The former agency responsible for tax collection in Nigeria, now merged into the Nigeria Revenue Service.
Nigeria targets tax leakages with real-time VAT platform
FIRS launched a real-time transaction monitoring portal for VAT oversight. The new system mandates integration from banks, fintechs, and payment service providers.
Condia Insider: How Nigeria’s new tax law will affect you
President Tinubu signed four major tax reform bills to overhaul Nigeria's tax system. The reforms include modernizing VAT with real-time e-invoicing and zero-rating essential goods.
Nigeria sues Binance for $81.5bn, 30% over the exchange's valuation
Nigeria's FIRS has filed a lawsuit against Binance for $81.5 billion, including $79.5 billion for economic losses and $2 billion in back taxes. The lawsuit alleges that Binance operated without proper registration and failed to comply with Nigerian tax laws.
Nigeria Prepares for Comprehensive Tax Reform, Including Cryptocurrency Regulation
The Nigerian government plans to introduce new tax legislation by September 2024, including regulations for the cryptocurrency industry. The Federal Inland Revenue Service (FIRS) aims to streamline revenue administration and simplify tax laws.
Nigeria to introduce new tax laws regulating cryptocurrency by September 2024
The Nigerian government is set to introduce new tax laws, including regulations for the Nigerian crypto industry, by September 2024. The FIRS plans to overhaul the revenue administration process and simplify tax laws.
