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FIRS Vows To Eliminate Multiple Taxation - Business - Nairaland

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FIRS Vows To Eliminate Multiple Taxation by innerkonsult1: 9:50am On May 17
The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has restated the agency’s commitment to eliminating multiple taxation in the country.

Fowler said this at a tax breakfast seminar with the theme: “Tax Controversy and Dispute Resolution,’ organized by KPMG Nigeria in Lagos, recently.
According to him, one thing the FIRS did when it initiated the ongoing tax reform was to sign a memorandum of understanding (MoU) with the State Internal Revenue Agencies to streamline tax payments. He explained: “We see things changing this year and I hope that the corporate body would take advantage of this opportunity.

“This simply says that if you have businesses operating in more than one state, instead of having five State Internal Revenue Services and FIRS coming to check your books, you can do it at one stop. “You inform the committee, they look at your books and each state would get what is due them and of course the FIRS. He listed some of the issues that cause dispute in terms of tax payment to include income tax, Value Added Tax holding tax in the country.

According to him, defaulting in tax payment is one of the reasons for controversies and dispute. He said the decision by the agency to place a lien on defaulting taxpayers with bank accounts with turnover of N100 million and above annually, for over three years was in order. “I don’t really think there should be much concern when you are talking about disputes in this respect. That is because 99 per cent of all these accounts do not even have a tax identity. Without a tax ID at the FIRS level, you can’t make tax payments. “These businesses had collected VAT, they had deducted withholding tax and didn’t file any returns nor did they make any tax payment. So, when we are talking about a dispute here, I think it is an open and closed case,” he added.

Continuing, Fowler said: “Some of the reasons for these controversies basically might be wrong computation of taxes, misinterpretation of some section of tax laws and audits and the issue of double taxation. “On the issue of double taxation, politically, the states believe that they have the right to impose sales tax, whereas some people feel VAT should be a federal tax, which the states do share from that revenue. And i think that was the only area in Nigeria where we had an issue of double taxation.” Fowler further noted that one of the reasons for low tax collections, not just in Nigeria, but the entire Africa, was the over-reliance on income from natural resources over the years. “If you look at Nigeria as a country, nobody has been sent to jail for criminal charges when it comes to taxation, because when you file the return which is four times it becomes a criminal case at the same time at the state level the same applies.

Source: https://www.thisdaylive.com/index.php/2019/05/15/firs-vows-to-eliminate-multiple-taxation/
Re: FIRS Vows To Eliminate Multiple Taxation by Donlamzy(m): 10:05am On May 17
I hope to see a better Nigeria someday..
Re: FIRS Vows To Eliminate Multiple Taxation by Ekakamba: 10:06am On May 17
Donlamzy:
I hope to see a better Nigeria someday..

Amen! grin tongue
Re: FIRS Vows To Eliminate Multiple Taxation by tayour917i(m): 10:07am On May 17
tor
Re: FIRS Vows To Eliminate Multiple Taxation by schoolnascam: 10:07am On May 17
Please guys click my signature and c for urself, honestly I need ur points.
Re: FIRS Vows To Eliminate Multiple Taxation by AllenSpencer: 10:07am On May 17
Atiku should excluded please

He needs multiple taxation at the moment.

Nigeria need recover all of her loots

2 Likes

Re: FIRS Vows To Eliminate Multiple Taxation by DjHypno(m): 10:09am On May 17
Good riddance.

Check my signature to download 2019 Hip-Hop & RnB DJ Mix. All hits back to back.
Re: FIRS Vows To Eliminate Multiple Taxation by Elvis2kay: 10:10am On May 17
shocked
Re: FIRS Vows To Eliminate Multiple Taxation by Blue3k(m): 10:14am On May 17
“On the issue of double taxation, politically, the states believe that they have the right to impose sales tax, whereas some people feel VAT should be a federal tax,

I always thought the same tier of government has to tax same source of income twice. If you live in state that taxes same source twice like income or sales tough luck. I do think states have right to tax aswell. The only thing FG could offer is tax credit or exemption.

“If you look at Nigeria as a country, nobody has been sent to jail for criminal charges when it comes to taxation, because when you file the return which is four times it becomes a criminal case at the same time at the state level the same applies.

This also why the war on corruption is a flop. It would be ridiculously easy to convict people on tax evasion. If you have sources of cash you cant explain how you legally earned or paid taxes on.

1 Like

Re: FIRS Vows To Eliminate Multiple Taxation by ehinorlive: 10:19am On May 17
i just dont know how to get a job in FIRS.
Re: FIRS Vows To Eliminate Multiple Taxation by ehinorlive: 10:19am On May 17
i just dont know how to get a job in FIRS.
Re: FIRS Vows To Eliminate Multiple Taxation by Blue3k(m): 10:30am On May 17
He said the decision by the agency to place a lien on defaulting taxpayers with bank accounts with turnover of N100 million and above annually, for over three years was in order.

You guys should be more aggressive with collection. Garnish wages and take property if you need. Defaulters should know if dont pay you risk sitting in jail.

99 per cent of all these accounts do not even have a tax identity. Without a tax ID at the FIRS level, you can’t make tax payments. 

Why dont they have one?
Re: FIRS Vows To Eliminate Multiple Taxation by Dee60: 10:33am On May 17
There is a major problem that they need to solve.

If that is not done people will have doubts about any promise they are making.
Re: FIRS Vows To Eliminate Multiple Taxation by Dee60: 10:34am On May 17
Nigeria needs to practice Taxation 101 - Let the cow be well nourished so that it can produce milk.

VAT should be like 3% for next 5 years and then 5% afterwards and so on - Make it so hard for people to escape paying VAT by insisting on a law that both buyer and seller will be held responsible if VAT is not applied.

If FIRS can widen the net by encouraging compliance, they will be collecting more than they collect today.

Where VAT is over-charged or wrongly charged, make refund payment possible and easy.

If company tax is 10% big companies will avoid false financials and small companies will pay better.

Overall, with friendly schemes Nigeria will earn more from taxes.

2 Likes

Re: FIRS Vows To Eliminate Multiple Taxation by okonja(m): 10:57am On May 17
AllenSpencer:
Atiku should excluded please

He needs multiple taxation at the moment.

Nigeria need recover all of her loots

I know say you na badddddddd guy grin
Re: FIRS Vows To Eliminate Multiple Taxation by Youngzedd(m): 10:58am On May 17
Dee60:


Nigeria needs to practice Taxation 101 - Let the cow be well nourished so that it can produce milk.

VAT should be like 3% for next 5 years and then 5% afterwards and so on - Make it so hard for people to escape paying VAT by insisting on a law that both buyer and seller will be held responsible if VAT is not applied.

If FIRS can widen the net by encouraging compliance, they will be collecting more than they collect today.

Where VAT is over-charged or wrongly charged, make refund payment possible and easy.

If company tax is 10% big companies will avoid false financials and small companies will pay better.

Overall, with friendly schemes Nigeria will earn more from taxes.

Let us also get basic amenities. We can't be paying tax without having this little things.

In Nigeria, you pay tax, you provide all the basic amenities for yourself.

2 Likes

Re: FIRS Vows To Eliminate Multiple Taxation by quentin06: 12:02pm On May 17
Yeah Right.
Re: FIRS Vows To Eliminate Multiple Taxation by Okfiscal(m): 1:15pm On May 17
Visit https://okfiscal.com to read more information about finance management, taxation, loan and FGN Bonds

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