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Thu, Mar

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The Federal Inland Revenue Service (FIRS) said it has generated over N2 trillion from January to July through tax collections. FIRS made the disclosure in its progress report from January to July. The report which was made available to NAN indicated that it had projected an aggregate revenue of N4.94 trillion in the 2017 budget with oil revenue expected to contribute N1.98 trillion.

Further breakdown of the report indicated that about N720.28 billion was collected as Petroleum Profit Tax while the Value Added Tax (VAT) collected with the period stood at N548.22 billion. It also stated that N62.3 billion was collected as Consolidated Tax revenue while the company Income Tax generated N679.9 billion.


The report stated that the improvement was necessitated by new policies introduced by the management. It read in part


“FIRS have adopted e-services as a medium to achieve innovation, convenience and transparency of its operations to ensure that every effort is made to improve efficiency in collections and tax administrations. A 45-day window from Oct. 5 to November 2017 was given to tax payers with tax liabilities to come forward and pay 25 per cent of the agreed tax liability, spreading the balance liability while waiving penalty and interest.


“FIRS in collaboration with Corporate Affairs Commission, Central Bank of Nigeria and Nigeria Customs Service undertook a massive Nationwide registration exercise of new taxpayers in 2016. We are also carrying out a sector-by-sector tax audit, which have increased compliance across all tax types and taxpayers categories. Over N8 billion have been recovered through this."


“Also, the Voluntary Assets and Income Declaration Scheme encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities to boost revenue collection. All this will help improve the low tax ratio from 6 per cent to 15 per cent by 2020 and curb the use of tax havens for illicit fund flow and tax avoidance.”

 

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