Monday , September 28 2020
Home » Business » FIRS records N4.3 trillion revenue collection in 10 months

FIRS records N4.3 trillion revenue collection in 10 months

By Charles Nwaoguji
The Federal Inland Revenue Service (FIRS), has recorded a notable performance in revenue collection of N4.3 trillion between January to October 31, 2018.

The Executive Chairman, Federal Inland Revenue Service, Babatunde Fowler, who stated this at the FIRS Special Day at the just concluded Lagos International Trade Fair (LITF), said this remarked performance would not have been possible if not for the present administration’s policies of expanding the nation’s tax base and blocking revenue leakages.

Fowler, who was represented by the FIRS South West Head, Federal Engagement and Enlightenment Tax Team, Mrs Angel Fadahunsi, noted that FIRS in a bid to recover all revenues due to the Federal government and Nigerians, has focused attention to businesses with over a billion naira in annual turnover but have no records of commensurate payment of their tax obligations adding that, over 6000 of such companies have been identified and contacted by the Service leveraging on various data sources.

“We are working hard to ensure that the FIRS is in full alignment with all efforts to grow national revenue from taxation while easing the administrative burdens inherent. We place emphasis on human resources as one of several tools to achieve our aim of expanding the tax net, this is why we recently recruited young Nigerians to support our bid to effectively provide adequate services to all nooks and crannies of the country,” he said.

He further revealed that various measures such as the review of the National Tax Policy and administrative procedures among others have been undertaken to reduce the burden of taxation, stating that these steps will boost the voluntary compliance rate and eventually result in steady growth in revenue available for nationaladvancement.

“we acknowledge that the challenges and opportunities revealed by our economic situation require creative innovation and to this end, we have adopted engagement, collaboration and the technology as key facets of our approach to seize these opportunities and address such challenges. It is our hope that the vibrant, vocal Lagos business community will regularly interact with us, sharing thoughts on how we can ensure that we make taxation the pivot of development at all levels of government”, he said.

Thereafter, he urged the business community and all well meaning citizens to continue to partner with them to ensure that defaulters are traced and face the consequences while compliant businesses receive all the support they require.

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.

The Lagos International Trade Fair, organised by LCCI, started on Nov.2 and will end on Nov 11.

About Editor Charles

Check Also

CAMA Act: CAC Asks Churches, Mosques To Dissolve As Registered Associations

By Divine Nwaoguji-Nweke The Corporate Affairs Commission (CAC) has asked churches, other religious bodies and …

Nigeria may face another recession by Q3 2020 -LCCI

By Charles Nwaoguji The Lagos Chamber of Commerce and Industry, LCCI, has warned that except …

How Third Mainland Bridge Closure affected businesses in Lagos State 

  Charles Nwaoguji The Lagos State Government has announced that the alternative routes mapped out …

Why we investigates pharmacies over price gouging – FCCPC

  By Charles Nwaoguji The Federal Competition and Consumer Protection Commission (FCCPC) in furtherance of …

PPP: ABIODUN RESTATES COMMITMENT TO ENABLING ENVIRONMENT

By Charles Nwaoguji Ogun State Governor, Prince Dapo Abiodun has restated his administration’s commitment to …

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright @ 2018