• About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, September 12, 2025
Daily Concord News
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World
    Amb. Tuggar Moves to Resolve Funding Challenges, Strengthen Nigeria’s Foreign Missions

    Amb. Tuggar Moves to Resolve Funding Challenges, Strengthen Nigeria’s Foreign Missions

    NASENI, NiDCOM Partner on Reverse Japa Initiative to Harness Diaspora Expertise

    NASENI, NiDCOM Partner on Reverse Japa Initiative to Harness Diaspora Expertise

    Obasanjo Urges Africa to Look Beyond World Bank and IMF

    Obasanjo Urges Africa to Look Beyond World Bank and IMF

    ONSA Calls for Stronger Inter-Agency Collaboration to Safeguard Critical National Assets and Infrastructure

    ONSA Calls for Stronger Inter-Agency Collaboration to Safeguard Critical National Assets and Infrastructure

    Wale Edun Rallies Partners at IATF 2025 to Strengthen Nigeria’s Role in AfCFTA

    Wale Edun Rallies Partners at IATF 2025 to Strengthen Nigeria’s Role in AfCFTA

    Coordinating Minister of the Economy, Wale Edun Leads Nigeria’s Fiscal Data Harmonisation

    Wale Edun: Nigeria Targets 10bscf Daily Gas Output by 2030

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

    Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

  • Tech
    The Imperative of Corporate Governance in Nigeria’s Telecommunications Industry

    The Imperative of Corporate Governance in Nigeria’s Telecommunications Industry

    NASENI Launches N250m ‘Innovate Naija’ Challenge at GITEX Nigeria

    NASENI Launches N250m ‘Innovate Naija’ Challenge at GITEX Nigeria

    NCC Launches Landmark Corporate Governance Guidelines to Transform Nigeria’s Telecom Sector

    Nigeria to Revamp Telecom Policy as NCC Plans Quarterly Operator Rankings

    NCC Launches Landmark Corporate Governance Guidelines to Transform Nigeria’s Telecom Sector

    NCC Launches Landmark Corporate Governance Guidelines to Transform Nigeria’s Telecom Sector

    WSIS: NCC’s Digital Awareness Programme Wins 2025 Prize for Access to Information and Knowledge

    WSIS: NCC’s Digital Awareness Programme Wins 2025 Prize for Access to Information and Knowledge

    NASENI Excited Over President Tinubu’s “Nigeria First Policy”

    Why Nigeria Must Manufacture Its Own Solar Panels

    Trending Tags

  • Lifestyle
    • All
    • Culture
    • Food
    • Health
    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    The Unifying Factor of Culture

    Examining Arts as a Unifying Elements

    The Unifying Factor of Culture

    The Unifying Factor of Culture

    Senate President Greets Asiwaju Bola Tinubu @69

    Senate President Greets Asiwaju Bola Tinubu @69

    Trending Tags

  • Opinion
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World
    Amb. Tuggar Moves to Resolve Funding Challenges, Strengthen Nigeria’s Foreign Missions

    Amb. Tuggar Moves to Resolve Funding Challenges, Strengthen Nigeria’s Foreign Missions

    NASENI, NiDCOM Partner on Reverse Japa Initiative to Harness Diaspora Expertise

    NASENI, NiDCOM Partner on Reverse Japa Initiative to Harness Diaspora Expertise

    Obasanjo Urges Africa to Look Beyond World Bank and IMF

    Obasanjo Urges Africa to Look Beyond World Bank and IMF

    ONSA Calls for Stronger Inter-Agency Collaboration to Safeguard Critical National Assets and Infrastructure

    ONSA Calls for Stronger Inter-Agency Collaboration to Safeguard Critical National Assets and Infrastructure

    Wale Edun Rallies Partners at IATF 2025 to Strengthen Nigeria’s Role in AfCFTA

    Wale Edun Rallies Partners at IATF 2025 to Strengthen Nigeria’s Role in AfCFTA

    Coordinating Minister of the Economy, Wale Edun Leads Nigeria’s Fiscal Data Harmonisation

