Fidelity bank banner Bayelsa State banner
FIRS realises N1.97trn revenue Jan. – June 2015

By News Express on 10/08/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,059


The Federal Inland Revenue Service (FIRS) says it generated N1.97 trillion in revenue in the first half of this year.

Its acting Executive Chairman, Mr. Sunday Ogungbesan, made the disclosure at in Lagos at the weekend.

He said that the figure represented 98 per cent of the targeted revenue of N2.28 trillion between January and June 2015.

Ogungbesan said the Federal Government gave FIRS a revenue target of N4.57 trillion for the whole of 2015.

He said that Nigeria had the potential to generate more tax revenue if there was a better tax administration system in the country.

The FIRS boss said that his agency was just one of the 37 tax authorities in the country.

He said the FIRS were administering tax at the federal level, while each state administered its own.

Ogungbesan called for more collaboration among all the tax authorities in the country.

He said that while the FIRS had 6,900 workers across the country, tax authorities in the states could also strengthen their workforce instead of depending on consultants.

He expressed regret that while there were 450,000 registered companies in the country, only about 125 were actually contributing taxes.

Ogungbesan said that the rest were portfolio businesses whose promoters were still probably in government services.

He said that there was the need to review some complex laws inhibiting tax administration in the country.

The FIRS boss also called for a centralised tax administration system, stressing that his agency was already discussing the issue at the level of the Joint Tax Board.

He also called for a strong database on all tax payers as obtained in developed economies.

Ogungbesan said there were myriad of other problems bedeviling tax administration in the country which included the large informal sector and false tax declarations.

He said the Federal Government would have increased the Value Added Tax (VAT) from five to 10 per cent in July, but this was postponed because of the need to consult stakeholders widely.

Ogungbesan, however, said that the Federal Government was not even implementing the classical VAT system. (NAN)

Source News Express

Posted 10/08/2015 04:59:43 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Buhari to speak on anti-corruption war at AU...

Nigerian ICT users deserve value for their hard-earned...

PDP youths allege plot against Presidency, Gov. Akpabio...

Iran warns Nigeria over Zakzaky’s continued detention

Breaking News: Jonathan, New PDP governors begin meeting...

Gunmen seize 3 teachers, demand N30m

8th Senate gives first-year scorecard: 11 Bills passed,...

Reps probe Kazaure, Jibrin over comment on Buhari's...

Amaechi: The quintessential leader and his endless persecution,...

Army releases 244 repentant Boko Haram insurgents

Buhari and the Troubled Economy, By Olusegun Adeniyi...

Niger Delta: Stakeholders commend FG on proposed modular...

 

Latest News Okorocha’s minority report causes panic in APC convention Police warn troublemakers as APC National Convention holds in Abuja •Deploys 5,000 personnel, armoured personnel carrier Bandits launch fresh attack on Birnin-Gwari, kill more persons Pastor, 2 others nabbed over ritual killing of 19-year-old girl APC holding national convention with looted funds – PDP Buhari championing jihad in Nigeria: Christian Elders APC Convention: Oshiomhole will delete PDP from Nigeria’s political history — Senate Deputy Chief Whip NAFDAC DG sacks consultants over anomalies, irregularities Police dismiss 19 officers, demote nine in Ogun 2018 Budget: Why we included new projects — NASS PDP queries DSS over Abaribe’s arrest World Cup: Rohr reveals secret of Super Eagles’ victory over Iceland

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (352,669 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (352,277 views) Shameless Genevieve Nnaji exposes breasts in public (280,622 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,379 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,250 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (209,082 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (182,044 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (164,211 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (154,050 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,834 views) Lagos plane crash: Journalist releases victims’ names (144,025 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,811 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,264) Business Verdict (44) Columnists (871) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (506) Features (607) Global Business Monitor (284) International (2,047) Interview (155) Live Commentary (28) Love Matters (124) News (36,418) Opinion (1,005) Pidgin (10) Politics (5,313) Religion (772) Sports (1,558) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Argentina vs Croatia Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement