offshore tax from them, they will take it back to their countries and pay it there. But we need this money more in Nigeria to fight insecurity, build public infrastructure and provide social amenities for our people.”

    Abdullahi Ismaila Ahmad
    Director, Communications

    Advertisements
    Tags: FIRSMuhammadu NamiTaxTax Sensitization Tour
    SendShare12Tweet8Share2Send
    Previous Post

    BMO Commends Mele Kyari On NNPC Transparent Recruitment

    Next Post

    BREAKING: President Buhari Enlarges NDDC Interim Management Committee, Prof K.D Pondei Now Acting MD

    Next Post

    BREAKING: President Buhari Enlarges NDDC Interim Management Committee, Prof K.D Pondei Now Acting MD

    Stay Connected test

    • 528 Fans
    • 13 Followers
    • Trending
    • Comments
    • Latest

    How Atiku’s Lawyer’s Travelled To Cambridge To Confirm Buhari’s Certificate – And The Disappointment That Followed

    September 6, 2019

    Vanguard Apologizes To Professor Osinbajo Over Fake News, Retracts Story

    September 25, 2019

    I Will Waive my Constitutional Immunity to Clear my Name – Osinbajo

    September 25, 2019

    N90bn scandal: Stop Threatening Media Houses, Sue me, Frank tells Osinbajo

    September 25, 2019
    Police Promotion: PSC Insist No Zone is Marginalized

    Police Promotion: PSC Insist No Zone is Marginalized

    0
    Nigeria

    Lest We Forget: Security Issues in Nigeria from 1999 to Date!

    0
    Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

    Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

    0
    Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

    Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

    0
    Police Promotion: PSC Insist No Zone is Marginalized

    Police Promotion: PSC Insist No Zone is Marginalized

    March 4, 2021
    Ex- BPE DG, Dikki Arraigned Over N26B PHCN Severance Benefit Scam

    Ex- BPE DG, Dikki Arraigned Over N26B PHCN Severance Benefit Scam

    March 1, 2021
    On Nigeria’s Plan To End Terrorism and Internet Criminalities

    On Nigeria’s Plan To End Terrorism and Internet Criminalities

    March 1, 2021
    Police Deploy 2 Surveillance Helicopters for Abducted Zamfara School Girls

    Police Deploy 2 Surveillance Helicopters for Abducted Zamfara School Girls

    February 27, 2021

    Recent News

    Police Promotion: PSC Insist No Zone is Marginalized

    Police Promotion: PSC Insist No Zone is Marginalized

    March 4, 2021
    16
    Ex- BPE DG, Dikki Arraigned Over N26B PHCN Severance Benefit Scam

    Ex- BPE DG, Dikki Arraigned Over N26B PHCN Severance Benefit Scam

    March 1, 2021
    16
    On Nigeria’s Plan To End Terrorism and Internet Criminalities

    On Nigeria’s Plan To End Terrorism and Internet Criminalities

    March 1, 2021
    15
    Police Deploy 2 Surveillance Helicopters for Abducted Zamfara School Girls

    Police Deploy 2 Surveillance Helicopters for Abducted Zamfara School Girls

    February 27, 2021
    17
    Daily Concord News

    Bringing the most intriguing News from around the world you everyone in a positive way

    Follow Us

    Browse by Category

    • Africa
    • Basketball
    • Business
    • Economy
    • Education
    • Food
    • Football
    • Foreign Affairs
    • Gaming
    • Health
    • Health
    • Interviews
    • Lifestyle
    • local
    • News
    • Nigeria
    • Opinion
    • Politics
    • Science
    • Security
    • Sports
    • Startup
    • Tech
    • Uncategorized
    • World

    Recent News

    Police Promotion: PSC Insist No Zone is Marginalized

    Police Promotion: PSC Insist No Zone is Marginalized

    March 4, 2021
    Ex- BPE DG, Dikki Arraigned Over N26B PHCN Severance Benefit Scam

    Ex- BPE DG, Dikki Arraigned Over N26B PHCN Severance Benefit Scam

    March 1, 2021
    • About
    • Advertise
    • Privacy & Policy
    • Contact

    © 2019

    No Result
    View All Result
    • Home
    • News
    • Politics
    • Business
    • Sports
    • Entertainment
    • Tech
    • Lifestyle
    • Opinion

    © 2019