This is to clarify the publication for financial institutions account holders in Nigeria to complete the self certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfilment of Automatic Exchange of Information Requirements.

https://twitter.com/NigeriaGov/status/1306634568267640832

The Self Certification form is basically to be administered on Reportable persons holding accounts in Financial institutions that are regarded as "Reportable Financial Institutions” under the CRS. Reportable persons are often non-residents..

THAT VEXED NIPOST TWEET BY MRS. MAIMUNA ABUBAKAR
We appreciate the general public for demonstrating deep knowledge of the difference between Stamp Duty and Postage Stamp. It is unfortunate that Mrs. Maimuna Abubakar, Chairperson of the NIPOST Board is yet to understand this. Our attention was drawn to the tweet by Mrs. Abubakar. Her indecorous tweet would not have deserved any response but for the sensitive nature of the issue at stake, which if not sensibly treated and promptly corrected would likely mislead the public.

Clarification on Stamp Duties Rate for Rent/Lease
Pls note that Stamp Duties rate on Rent/Lease is graduated depending on the number of years in the Agreement: 1-7 years is 0.78%; above 7 years to 21 is 3%; above 21 years is 6%. Note that FIRS DID NOT/ DOES NOT INCREASE tax rate Schedule to Stamp Duties Act, the part on Lease, states: For every N50 and also every fractional part of N50 of the rent of the year: if the term is definite n doesn't exceed 7yrs--39Kobo or 0.78%; exceeds 7yrs n doesn't exceed 21yrs--N1.50Kobo or 3%; above 21yrs-- N3.00 (or 6%)

Tax Palliative Alert! Make a good use of it.

1. Further extension of closing date for penalty and interest waiver to August 31st, 2020 is a palliative measure meant to cushion the effects of COVID-19 on Nigerian taxpayers. 2. Recall that the deadline which was on or before May 31, 2020 was extended to June 30, 2020. It is now on or before August 31, 2020.

PRESS RELEASE
FIRS OFFERS 0NE- MONTH WINDOW TO EASE TCC ISSUANCE
....Nami announces new TCC regime

Executive Chairman Federal Inland Revenue Service, Muhammad Nami, has offered a 30- day window to enable taxpayers, obtain Tax Clearance Certificate. Nami personally signed the public notice, designed to make things easy for taxpayers.

Titled FACILITATING 2020 TAX CLEARANCE CERTIFICATE (TCC) ISSUANCE, the notice was issued to assist taxpayers meet their obligations as they might need TCC.

PRESS RELEASE

FOWLER THANKS BUHARI, HANDS OVER TO ABIODUN AINA

Immediate past Executive Chairman of the Federal Inland Revenue
Service, FIRS, Tunde Fowler, yesterday thanked President Muhammadu Buhari for the privilege he had to serve the nation and for what he was able to do with the support of all Staff
Waxing biblical, Fowler noted that the taxman job is one of service to
one’s fatherland as it gives one the opportunity to serve fellow
humans and the nation.

Change, he noted is constant. It is normal that people will always
resist change, he noted

STATE HOUSE PRESS RELEASE:
PRESIDENT BUHARI NAMES NEW FIRS BOARD FOR SENATE CONFIRMATION

President Muhammadu Buhari has approved the composition of a new board for the Federal Inland Revenue Service, FIRS, subject to Senate confirmation. The President nominated a renowned tax consultant, Muhammad M. Nami as the new chairman.

The board is composed of a member representing each of the six geographical zones and statutory representatives from a select number of ministries and government agencies.

TAXATION OF NON PROFIT ORGANIZATIONS IN NIGERIA
What are Non-Profit Organizations (NPOs) or Not-for-Profit Organization, or Non-Governmental Organizations (NGOs)? Are they to be taxed since they are engaged in humanitarian services? What are their tax obligations? Issa An NPO or NGO is an association of persons registered under Section 590 of the Companies &Allied Matters Act (CAMA) 1990 for the development of any religious, educational, literary, scientific, social development, cultural, sporting &charitable purpose.

PRESS RELEASE: FG PAYS N157.35BILLION P.A.Y.E TAX ARREARS TO STATES

The Federal Government has paid the sum of  N157.35 billion PAYE (Pay
As You Earn)  tax liabilities owed by Federal Ministries, Departments
and Agencies, MDAs to states. Tunde Fowler Executive, Chairman,
Federal Inland Revenue Service and Chairman of the Joint Tax Board,
JTB said today in Awka.

The amount, Fowler disclosed, represented outstanding liabilities of
PAYE by federal MDAs to State Governments from 2002 to 2016.

FIRS NETS N4. 012 TRILLION JAN – SEPT. 2019

The Federal Inland Revenue Service, FIRS, said it has collected the sum of N4. 012 Trillion in three quarters (January-September 2019), Executive Chairman, Tunde Fowler told Senate Committee on Appropriations today in Abuja. The amount is 77.89 billion above the N3.941 trillion collected between January-September 2018.

PRESS RELEASE: TIMI FRANK’S TISSUE OF LIES The attention of the Federal Inland Revenue Service, FIRS, has been drawn to publication in some online and daily newspapers by a certain Comrade Timi Frank, a former Deputy National Publicity Secretary of the All Progressives Congress (APC),

"VAT IS DESIGNED TO SUPPORT THE POOR, NOT BURDEN THEM" SAYS FOWLER The Executive Chairman, Federal Inland Revenue Service (FIRS), Tunde Fowler has stated that VAT is a consumption tax primarily designed to support the poor people, and not to create hardship for them.

VAT:
FOWLER DID NOT CALL FOR  50 PER CENT INCREASE IN VAT RATE. Tunde Fowler, the Executive Chairman, Federal Inland Revenue Service, FIRS on Tuesday called for an increase in the number of Nigerians and companies paying VAT and not a 50 per cent increase in VAT rate.