February 13, (THEWILL) – The Federal Inland Revenue Service (FIRS) does not require companies earning less than N25 million to pay tax, says an official of the agency
According to the official, FIRS has no plans to tax online content creators, the News Agency of Nigeria (NAN) reports.
According to the official, who spoke on the condition of anonymity, skit makers are individuals who do not fall within the purview of the FIRS
“FIRS does not tax personal income tax; state governments do. FIRS collects company income tax,” the official stressed. “Only those who are corporate names and earn (a) profit of N25 million and more are required to pay tax.”
Meanwhile, the FIRS recently unveiled a new structure to improve the country’s tax administration.
FIRS executive chairman Zacch Adedeji said the structure was in pursuit of a more efficient and contemporary tax administration methodology.
He said the agency was embracing an integrated tax approach, leveraging technology at every step.
“This approach positions FIRS at the forefront of innovation, ensuring that we meet the evolving needs of our taxpayers in a rapidly changing world,” Mr Adedeji explained, adding “The structure advocates a comprehensive approach to taxpayer services, consolidating our core functions and support under one umbrella.”
The FIRS boss added, “By tailoring our services to specific taxpayer segments, we aim to simplify the taxpayer experience.
“No more complexities, no more overlaps, just a seamless and user-friendly interaction for every taxpayer.”
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
