The Federal Inland Revenue Service (FIRS) says it is targeting N8.3 trillion revenues from the collection of various taxes in 2019 from the N5.32 trillion realised in 2018.
Babatunde Fowler, FIRS Executive Chairman, stated this at the 2019 stakeholders’ retreat in Lagos.
The theme of the retreat is: Parliamentary Support for effective Taxation of a Digital Economy.
Fowler said the target was achievable with the support of all tax payers as well as all the stakeholders.
He said the sum of N5.32 trillion realised in 2018 was the highest in the history of the firm compared to the N4.03 trillion in 2017.
Fowler said non-oil contribution in 2018 stood at 53.62 per cent against 62.25 per cent achieved in 2017 and 64.99 per cent in 2016.
The FIRS chief said oil and gas contribution stood at 46.38 per cent in 2018 in contrast with the 37.75 per cent recorded in 2017 and 35.01 per cent in 2016.
He attributed the achievements to technological initiatives introduced by the firm in delivering taxpayers’ services such as e-payment channels, e-receipts and Value Added Tax (VAT), among others.
Reviewing FIRS 2018 operations and achievements, Fowler said VAT collection was on a steady increase since 2015.
According to him, FIRS collected N1.11 trillion through VAT in 2018, N972.30 billion in 2017 and N828.19 billion in 2016.
“E-stamp duties collection is on a steady increase. In 2018, the FIRS collected N15.66 billion.
“The above collected in 2018 surpassed the N10.9 billion in 2017 and N5.6 billion in 2016,” Fowler said.
He noted that taxation was the most sustainable of all government revenue sources.
“There cannot be any serious discussion on diversification of the economy without reviewing the country’s tax regime for optimal performance.
“FIRS shall continue to engage stakeholders, especially the legislative arm of government in order to gain invaluable support that will drive tax compliance,” Fowler said.
Babangida Ibrahim, chairman, House Committee on Finance, commended FIRS for the achievements recorded over the years.
Ibrahim said the theme of the meeting was timely and important because of the efforts by the government to diversify the economy.
He said the National Assembly would remain committed to the nation’s growth and development and assured FIRS of its support in the delivering of its mandate.