FIRS generates N3.30trn revenue



Naira Notes

The Federal Inland Revenue Service (FIRS) on Friday said it collected N3.30 trillion revenue from taxes in 2016.

Chairman of the organization, Mr Tunde Fowler, made this known at the closing of a three-day workshop on taxation for journalists in Lagos.

He said that the volume of revenue was generated in spite of drop in oil price and slide in value of stocks during the period.

The News Agency of Nigeria (NAN) recalls that the agency generated N3.74 trillion revenue in 2015.

Fowler, who was represented by the Deputy Director, Communications and Servicom, FIRS, Mrs Nneka Ifekwuna, however, expressed optimism that the performance of the Service would improve in 2017.

He said that the Services had stepped up the application of technology in revenue collection.

Fowler said that apart from deployment of technology, the agency was also applying persuasion and enlightenment of recalcitrant taxpayers to boost collection.

He said that the Service had begun nationwide registration of new taxpayers to expand the tax net in the country for increased revenue.

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He disclosed that the ongoing registration had yielded 814, 000 additional taxpayers as at December, 2016 by FIRS and 3.4 million taxpayers by Internal Revenue Services in the states.

READ: FIRS adopts technology to drive tax collection – Fowler

According to FIRS chairman, by December last year, Nigeria had a national tax roll of 14 million payers.

On the ease of tax payment, he said that compliance level of filing of tax returns by taxpayers at the FIRS offices across the country had improved.

He added that FIRS had embarked on some initiatives, including shielding taxpayers from the burden of carrying forward tax liabilities that rose from penalty and interest, to promote voluntary compliance.

Fowler also said that collaboration with the Office of the Accountant General of the Federation had improved remittance of taxes, including Withholding Tax (WHT), Value Added Tax (VAT), by Ministries, Departments and Agencies (MDAs).

He said that FIRS had remained committed to its core values of professionalism, integrity, efficiency, ownership and collective responsibility in its operation.

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