#taxation – BUSINESS ECHO MAGAZINE

Tax Administrators Must Match The Pace Of Global Technological Advancements — CATA President

Tax Administrators Must Match The Pace Of Global Technological Advancements — CATA President Tax administrators must keep up with the dynamics occasioned by disruptive new...

FIRS Signs MoU with UK’s HM Revenue and Customs For Collaboration On Capacity Building

Taxation3 months ago

FIRS Signs MoU with UK’s HM Revenue And Customs For Collaboration On Capacity Building

A Memorandum of Understanding between Nigeria’s Federal Inland Revenue Service (FIRS) and the United Kingdom’s His Royal Majesty’s Revenue and Customs (HMRC) was signed on Thursday...

Tax Harmonisation: FIRS Signs MoU with LIRS for Joint Tax Operations and Audit

Taxation4 months ago

Tax Harmonisation: FIRS Signs MoU with LIRS for Joint Tax Operations and Audit

…“We will carry out joint audit and investigation as a team – Nami Olushola Okunlade Writes The Federal Inland Revenue Service (FIRS) on Monday signed a...

Lagos, FIRS Sign Joint Tax Audit Agreement

Taxation4 months ago

Lagos, FIRS Sign Joint Tax Audit Agreement

•Sanwo-Olu: ‘Collaboration to check double taxation, widen tax base’ Olushola Okunlade Writes Lagos State Government has sealed a bilateral agreement with the Federal Government to harmonise...

FIRS Makes Positive Trend In 2022 Compare To Its 2021 Record, Collects N10.1 Trillion

Taxation5 months ago

FIRS Makes Positive Trend In 2022 Compare To Its 2021 Record, Collects N10.1 Trillion

Olushola Okunlade Writes The Federal Inland Revenue Service (FIRS) has announced that it collected over N10 trillion in tax revenue in the year 2022, the highest...

FIRS COMMENCES DIRECT COLLECTION OF TAXES FROM ONLINE GAMING OPERATORS The Federal Inland Revenue Service (FIRS) has stated that it has commenced the deduction of taxes at transaction points from Online Gaming Transactions using the Sentinal National Payment Gateway and Electronic Solution. In a Public Notice signed by its Executive Chairman, Muhammad Nami, the Service while directing full compliance by the online gaming community, explained that the Sentinal National Payment Gateway was a transaction processing system that enables Integrated Payment Services Providers to deduct taxes at the points of transaction and immediately remit the tax deducted to the government’s treasury. “The FIRS is automating the administration of tax on online gaming using Sentinal National Payment Gateway and Electronic Solution. “Sentinal National Payment Gateway is a transaction processing system that enables Integrated Payment Service Providers to deduct taxes at transaction-points and remit the tax deducted directly to government’s treasury. “The deployment of Sentinal National Payment Gateway will simplify tax compliance for companies engaged in online gaming activities,” the notice read. The FIRS also noted that all operators offering online gaming services in Nigeria, not later than the 31st of December 2022, were required “to connect to the Sentinal National Payment Gateway, deduct tax from online gaming transactions and remit same directly to the relevant government’s treasury.” The Notice stated that though it was not mandatory for online gaming operators offering online gaming services from outside Nigeria to be incorporated in Nigeria, they are compelled by extant tax laws to connect to the Sentinal National Payment Gateway for the purposes of dedicating tax from the gaming transactions of players in Nigeria, and remitting same directly to the government purse. Mr. Muhammad Nami, Executive Chairman of the FIRS, commenting on this approach to tax collection at the point of transaction stated that the country needed to innovate and harness technology for improved revenue generation from e-commerce as well as for accountability. “The world is entering a challenging time where there is a strong obligation on Governments to increase tax revenue as a percentage of GDP so as to provide much needed funding for local infrastructure and public services. Nigeria needs to innovate and harness technology to ensure that online transactions are taxed and accounted for. “We have been very impressed with the Sentinal platform which allows us to not only collect tax revenues at source, but also provides us with tax reporting and monitoring tools in real time,” Mr Nami stated, “The system will also integrate with our own TaxPro Max portal.” In his comments at a meeting with the tax authority head, the Director General of the National Lottery Regulatory Commission of Nigeria, Mr. Lanre Gbajabiamila commended the adoption of this innovation, describing it as a “huge step” for taxation of the gaming industry. “Online gaming continues to grow rapidly in Nigeria, particularly on mobile, and the adoption of E-technologies’ Sentinal National Payment Gateway is a huge step for us to allow us to capture gaming duty at source. “We are welcoming all responsible offshore gaming operators to apply for a Remote Operator Permit as long as they pass all the relevant criteria including full AML screening and responsible gaming practices. We are proud to be the first country to adopt the Sentinal System and we believe it will bring a real national benefit to Nigeria,” Mr. Gbajabiamila noted. David Kicks, the CEO of the E-Technologies Global Limited, the proprietors of the Sentinal National Payment Gateway expressed excitement over the adoption of the system by the Service. “Governments in rapidly developing nations are struggling to keep pace with the evolution of eCommerce and the ascent of mobile transactions. “We are thrilled that the Nigerian Government has made the decision to integrate our Sentinal System, which empowers them to streamline online taxation. By understanding better how the payments ecosystem behaves and evolves, we can drive a paradigm shift towards a point of consumption tax methodology,” he said.

