The Federal Inland Revenue Service (FIRS) says it recorded N4.3 trillion between January and October, which translates to 64.2 percent of its total revenue target for the 2018 fiscal year.
Babatunde Fowler, executive chairman, FIRS, disclosed this at the just concluded Lagos International Trade Fair, stating that there had been a notable performance in revenue collection of N4.3 trillion between January and October, representing 64 percent of the N6.7 trillion targeted for the 2018 fiscal year.
“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. The performance would not have been possible without the present administration’s policies of expanding the nation’s tax base and blocking revenue leakages,” Fowler was quoted to have said in a statement mailed to BusinessDay on Monday.
Angel Fadahunsi, FIRS South West head, Federal Engagement and Enlightenment Tax Team, representing Fowler, noted that FIRS in a bid to recover all revenues due to the Federal Government, focused attention on businesses with over a billion naira in annual turnover but had no records of commensurate payment of their tax obligations.
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Speaking further, he stressed that over 6,000 of such companies had been identified and contacted by the Service leveraging various data sources.
“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 explained that various measures such as the review of the National Tax Policy and administrative procedures, among others, had been taken to reduce the burden of taxation, stating that these steps would boost the voluntary compliance rate and eventually result in steady growth in revenue available for national advancement.
“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 technology as key facets of our approach to seizing 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.
He, however, urged the business community and all well-meaning citizens to continue to partner them to ensure that defaulters were traced and face the consequences, while compliant businesses receive all the support they require.
Earlier, Babatunde Ruwase, president, Lagos Chamber of Commerce and Industry, urged FIRS to expedite action to address multiple taxations toward easing the business environment.
