{"id":309,"date":"2018-09-24T13:24:00","date_gmt":"2018-09-24T13:24:00","guid":{"rendered":"http:\/\/thefreezoneblog.com\/blog\/2018\/09\/24\/vat-stamp-duties-fetch-nigeria-256b\/"},"modified":"2018-09-24T13:24:00","modified_gmt":"2018-09-24T13:24:00","slug":"vat-stamp-duties-fetch-nigeria-256b","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/vat-stamp-duties-fetch-nigeria-256b\/","title":{"rendered":"VAT, stamp duties fetch Nigeria $2.56b"},"content":{"rendered":"
\n
\n<\/a><\/div>\n

<\/div>\n

\nValued Added Tax (VAT) and e-stamp duties have fetched Nigeria $2.56 billion in eight months.<\/u><\/u><\/div>\n
\n<\/div>\n
\nNigeria\u2019s Federal Inland Revenue Service
\n(FIRS) generated the money surpassing revenues from 2016 and 2017, FIRS
\nboss, Mr. Tunde Fowler told the Minister of Finance, Hajia Zainab Ahmed,
\n in Abuja.<\/u><\/u><\/div>\n
\n<\/div>\n
\n\u201cSo far in 2018, the FIRS has collected
\nN773.49 billion in eight months. The above collected this year has
\nalready surpassed that of 2015 (N767.33 billion), and is set to surpass
\n2016 (N828.19 billion), and 2017 (N972.30 billion)
\n with four more collection months left in the year.<\/u><\/u><\/div>\n
\n<\/div>\n
\n\u201ce-stamp duties collection is on a steady increase. So far in 2018, the FIRS have collected N10.10 
\nbillion in eight months. The above collected this year has already surpassed that of 2017 (N10.9 
\nbillion), 2016 (N5.6 billion), and 2015 (N7.1 billion),\u201d he said, while hosting the minister at his agency.<\/u><\/u><\/div>\n
\n<\/div>\n
\nFowler additionally told the minister
\nthat his agency has collected the sum of N12.66 billion in tax revenue
\nfrom organisations and person who were said to have evaded tax payments
\nduring the Voluntary Assets and Income Declaration
\n Scheme (VAIDS) window.<\/u><\/u><\/div>\n
\n<\/div>\n
\nFowler told Ahmed that the tax evaders are being forced to pay their taxes shortly after their accounts were closed.<\/u><\/u><\/div>\n
\n<\/div>\n
\nIt will be recalled that the FIRS
\nrecently announced that it was shutting some accounts found to have
\nevaded tax payments within the VAIDS window.<\/u><\/u><\/div>\n
\n<\/div>\n
\n\u201cFIRS wrote to all commercial banks in
\nMay 2018, requesting for a list of Companies, Partnerships, and
\nEnterprises with a banking turnover of N1 billion and above.
\n<\/u><\/u><\/div>\n
\n<\/div>\n
\nThis activity is aimed at ascertaining
\nthose companies that are compliant with the Tax Laws and those that are
\nnot compliant. So far, non-compliant organization have paid about N12.66
\n billion,\u201d Fowler said without disclosing the
\n names of the organizations.<\/u><\/u><\/div>\n
\n<\/div>\n
\nResponding, the minister said her ministry
\n would continue to work with FIRS to support all the efforts to ensure success.<\/u><\/u><\/div>\n
\n<\/div>\n
\n“And as much as possible, we should
\ninterface frequently. For us, the directive I have is to increase the
\ntax revenue and that is the most important task ahead of all of us. The
\nFIRS is a very important agency of government.<\/u><\/u><\/div>\n
\n<\/div>\n
\n\u201cI am happy that we have a team in FIRS
\nthat is not only expanding the revenue base but also significantly
\nimproving tax collection and taking tax offices closer to the people and
\n making it easier for the people to pay their taxes
\n by online and e-tax payment procedures that you have undertaken. \n<\/div>\n
\n\n<\/div>\n
\n“And I am sure that, from what I have heard today, that you would continue with all these processes.\u201d<\/u><\/u><\/div>\n

<\/p>\n

\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Valued Added Tax (VAT) and e-stamp duties have fetched Nigeria $2.56 billion in eight months. Nigeria\u2019s Federal Inland Revenue Service (FIRS) generated the money surpassing revenues from 2016 and 2017, FIRS boss, Mr. Tunde Fowler told the Minister of Finance, Hajia Zainab Ahmed, in Abuja. \u201cSo far in 2018, the FIRS has collected N773.49 billion […]<\/p>\n","protected":false},"author":1,"featured_media":1351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[80],"class_list":["post-309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-finance","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nVAT, stamp duties fetch Nigeria $2.56b - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/vat-stamp-duties-fetch-nigeria-256b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VAT, stamp duties fetch Nigeria $2.56b - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Valued Added Tax (VAT) and e-stamp duties have fetched Nigeria $2.56 billion in eight months. Nigeria\u2019s Federal Inland Revenue Service (FIRS) generated the money surpassing revenues from 2016 and 2017, FIRS boss, Mr. Tunde Fowler told the Minister of Finance, Hajia Zainab Ahmed, in Abuja. \u201cSo far in 2018, the FIRS has collected N773.49 billion […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thefreezonechannel.com\/old\/vat-stamp-duties-fetch-nigeria-256b\/\" \/>\n<meta property=\"og:site_name\" content=\"The Freezone Channel\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-24T13:24:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2018\/09\/VAT.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"581\" \/>\n\t<meta property=\"og:image:height\" content=\"344\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"The Freezone Channel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Freezone Channel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/vat-stamp-duties-fetch-nigeria-256b\/\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/vat-stamp-duties-fetch-nigeria-256b\/\",\"name\":\"VAT, stamp duties fetch Nigeria $2.56b - 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