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              Tanzania:TPA eyes over $511m revenue with port expansion

              Tanzania:TPA eyes over $511m revenue with port expansion

              Kenya’s tourism sector booms $3.5bn revenue

              Kenya’s tourism sector booms $3.5bn revenue

              Kenya seeks to expand tea exports to China

              Kenya seeks to expand tea exports to China

              Botswana: Govt, BDU agree on healthcare boost

              Botswana: Govt, BDU agree on healthcare boost

              South Africa’s CEF merges PetroSA, iGas, SFF for economic growth

              South Africa’s CEF merges PetroSA, iGas, SFF for economic growth

              Botswana, Luxembourg strengthen economic ties

              Botswana, Luxembourg strengthen economic ties

              Meet Nigeria’s New Accountant General: Shamsedeen Ogunjimi

              Nigeria: FG announces commencement of minimum wage arrears

              Trending Tags

              • FEATURES
                Meet the newly appointed executives steering NNPC Limited

                Meet the newly appointed executives steering NNPC Limited

                Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Nigeria’s Newly Nominated Ministers

                Meet Nigeria’s Newly Nominated Ministers

                Nigeria’s $5 billion FLNG project gets Presidential endorsement

                FULL TEXT: President of Nigeria 2024 Independence Day speech

                Senegal: Bassirou Diomaye Faye to become Africa’s youngest elected president

                Senegal: Bassirou Diomaye Faye to become Africa’s youngest elected president

                Trending Tags

                • DIGITAL ECONOMY
                  Tanzania signs deal with Cuban firm to enlarge TBPL

                  Tanzania signs deal with Cuban firm to enlarge TBPL

                  Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                  Namibia: President Nandi-Ndaitwah unveils new cabinet

                  Kenya: Ministry of Health outlines SHA compliance measures

                  Kenya: Ministry of Health outlines SHA compliance measures

                  South Africa: Durban Port to expand vehicle terminal

                  South Africa: Durban Port to expand vehicle terminal

                  Botswana, Türkiye aim for stronger ties

                  Botswana, Türkiye aim for stronger ties

                  Nigeria to host 2025 Afreximbank annual meetings

                  Nigeria to host 2025 Afreximbank annual meetings

                  Ghana:Adjei reaffirms commitment to expanding urban water supply

                  Ghana:Adjei reaffirms commitment to expanding urban water supply

                  Mahama reaffirms commitment to economic stability

                  Mahama reaffirms commitment to economic stability

                  Kenya Government Embarks on County Industrialization Initiative to Boost Trade and Employment

                  Kenya Government Embarks on County Industrialization Initiative to Boost Trade and Employment

                  Trending Tags

                  • INTERVIEW
                    Botswana Stock Exchange’s Strategic moves to attract foreign investors: Insights from CEO ; Kopano Bolokwe

                    Botswana Stock Exchange’s Strategic moves to attract foreign investors: Insights from CEO ; Kopano Bolokwe

                    Transforming Botswana’s Public Service: Gaone Manzini on Leadership, Integrity, and Vision for the Future

                    Transforming Botswana’s Public Service: Gaone Manzini on Leadership, Integrity, and Vision for the Future

                    White House Welcomes Kenya William Ruto for First African State Visit

                    White House Welcomes Kenya William Ruto for First African State Visit

                    Sierra Leone Seeks Upstream Partners to Fast-Track Exploration, says Petroleum Directorate

                    Sierra Leone Seeks Upstream Partners to Fast-Track Exploration, says Petroleum Directorate

                    Ghana’s registra department: driving digitization for effecient services

                    Ghana’s registrar department: driving digitization for efficient services

                    Nigerian’s First Lady Aisha Buhari in Talks on Plans After Husband’s Presidency

                    Nigerian’s First Lady Aisha Buhari in Talks on Plans After Husband’s Presidency

                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

                    Trending Tags

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                      Ghana: Vice President Bawumia launches Credit Scoring System

                      Ghana: Vice President Bawumia launches Credit Scoring System

                      FAAN MD Olubunmi Oluwaseun Kuku has emerged as Public Sector Global CEO of the Week

                      FAAN MD Olubunmi Oluwaseun Kuku has emerged as Public Sector Global CEO of the Week

                      Sam Shivute, Commissioner General, Namibia Revenue Agency has Emerged as Public Sector Global CEO of the Week

                      Sam Shivute, Commissioner General, Namibia Revenue Agency has Emerged as Public Sector Global CEO of the Week

                      Ms. Hapiloe Sello, Chief Executive Officer, South African National Parks has Emerged as Public Sector Global CEO of the Week

                      Ms. Hapiloe Sello, Chief Executive Officer, South African National Parks has Emerged as Public Sector Global CEO of the Week

                      Dr. Douglas Letsholathebe, Minister of Education and Skills Development, Botswana has Emerged as Public Sector Global Minister of the Week

