Newsletter: 29/01/2019

FIRS will Exceed N5.3tn 2018 Revenue — Fowler

The Executive Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, has said that the service will this year surpass the N5.3tn revenue generated in the 2018 period.

He said this during a chat with finance journalists on Thursday in Abuja.

Fowler said that the service had embarked on a series of reforms aimed at making it easier for taxpayers to pay their taxes.

He said the reforms had started yielding results as the service was able to generate its highest ever tax revenue of N5.3tn in 2018. continue…


Federal High Court Holds that FIRS Lacks the Powers to Impose Turnover Assessment on the Value of Properties

On 29 November 2018, the Federal High Court (the Court) delivered a Judgment on the imposition of turnover assessment in a case between Theodak Nigeria Limited (Theodak) v Federal Inland Revenue Service (FIRS). Based on the Judgment, the FIRS acted ultra vires the powers granted to it under the Companies Income Tax (CIT) Act, by imposing turnover assessment on Theodak based on the value of its property.

The Court reached this decision on the grounds that the turnover of a company has to be connected to the company’s normal trade or business activities and that the value of a company’s property cannot amount to its turnover. continue…


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