FIRS Targets N4trn From Oil Firms

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The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has on Tuesday disclosed that the service is expected to generate revenue of N4 trillion in tax from oil and gas companies in 2020.

 

Nami made this known when he received a team from the Organisation for Economic Cooperation and Development (OECD) at the Revenue House Headquarters in Abuja.

The Chairman solicited a partnership with the OECD to combat challenges faced by the FIRS like tax evasion schemes of oil majors and multinational companies, who in efforts to dodge tax in the country transfer their profits to offshore accounts.

He lamented on the use of Information Communication Technology (ICT) to run businesses has made physical tax filing difficult as even major online companies like Alibaba, Google, and Amazon among others have made it hard for their governments to tax them accordingly.

"The complexity of the Digital Economy to the tax authorities also extents to the telecommunication and financial sectors, including the emerging trades and the exchange carried out using digital currency," Nami said.

Speaking further, Nami revealed that FIRS is collaborating with Federal Fire Service to protect public documents and property from fire outbreak, through routine visits of Fire Service officers for safety drills and regular inspections.

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