The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, has expressed confidence that the revenue agency will surpass N5.32 trillion revenue collection in 2019.
While presenting a paper titled “The imperatives of regulatory processes, procedures, and compliance in the Nigerian business sector” at a forum organised by the Nigerian-German Business Association, Fowler disclosed that the FIRS realised N1.6 trillion between January and March 2019.
The Target: Nairametrics understands that the tax collection agency has projected a whopping N5.32 trillion target for 2019. This is expected to be the highest yearly collection the FIRS would have ever recorded.
So far, the highest revenue ever collected by the FIRS was N5.07 trillion which was recorded in 2012.
More FIRS’ Achievements: Speaking further, Mr Fowler who was represented by Sunday Okeowo, a Deputy Director at FIRS, disclosed that in 2018, the FIRS crossed the N1 trillion threshold in Value Added Tax (VAT) collection for the first time.
Another achievement recorded, according to the FIRS boss, was the e-stamp duties collection, which is also on a steady increase. Fowler stated that the FIRS realised N15.66 billion last year through the e-stamp duties.
“YEAR ON YEAR, WITH THE EXCEPTION OF THE YEAR 2016, THE COLLECTION PERFORMANCE OF THE FIRS GREW BY AN AVERAGE OF 21PER CENT FOR THE FOUR YEAR PERIOD.”-FOWLER
Factors responsible: The FIRS boss further disclosed that technological initiatives introduced by the FIRS in delivering taxpayers services such as e-payment channel, e-receipt among others have contributed immensely to tax collection.
About FIRS: The Federal Inland Revenue Service started as part of a colonial tax organisation under the name Inland Revenue Department of Anglophone West Africa. The department’s scope of administration covered Nigeria, Ghana, Sierra Leone, and the Gambia.
In 1943, the Nigerian Inland Revenue Department was carved out of the Inland Revenue Department of Anglophone West Africa and established as an autonomous body under the supervision of the Commissioner of Income Tax.
As at today, the FIRS is the only Federal government institution saddled with the primary responsibility of collection and payment of Federal government taxes across Nigeria.