    Wale Edun: Nigeria Targets 10bscf Daily Gas Output by 2030

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

    Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

  • Tech
    The Imperative of Corporate Governance in Nigeria’s Telecommunications Industry

    The Imperative of Corporate Governance in Nigeria’s Telecommunications Industry

    NASENI Launches N250m ‘Innovate Naija’ Challenge at GITEX Nigeria

    NASENI Launches N250m ‘Innovate Naija’ Challenge at GITEX Nigeria

    NCC Launches Landmark Corporate Governance Guidelines to Transform Nigeria’s Telecom Sector

    Nigeria to Revamp Telecom Policy as NCC Plans Quarterly Operator Rankings

    NCC Launches Landmark Corporate Governance Guidelines to Transform Nigeria’s Telecom Sector

    NCC Launches Landmark Corporate Governance Guidelines to Transform Nigeria’s Telecom Sector

    WSIS: NCC’s Digital Awareness Programme Wins 2025 Prize for Access to Information and Knowledge

    WSIS: NCC’s Digital Awareness Programme Wins 2025 Prize for Access to Information and Knowledge

    NASENI Excited Over President Tinubu’s “Nigeria First Policy”

    Why Nigeria Must Manufacture Its Own Solar Panels

    Trending Tags

  • Lifestyle
    • All
    • Culture
    • Food
    • Health
    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    The Unifying Factor of Culture

    Examining Arts as a Unifying Elements

    The Unifying Factor of Culture

    The Unifying Factor of Culture

    Senate President Greets Asiwaju Bola Tinubu @69

    Senate President Greets Asiwaju Bola Tinubu @69

    Trending Tags

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

Tax Defaulters to Pay 50% of Disputed Amount into Court Account Before Hearing – FIRS

Tunde Abiola by Tunde Abiola
June 14, 2021
in Business, Economy, local, News
0
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

Tax defaulters who plan to institute legal cases against the Federal Inland Revenue Service (FIRS) now have to pay 50% of the assessed amount in dispute into an interest-yielding account of the Federal High Court before the court can hear such matters.

Executive Chairman, FIRS, Mr Muhammad Nami, disclosed this on Friday during a public hearing organised by the House of Representatives Committee on Public Accounts investigating revenue leakages arising from tax waivers and incentives to foreign companies granted pioneer status.

According to Mr Nami, the new rule is contained in a recent Practice Direction issued by the Chief Judge of the Federal High Court, Abuja, Hon. Justice John Terhemba Tsoho, under Order 57 rule 3 of the Federal High Court (Civil Procedure) Rules, 2019. He also confirmed that the Practice Direction took effect from 31 May 2021.

Mr Nami also stated that the Management of FIRS “has initiated a process for a Memorandum of Understanding (MoU) with critical stakeholders as far as information sharing and amendments to the relevant laws are concerned”.

He revealed further: “We have gotten several amendments to our tax laws which require companies operating in the Free Trade Zones to file tax returns on their operations to the FIRS”. These amendments are aimed at checking the activities of taxpayers currently taking advantage of some gaps in our tax laws and fiscal policy by establishing businesses in the nation’s tax-free zones. He emphasized that such companies produce goods that are meant for export and then sell the goods to our custom’s zone thereby making it impossible for the companies operating in our custom’s zone to operate competitively with them.

However, as part of efforts to attract investment vis-a-vis raising revenue for the government, Mr Nami also hinted that as a first step, “FIRS has set up a high-power committee which is made up of senior officials of FIRS and the National Investment Promotion Commission(NIPC) to look into issues patterning to tax waivers and granting of pioneer status”.

