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October 20, 2023

October 20, 2023 IFMNEWS

Senate President Akpabio Vows National Assembly Backing For Nigeria’s Economic Advancement

The Senate President, Godswill Akpabio has said the National Assembly is looking at making amendments to the Constitution to block loopholes in it and which are inimical to development.

Speaking at a Retreat on Fiscal Policy and Tax Reforms for Senators in Ikot Ekpene, Akwa Ibom State, Akpabio said the Retreat will help review the laws to make revenue-generating government agencies and others, be more alive to this particular responsibility.

This, he said will be done in concert with the House of Representative to reflect President Tinubu’s Renewed Hope Agenda for the country.

In his goodwill message at the event, the Acting Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, highlighted the importance of sound fiscal policy and well-thought-out tax reforms for the country.

He said it is important to address the fiscal and tax systems to fully utilize its potential, noting that the National Assembly remains an invaluable support structure.

September 19, 2023

September 19, 2023September 19, 2023 IFMNEWS

New Firs Chairman Targets 18% Tax-To-GDP In 3 Years

The Acting Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has promised to surpass Africa’s average tax-to-GDP ratio of 16.5 per cent and achieve an impressive 18 per cent within three years.

He talked about this audacious aspiration upon resumption of office at the headquarters of the Revenue Agency in Abuja.

Adedeji, while speaking at the occasion, said he aims to dust the 10.86 per cent tax-to-GDP standard of the immediate-past Chairman of the FIRS, Mohammad Nami, from six per cent.

He emphasised this during a handover ceremony that marked the transfer of authority from his predecessor to him at the revenue house.

In his remarks at the event, the immediate past Chairman of the FIRS, Mohammad Nami, highlighted some of his achievements in office.

September 15, 2023

September 15, 2023 IFMNEWS

Tinubu Orders Nami’s Retirement, Appoints Adedeji FIRS Chairman

President Bola Tinubu has appointed his Special Adviser on Internal Revenue, Zacch Adelabu Adedeji, as the new Acting Chairman of the Federal Inland Revenue Service (FIRS).

This announcement came as the former FIRS Chairman, Muhammed Nami, is set to embark on a terminal leave.

Zacch Adedeji is an astute accountant, as well as corporate tax and public finance development expert.

He has over 15 years of experience in corporate accounting, public service administration and public service advisory for a corporate multinationals, state governments and the Federal Government of Nigeria.

He was a one-term Commissioner for Finance in Oyo State, from 2011 to 2015 under the late Governor Abiola Ajimobi.

September 30, 2021

September 30, 2021September 30, 2021 IFMNEWS

Court Of Appeal Joins Lagos In FIRS Appeal Over VAT Collection

The court of appeal, Abuja division, has granted the application of the Lagos state government as a co-respondent in the appeal filed by the Federal Inland Revenue Service over who is responsible for the collection of Value Added Tax (VAT).

The FIRS is challenging the judgment of the Federal High Court, Port Harcourt, which restrained the agency from collecting VAT and personal income tax in Rivers state.

At the lower court, the FIRS had appealed for a stay of execution, but the court dismissed it on the basis that it would "negate the principle of equity".

Consequently, FIRS went to the court of appeal.

On September 10, the Attorney-general of Lagos, Moyosore Onigbanjo, applied to be joined as a party in the appeal. The state had also passed a VAT bill into law.

Onigbanjo had submitted that the outcome of the appeal would have a direct impact on the state.

"My lord, it is not in dispute that Lagos, one of the federating states in Nigeria, is entitled to collect VAT and that's our interest," he said.

"Even the appellant recognised that the Lagos state government has an interest in the matter in their affidavits in support of stay of execution where copious reference was made to the Lagos state government."

Delivering ruling on Thursday, Haruna Tsammani, presiding judge, held that Lagos state has been able to prove that it has a direct interest in the subject matter of this appeal.

He agreed that all the reliefs sought by the Rivers state government which were granted at the high court made reference to "any other state of the federation."

"It is not in doubt that Lagos state is a constituent state in Nigeria," the judge held

"It is, therefore, my finding that the applicant has been able to establish that he has a direct case in the subject matter of this appeal.

"The application for joinder is in the appeal as the third respondent is accordingly granted."

The court also ordered that all the processes in the suit should be served on the state

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Tag: FIRS

New Firs Chairman Targets 18% Tax-To-GDP In 3 Years

Court Of Appeal Joins Lagos In FIRS Appeal Over VAT Collection

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