                      Dr. Douglas Letsholathebe, Minister of Education and Skills Development, Botswana has Emerged as Public Sector Global Minister of the Week

                      Bashir Adewale Adeniyi MFR, Comptroller General, Nigeria Customs Service has Emerged as Public Sector Global CEO of the Week

                      Bashir Adewale Adeniyi MFR, Comptroller General, Nigeria Customs Service has Emerged as Public Sector Global CEO of the Week

                      Ms. Latifa Mohamed Hamis, Director General, Tanzania Trade Development Authority, has Emerged as Public Sector Global CEO of the Week

                      Ms. Latifa Mohamed Hamis, Director General, Tanzania Trade Development Authority, has Emerged as Public Sector Global CEO of the Week

                      The Minister of Health, Morocco, Hon. Khalid Ait Taleb has Emerged as Public Sector Global Minister of the Week

                      The Minister of Health, Morocco, Hon. Khalid Ait Taleb has Emerged as Public Sector Global Minister of the Week

                      Esther Ngari Emerges Public Sector Global ‘CEO of the Week’

                      Esther Ngari Emerges Public Sector Global ‘CEO of the Week’

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                      Home Featured

                      FIRS hits N5.2 trillion tax revenue gets N8tr target in 2019

                      Public Sector Global by Public Sector Global
                      January 8, 2019
                      in Featured, NEWS
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                      The Federal Inland Revenue Service has recorded an all-time high tax revenue collection of N5.23 trillion in 2018, with Value Added Tax (VAT) at N1.11 trillion for the first time.

                      Proceeding to 2018, the highest revenue figure ever accomplished by FIRS was N5.07 trillion, in 2012, when oil price hovered around $100-$120 per barrel, but now remarkable, given that it was achieved at a period when oil prices averaged $70 per barrel.

                      Besides, the Service will be expanding its dragnet and tightening noose against tax evaders, as there are indications that it would be given an N8trillion target this year.

                      The Chairman of FIRS, Dr. Babatunde Fowler, who made the disclosure during the 2019 Management and Stakeholders Retreat, in Lagos, yesterday, said the N8 trillion targets is being finalized, but assured of the readiness of the agency to take it as a challenge.

                      Fowler, who reiterated the need for increased compliance to tax laws, said there would not be any serious discussion on diversification of the economy without reviewing the country’s tax regime for optimal performance.

                      The Chairman, House of Representatives Committee on Finance, Babangida Ibrahim, while commending the Service on the feat achieved, pledged the lawmakers’ support for every initiative that would lead to efficient tax system in the country.

                      “The taxation of any economy and growth of policies of government depends largely on the revenue generated by the tax authorities. We agree that to achieve effective taxation, the support of the parliament cannot be over-emphasized,” he said.

                      Meanwhile, he affirmed that the Stamp Duty Account domiciled at the Central Bank of Nigeria is still accumulating revenue, but said he is not sure whether the accumulation is in trillions as claimed by people.

                      The taxation strategist noted that the revenue had remained untouched because of the legal dispute over who is the rightful owner, between the Federal Government and other stakeholders involved.

                      He said that FIRS worked hard in ensuring that taxes are collected and remitted for the benefits of the nation by targeting non-oil revenue, despite the dwindling oil prices and economic restrain in 2018.

                      At the evacuation with the point of issue: “Parliamentary Support for Effective Taxation of the Digital Economy,” said The Chairman of FIRS, Dr. Babatunde Fowler has adopted initiatives that ensure a robust tax administration that is agile and beneficial to all stakeholders.

                      According to fowler, with the deployment of various digital innovations, cost of collections in non-oil sector has improved from four per cent per N85.99 billion and N100.3 billion in 2016 and 2017 respectively, to N114.1 billion in 2018.

                      “While we have been constantly increasing revenue collection over the years, our cost of collection has actually been going down. In 2016, we collected N3, 307 trillion; in 2017, we collected N4, 027 trillion and in 2018, we collected N5, 320 trillion. Meanwhile, the cost of collection as a percentage of actual taxes collected has been reducing. In 2016, it was 2.6 per cent. In 2017, it was 2.49 per cent, while in 2018 it was 2.14 per cent,” he said.

                      Of the total tax collected, oil-related taxes amounted to N2.47 trillion, while the non-oil-related taxes totaled N2.85 trillion, against N1.52 trillion and N2.51 trillion respectively in 2017.

                      In the period under review, the automation of VAT collection in key sectors facilitates reduction in compliance cost in the long term; created system to system integration between banks and FIRS; and resulted to 31 per cent increase year on year in VAT collection in the banks, as well as N25 billion so far in 2019.

                      The FIRS also collected N212, 792 billion exclusively from audit, a figure that arose from 2,278 cases, and with a huge reduction in audit circle.

                      Tags: 2019FIRSN8trRevenueTax
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