FIRS Generates N12.6trn Revenue In 3 Years

The Federal Inland Revenue Service (FIRS), has said it generated N12.62 trillion revenue from taxes  in the last three years.

This was revealed in a document on its achievements, a copy of which was made available to newsmen in Abuja by its  Head, Communications and Servicom Department, Mr Wahab Gbadamosi.

A breakdown of the amount showed that N3.3 trillion was generated in 2016, N4.02 trillion in 2017 and N5.32 trillion was realised in 2018, making it the highest revenue generated in the last three years .

According to the document, the FIRS under the leadership of Babatunde Fowler, designed initiatives to ensure a robust tax administration that is beneficial to all stakeholders.

The organisation explained for instance that non-oil tax revenue increased to N2.149 trillion in 2016, N2.5 trillion in 2017 and N2.852 trillion in 2018.

The document quoted Fowler as saying that “the achievements mentioned above also demonstrate the diversification of the Nigerian economy by the Federal Government.

“This does not mean that we have left behind the oil tax revenues. It grew from N1.15 trillion in 2016 to N1.52 trillion in 2017 and N2.52trillion in 2018. Non-oil tax revenue is still over in excess of the oil tax revenue.

“We also do collect four per cent in terms of cost of collection but only for non-oil revenue collected. On oil revenue collection, we do not get any commission and we have been able to make sure that our services are more efficient and convenient to taxpayers.

“This has brought about a considerable reduction in the cost of collection of actual taxes.

“In 2016, it was 2.6 per cent, 2017, 2.49 per cent and 2018, 2.14 per cent, meaning that our actual cost of collection is heading downwards based on the efficiency and technology that we are deploying to tax collection.

“Some of the ICT initiatives that we have continued to build on are the e-payment channels which make it convenient and easy to pay taxes anywhere in the world and to also download receipts of payment from any point one so desires,” he said.

SUN

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FIRS Generates N4.3trn Tax Revenue From Jan To Oct – Fowler

The Federal Inland Revenue Service (FIRS) on Friday 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.

The News Agency of Nigeria (NAN) reports that the Lagos International Trade Fair, organised by LCCI, started on Nov.2 and will end on Nov 11.

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FIRS Boss Denies Alleged Report Of Multiple Taxation

Chairman of the Federal Inland Revenue Services (FIRS), Babatunde Fowler, has declared that contrary to widely held notion, there is no case of multiple taxation in the country.

Fowler, who briefed State House Correspondents after a session with the Federal Executive Council (FEC), also said the Council had ratified the automatic exchange of information with other countries.

The FIRS boss equally said those who refused to take advantage of the grace given by the Voluntary Assets Income Declaration Scheme (VAIDS) policy, which expired at the end of last month, would be made to pay their taxes with the corresponding penalties.

He said: “Let me say once again that we do not really have a situation of multiple taxation. You only have multiple taxation when you pay the same tax to different tiers of government. What we have found out is that a lot of people categorise any payment to government as a tax. For example, if you receive fine or a penalty, they call it a tax. If you pay for the parking space, they call it a tax. Those are the things you refer to as user-charges and not taxes.”

Fowler, who explained why he appeared before FEC, said: “I was here today to attend the meeting with the minister of finance to ratify the automatic exchange of information. Basically, what this means is that Nigeria as a country exchange financial information with other member-countries which hopefully should improve our revenues and also ensure that all Nigerians that do have investments or businesses or incomes abroad will pay their taxes as and when due.”

On update on VAIDS, he said the update is that it expired on June 30 and anyone who has not come forth by now, shall be brought to book and be compelled to pay the appropriate tax with interests and penalties.

He said: “Well, the response has been very good. We are collating all the figures both at the federal and state levels and I believe that by the middle of July, we should be able to tell the nation the exact progress in terms of the numbers that have declared, amount that have been paid and amount that is going to be paid in instalmentally.

“The Federal Government has through the Ministry of Information and also through the office of the Vice President been talking about the different projects that have been financed with tax revenues and I think as Nigerians begin to see those dividends of democracy, very good spending, people will be more encouraged to pay more taxes.”

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