Taxation5 months ago

Tax Clearance Certificate, Now Available In “One Click” Says FIRS

Olushola Okunlade Writes The Federal Inland Revenue Service (FIRS) has announced that taxpayers can get their Tax Clearance Certificate in a single click via its flagship...

Experts Commend FG For Suspending Proposed Increases In Excise Duty Rates

Taxation6 months ago

Tax: Experts Commend FG For Suspending Proposed Increases In Excise Duty Rates

Olushola Okunlade Writes Leading experts in Tax, Fiscal Policy, and Economics have commended the Federal Government on its recent indication to suspend the proposed increases in...

FIRS Board Celebrates Members Of Management Team For Global Recognitions

Taxation6 months ago

Tax & Technology: FIRS Board Celebrates Members Of Management Team For Global Recognitions

Olushola Okunlade Writes The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami has joined members of the Board, management, and staff in...

Taxation7 months ago

MTN, Airtel, Others Appointed By FIRS To Withhold VAT Charged To Them

Olushola Okunlade Writes MTN, Airtel, as well as money deposit banks in Nigeria have been appointed by the Federal Inland Revenue Service (FIRS) to withhold Value...

7th ATAF General Assembly: Nami Leads Call For Effective Revenue Utilisation By African Governments

Taxation7 months ago

7th ATAF General Assembly: Nami Leads Call For Effective Revenue Utilisation By African Governments

Olushola Okunlade Writes Governments across Africa must begin to rethink governance, engender public confidence and trust in government by providing value for taxpayers’ money in line...

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All posts tagged "#taxation"

Tax Administrators Must Match The Pace Of Global Technological Advancements — CATA President

FIRS Signs MoU with UK’s HM Revenue And Customs For Collaboration On Capacity Building

Tax Harmonisation: FIRS Signs MoU with LIRS for Joint Tax Operations and Audit

Lagos, FIRS Sign Joint Tax Audit Agreement

FIRS Makes Positive Trend In 2022 Compare To Its 2021 Record, Collects N10.1 Trillion

Tax Clearance Certificate, Now Available In “One Click” Says FIRS

Tax: Experts Commend FG For Suspending Proposed Increases In Excise Duty Rates

Tax & Technology: FIRS Board Celebrates Members Of Management Team For Global Recognitions

MTN, Airtel, Others Appointed By FIRS To Withhold VAT Charged To Them

7th ATAF General Assembly: Nami Leads Call For Effective Revenue Utilisation By African Governments

Fidelity Bank Announces 2nd Edition Of Fidelity International Trade And Creative Connect (FITCC)

Stanbic IBTC Bank Updates Its Woman-Owned Account To include Male Signatory

NITDA Showcased Nigeria’s Innovative IT Policy Formulation Approach At 2023 London Blockchain Conference

NNPC Board Chairman Commends Nigeria’s Participation At OTC 2022

Seplat Energy Appoints Ezugworie As COO, Executive Director Board

Institute For Tourism Professionals Elected Otunba Ayo Olumoko As Zonal Vice President