FIRS generates N3.2trn in 10 months

The Executive Chairman of Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has said that the revenue agency has achieved 79.35 per cent of its collection target for 2017, represented total generated amount of N3.233 trillion in 10 months.

The revenue collector boss, disclosed this on yesterday at interactive session for review of 2018–2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), organised by House of Representatives Committee on Finance and Appropriations.

Fowler, who briefed the joint committees on key strategies for achieving the objectives of the 2018 budget, said FIRS justification for 2018-2020 Revenue frameworks was based on Federal Government Economic Recovery and Growth Plan (ERGP).

According to him, FIRS deployed technology to ramp up more revenue for the nation, especially as its tax assessment between 2013 and 2015 revealed N1 trillion after its tax audit exercise.

The chief tax officer of the country said the exercise had already yielded over N3.7 billion in collection of taxes into Federal Government coffers. This, he said, was a pointer of its ability to meet FIRS assumptions for the 2018 – 2020 M-TEF expectations.

These successes, he noted, were as a result of various measures adopted by the service to ensure increased collections of Federal Government dues in corporate and individual taxes. He added that the measure would continue to be relevant in achieving better collections in 2018.

While listing the measures that brought about the successes, Fowler said the new modalities structured for optimal access of accruable dues from Voluntary Assets and Income Declaration Scheme had yielded over 54 million dollars (N16.73 billion) and N207.41 billion), totalling about N16.40 billion at the federal level only.

“We have stepped up enforcement activities against task defaulters on different fronts; these include placing non-compliance stickers on business premises of tax payers with outstanding amounts but made no move to liquidate it.

“We also adopted substitution as enforcement tool by putting a lien on the bank account of errand tax payers. “This in my view will serve as deterrent to defaulters and consequently increase tax collection. “FIRS has so far collected over N6 billion and 4.2 million dollars (over N1.4 billion), totalling over N7.7 billion. “This drive is continuous and will be unrelenting going forward.”