Mr Nami, who maintained that tax evasion and tax avoidance were global phenomena, also said that such practices were equally fiscal policy issues. He then urged the National Assembly to, as a second step, amend the relevant tax laws that would make it almost impossible for these companies to exploit loopholes in our tax laws to shift both profits and taxes to their countries of origin. He pointed out that taxes not paid to Nigeria or waived by the Nigerian Government are returned to the treasury of defaulting companies’ home countries operating in Nigeria, hence the need for legislation to address the issue.

Tags: FIRS
Previous Post

FIRS Does Not Grant Tax Waivers to Local, Foreign Investors – Nami

Next Post

BMO TO  PDP: List Completed Projects Buhari Is Claiming Credit For or Shut Up

Tunde Abiola

Tunde Abiola

Next Post
BMO TO PDP: No Terrorist Sympathiser in the Buhari Administration

BMO TO  PDP: List Completed Projects Buhari Is Claiming Credit For or Shut Up

  • Trending
  • Comments
  • Latest

NIN-SIM Linkage: A Kidnappers’ Bogeyman On The Roll?

April 5, 2024 - Updated on February 9, 2025

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

September 6, 2019 - Updated on February 9, 2025

Vanguard Apologizes To Professor Osinbajo Over Fake News, Retracts Story

September 25, 2019 - Updated on February 9, 2025

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

September 25, 2019 - Updated on February 9, 2025
Nigeria

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

0
ISHA SESAY: A GOOD BOOK ON CHIBOK, HAMPERED BY MISREPRESENTATIONS

ISHA SESAY: A GOOD BOOK ON CHIBOK, HAMPERED BY MISREPRESENTATIONS

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
Amb. Tuggar Moves to Resolve Funding Challenges, Strengthen Nigeria’s Foreign Missions

Amb. Tuggar Moves to Resolve Funding Challenges, Strengthen Nigeria’s Foreign Missions

September 12, 2025
Lessons in Diplomacy: Does the World Need Another Henry Kissinger?

Lessons in Diplomacy: Does the World Need Another Henry Kissinger?

September 11, 2025
NASENI, NiDCOM Partner on Reverse Japa Initiative to Harness Diaspora Expertise

NASENI, NiDCOM Partner on Reverse Japa Initiative to Harness Diaspora Expertise

September 11, 2025
Obasanjo Urges Africa to Look Beyond World Bank and IMF

Obasanjo Urges Africa to Look Beyond World Bank and IMF

September 11, 2025

Recent News

Amb. Tuggar Moves to Resolve Funding Challenges, Strengthen Nigeria’s Foreign Missions

Amb. Tuggar Moves to Resolve Funding Challenges, Strengthen Nigeria’s Foreign Missions

September 12, 2025
Lessons in Diplomacy: Does the World Need Another Henry Kissinger?

Lessons in Diplomacy: Does the World Need Another Henry Kissinger?

September 11, 2025
NASENI, NiDCOM Partner on Reverse Japa Initiative to Harness Diaspora Expertise

NASENI, NiDCOM Partner on Reverse Japa Initiative to Harness Diaspora Expertise

September 11, 2025
Obasanjo Urges Africa to Look Beyond World Bank and IMF

Obasanjo Urges Africa to Look Beyond World Bank and IMF

September 11, 2025
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
  • Culture
  • Economy
  • Education
  • Food
  • Football
  • Foreign Affairs
  • Gaming
  • Health
  • Health
  • Interviews
  • Lifestyle
  • local
  • News
  • Nigeria
  • Opinion
  • Politics
  • Science
  • Security
  • Sports
  • Tech
  • Uncategorized
  • World

Recent News

Amb. Tuggar Moves to Resolve Funding Challenges, Strengthen Nigeria’s Foreign Missions

Amb. Tuggar Moves to Resolve Funding Challenges, Strengthen Nigeria’s Foreign Missions

September 12, 2025
Lessons in Diplomacy: Does the World Need Another Henry Kissinger?

Lessons in Diplomacy: Does the World Need Another Henry Kissinger?

September 11, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Daily Concord News - All Rights Reserved.

No Result
View All Result

© 2025 Daily Concord News - All Rights Reserved.