News as it breaks
According to the report, tax revenue collecte from the oil sector from January to June 2023, stood at N2.03 trillion, as against a target of N2.3 trillion; while non-oil tax collection stood at N3.76 trillion, as against a target of N2.98 trillion.
“The relevant CIT returns shall, therefore, not attract Late Filing Penalty or interest for late payment if submitted to the Service on or before 31st August 2023.
According to the Constitution of the Federal Republic of Nigeria 1999: Section 24 (f) of 1999 Constitution (as amended) it states that “it shall be the duty of every citizen to declare his income honestly to appropriate and lawful agencies and pay his tax promptly”. This is a legal requirement and it is fundamental to the successful operations of the country. Mind you, it is not an option or a recommendation but an obligation of every Nigerian citizen.
The details of the FIRS’ partnership with MATAN was disclosed yesterday at a Stakeholders Engagement Programme on the VAT DIRECT Initiative, held in Lagos State.
The implication of this statistic was that despite enormous effort at reforming Nigeria’s tax system, the system was not getting any better in terms of tax revenue contribution to the GDP.
Tax-to-GDP ratio is a measure of a nation’s tax revenue relative to the size of her economy as measured by Gross Domestic Product (GDP).
The FIRS Executive Chairman’s latest meritorious garland was bestowed on him at the 2023 annual awards of ICAN which took place at the Monarch Event Centre, Lagos, on Saturday 6 May, 2023.
The country’s influential business newspaper explained that it named him the winner of the award for his “visionary and leadership qualities [that] has brought tremendous change to the FIRS.”
According to him, the passage of the Nigerian Peace Corps Bill is not only timely, reassuring and a renewed hope for the Nigerian youth, but also a pointer to the fact that the political elites is still very much conscious of the social challenges confronting the youth and therefore, passionate on proffering solutions to the challenges to same in order to place the youth in the front burner of our national life.
The Two-Pillar Solution, a proposal by the OECD Inclusive Framework, is a set of proposed rules, endorsed by 138 countries across the world as a uniform solution to the tax challenges of the digitalised economy, as well as Base Erosion and Profit Shifting.
