New Telegraph

FIRS: Firms earning below N25m profit not required to pay tax

The Federal Inland Revenue Service (FIRS) says companies that earn less than N25 million profit are not required to pay tax. The agency also said it had no plans to tax online content creators. According to a staff of the agency, who spoke under the condition of anonymity, skit makers are individuals who do not fall within the purview of the FIRS’s tax payment schedule. “FIRS does not tax personal income, state governments do.

“FIRS collects Company Income Tax. Only those who are corporate names and earn profit of N25 million and more are required to pay tax,’’ he said. The News Agency of Nigeria (NAN) reports that a section of the media recently quoted the FIRS as saying that media content creators and influencers constituted a major block of tax evaders. Meanwhile, the FIRS recently unveiled a new structure to improve the country’s tax administration.

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