Connect with us

Business

FIRS Set To Implement New Tax Regime

Published

on

The Federal Inland Revenue Service (FIRS) would soon be implementing a Presumptive Tax Regime to get more Nigerians, especially those in the informal sector, to pay tax

Acting Executive Chairman, FIRS, Alhaji Kabir Mashi made the declaration in Abuja at a stakeholder’s sensitisation workshop.

He said that the idea of the regime was to help the informal sector to keep their books and records and to enable them to understand the tax system and how to use it to improve their business.

He said no amount had been fixed as possible tax under the regime, but noted that more money would be collected for the government in the process stressing that  “it is our belief that if we are able to implement a workable presumptive tax regime, it will create improved and easy access to tax system for the large pool of taxpayers in the informal sector.

He said this will enable us to not only grow that tax base across the three tiers of government, but more importantly, improve tax collection from non-oil tax revenue stressing that if we are able to do this successfully, we will be contributing to the overall development of the Nigerian tax system and the Nigerian economy.’’

Mashi said the FIRS had examined the experiences of other countries and tried to tailor collectable tax from the informal sector to be in consonance with Nigeria’s peculiarities.

“This is necessary because of our peculiar situation, where we have three taxing levels – the federal, the state and local government, whereas most of our tax laws are federal laws, but administered across the three tiers of government.

“In addition to this, we have a large pool of taxpayers and potential taxpayers in the informal sector in Nigeria who can contribute significantly to tax collection if they are properly assisted to comply with the laws,’’ he added.

He said that it was necessary to ensure that the compliance was attractive to encourage each taxpayer to participate and to be treated fairly.

He urged participants to seize the opportunity of their attendance at the workshop to make useful contribution to enable the FIRS to evolve the most appropriate way of administering a presumptive tax regime in Nigeria and also to harness its benefits.

FIRS Coordinating Director, Standards and Compliance Group Mr. Andy Ejemeyovwi, in his contribution, said that the initiative was critical to the development of tax system in the country.

He noted that evasion had remained an issue in Nigeria’s tax system, adding that there was the need to tackle it for the growth of the economy.

“In order to find a lasting solution to this teething problem of taxation in Nigeria, FIRS management has considered the various submissions of the Presumptive Tax Regime and approved the hosting of this sensitisation workshop in order to expose the thinking of the relevant authorities in the administration of Presumptive Tax Regime in Nigeria.

“How best can we handle the various problems limiting the smooth administration of presumptive tax in the informal sector as well as help effective traders to maintain some records of transactions generated and assist them to know whether they are running at a loss or making profit?

“This is on the way to getting them appropriately taxed.’’

He said Ejemeyovwi said that the initiative had worked very well in most West African countries and expressed the hope that it would be implemented effectively in Nigeria.

He urged tax administrators to make adequate contribution that would help to adopt best policies that would aid the smooth implementation of the regime in the country.

Also, Chairman Plateau State Board of Internal Revenue, Mrs. Rauta Jat, said that states’ tax administrators had problems with accessing the informal sector.

She said that the idea of the Presumptive Tax regime was an idea in the right direction as the states would benefit more from it.

“We are happy that the FIRS and the Joint Tax Board have decided to address this issue speedily.

Continue Reading

Business

NPA Assures On Staff Welfare 

Published

on

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

on

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

on

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending