Business
FIRS generates N4.3trn tax revenue in 10 months
The Federal Inland Revenue Service (FIRS) said it generated N4.3 trillion as tax revenue between January and October this year.
FIRS Executive Chairman, Babatunde Fowler, disclosed this during the “Federal Inland Revenue Service Special Day” at the ongoing Lagos International Trade Fair held at Tafawa Balewa Square.
Represented by Mrs Angel Fadahunsi, FIRS South West Head, Federal Engagement and Enlightenment Tax Team, Fowler expressed optimism that the service would meet up with its 2018 revenue target before the end of the year.
“I am pleased to inform you today that the FIRS has recorded remarkable performance in terms of revenue collection this year.
“For instance, as at October 31st, our collection was N4.3 trillion and we believe we have the potential to meet our assigned target at the end of the year.
“We realised that this performance would not have been possible but for the present administration’s policy of expanding the nation’s tax base and blocking revenue leakages,” he said.
Fowler said that the agency focused its attention on businesses with over a billion naira in annual turnover without any record of commensurate payment of tax obligations to boost its revenue performance.
He noted that about 6000 of such companies had been identified and contacted by the service leveraging on various data sources.
” We will continue to focus on recovering all such revenues due to the Federal Government and the people of Nigeria.
” We encourage the business community and all well-meaning citizens to continue to partner with us to ensure that defaulters are traced and face the consequences while compliant businesses receive all the support they require,” he said.
Fowler said the agency was working assiduously in ensuring that it aligned with all efforts to grow national revenue from taxation while easing the inherent administrative burdens.
“We place emphasis on human resources as one of several tools to achieve our aim of expanding the tax net.
” This is why we recently recruited young Nigerians to support our bid to effectively provide adequate services to all the nooks and crannies of the country,” Fowler said.
The FIRS boss said the service had undertaken some actions to further reduce the burden of taxation, including the review and approval of National Tax Policy by the Federal Executive Council.
“This provides strategic direction on tax administration and national focus.
“Another thing is working under the auspices of the Joint Tax Board, we continue to advocate for the simplification, harmonization and streamlining of processes, levies and taxes at the state and local government levels,” he said.
Earlier, Babatunde Ruwase, President, Lagos Chamber of Commerce and Industry (LCCI), urged FIRS to expedite action to address issues of multiple taxes toward easing the business environment.