FIRS generates N4.3trn tax revenue from Jan to Oct — Fowler

Posted by News Express | 10 November 2018 | 1,425 times

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• FIRS Chairman, Babatunde 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.

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.

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.

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. (NAN)


Source: News Express

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