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    Nigeria: NBA calls for sanction for police officers behind rivers lawyers’ arrest

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    Nigeria: National Emergency Management Agency assesses landslide disaster in Obanliku LGA of Cross River State

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              Kenya High Commission Rwanda holds 9th Joint Permanent Commission for Cooperation in Kigali

              Kenya High Commission Rwanda holds 9th Joint Permanent Commission for Cooperation in Kigali

              Nigeria: NBA calls for sanction for police officers behind rivers lawyers’ arrest

              Nigeria: NBA calls for sanction for police officers behind rivers lawyers’ arrest

              Nigeria: National Emergency Management Agency assesses landslide disaster in Obanliku LGA of Cross River State

              Nigeria: National Emergency Management Agency assesses landslide disaster in Obanliku LGA of Cross River State

              SA: President Ramaphosa pays tribute to late human rights activist and anti-apartheid campaigner, Randall Robinson

              SA: President Ramaphosa pays tribute to late human rights activist and anti-apartheid campaigner, Randall Robinson

              World Bank casts doubts over Ghana’s ability to reach upper-middle income status by 2037

              World Bank Group President welcomes partnership between University of Lomé and Clark Atlanta University

              Leading PR Practitioners Honoured at the Ghana Public Sector PR Awards

              Leading PR Practitioners Honoured at the Ghana Public Sector PR Awards

              ECOWAS shares dialogue, negotiation and mediation capacity building experiences at The Hague

              Regional Experts meet to review the operationalization of ECOWAS Informal Trade Regularization Support Program (PARCI/ITRSP)

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                Tanzania confirms first-ever outbreak of Marburg Virus Disease

                Marburg Virus Disease – United Republic of Tanzania

                Fight Slavery’s ‘Legacy of Racism’ through Education: Guterres 

                Fight Slavery’s ‘Legacy of Racism’ through Education: Guterres 

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                Richest country in Europe marks third year of free public transport

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                International Day of Forests, 21 March

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                8 technologies bridging digital gender gap in Rwanda 

                Cybersecurity in Africa: Many still believe cybercrime ‘won’t affect them’ 

                Cybersecurity in Africa: Many still believe cybercrime ‘won’t affect them’ 

                Samia redefining women roles in Tanzania

                Samia redefining women roles in Tanzania

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                Meet Martha Koome: Kenya’s Chief Justice Harnessing Tech to End Gender-Based Violence

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                  ECOWAS shares dialogue, negotiation and mediation capacity building experiences at The Hague

                  ECOWAS shares dialogue, negotiation and mediation capacity building experiences at The Hague

                  Kenya: Ministry of Health welcomes new Kenya Medical Supplies Authority Chairperson, Mr. Daniel Rono

                  Kenya: Ministry of Health welcomes new Kenya Medical Supplies Authority Chairperson, Mr. Daniel Rono

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                  image containing somalia frontline states summit

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                  President Ramaphosa nominates Justice Mahube Betty Molemela as Judge President post image

                  President Ramaphosa nominates Justice Mahube Betty Molemela as Judge President

                  South Africa: Minerals and Energy on Eskom Diesel Licence

                  South Africa: Minerals and Energy on Eskom Diesel Licence

                  Statement by Administrator Samantha Power on the declaration of the end of the Ebola Outbreak in Uganda

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                    “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

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                    Why Nigeria Needs Aircraft Leasing Companies- Captain Abdulsalami Mohammed

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                    Interview with Jennifer Blanke, Vice President Agriculture, Human and Social Development at the African Development Bank Group, Ahead of the 2019 Gender Summit

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                    Now is the Time to Partake in Nigeria’s Next Level Roadmap – Damilola Ogunbiyi

                    Now is the Time to Partake in Nigeria’s Next Level Roadmap – Damilola Ogunbiyi

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                      Her Excellency Hon Reem Ebrahim Al Hashimy, Minister of State for international Cooperation, United Arab Emirates Emerges PSG Minister of the Week

                      Her Excellency Hon Reem Ebrahim Al Hashimy, Minister of State for international Cooperation, United Arab Emirates Emerges PSG Minister of the Week

                      Hon Aisha Jumwa, Minister of Public Service, Gender & Affirmative, Kenya has Emerged APS Minister of the Week

                      Hon Aisha Jumwa, Minister of Public Service, Gender & Affirmative, Kenya has Emerged APS Minister 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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