FIRS Fast Tracks Issuance Of Tax Clearance Certificate

The Federal Inland Revenue Service (FIRS) has announced plans to ease the issuance of Tax Clearance Certificate (TCC) .

FIRS Chairman, Mr. Muhammad Nami, says the Service is granting eligible taxpayers a 30-day window  for them to obtain TCC.

Nami says the offer is in accordance with the provisions of Section 101 (1) of CITA LFN 2004, in conformity with Self-Assessment Regulation, 2011.

He warns that the service will invoke the provisions of the law, including enforcement and imposition of lien, if a taxpayer misleads FIRS to issue a TCC. The FIRS notice reads:

“Following the numerous complaints received from our esteemed taxpayers with respect to difficulties encountered before obtaining Tax Clearance Certificate (TCC) and the fact that taxpayers need TCC to enable them to, inter alia, seek and obtain contracts and loans, renew permits, registrations, franchises, agreements and/or licenses that will invariably generate revenue from which taxes will be paid, Management has looked into the above complaints and has taken steps to ease the process of obtaining TCC.

“Consequently, notice is hereby given that the Service has put in place machinery to issue 2020 TCC for all eligible taxpayers from 2nd January to 31st January, 2020.

“The Service may not hesitate to use enforcement activities including imposition of lien on bank accounts of such defaulting companies to recover any outstanding debts when it discovers that the taxpayer has misled the Service in her duty to observe tax compliance.

“The issuance of TCC to ease the burden of taxpayers is in line with the provisions of Section 101 (1) of CITA LFN 2004 and in conformity with Self-Assessment Regulation, 2011.”

10 Macro Trends That Will Shape Nigeria In 2020 — KPMG

2019 growth remains weak.

2019 global GDP growth estimate revised down to by 0.3% to 3%, lowest level since the Global Financial Crisis.

Key drivers of 2019 economic performance

1. China’s tapering economic growth due to reduced aggregate demand

  • Regulatory tightening of shadow banking
  • Trade war with US.

2. Slow down in industrial output as a result of weak external demand

3. Widening global repercussion of trade tensions.

4. Global car production decline with huge impact on Germany.

5. Impact of increased uncertainty in business confidence and investment

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