FIRS targets N5.3tr revenue

Economy

FIRS targets N5.3tr revenue for 2018, made N5tr already by the second week of December

FIRS targets N5.3tr revenue for 2018, made N5tr already by the second week of December

FIRS targets N5.3tr revenue – Excutive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowaler, has disclosed that the service generated N5 trillion by the second week of December 2018. He added that the agency was on the verge of making N5.3 trillion by year-end.If the FIRS rakes in N5.3 trillion revenue, it would be the highest revenue ever generated in its history, having made the highest revenue of N5.07 trillion in 2012.

Generating N5 trillion is significant as it happened when oil prices oscillated between $50 and $70 per barrel. Oil price was at an average of $100 to $120 per barrel between 2010 and 2013.Speaking at the induction of new members of the Joint Tax Board (JTB) yesterday in Abuja, Fowler said FIRS has recorded significant achievements following support from the Presidency, Ministry of Finance, the JTB and other taxation stakeholders.

“We believe that we should be able to close the year at N5.3 trillion, which should be the highest in the history of FIRS. “And we believe that with that additional revenue, the state and federal governments would be able to provide more services and bring more development to Nigerians,” Fowler said.He urged the new inductees of JTB to equip themselves with new ideas and embrace Information and Communication Technology (ICT) to be able to face the task of revenue collection in an ever-changing society.

He also stated that as the world continues to transform in structure and process, especially with new technologies and ways of doing things, the role of tax administrators in an emerging economy such as Nigeria have become enormous.

You may also like: FIRS decries Tax evasion by business owners

Meanwhile, FIRS yesterday sealed the premises of Costain West Africa Limited and HFP Engineering Limited over N223.5 million and N87.6 million tax liabilities.

FIRS team, led by Aisha Duze, also sealed the premises of Prest Cruise Waterfront Hotel, Lekki Phase 1, over a N20 million tax liability. Also sealed was I-Fitness Centre Limited, Lekki Phase 1, which owes N15 million in taxes.

In the Surulere area, the team sealed the premises of Swiftalk Limited, which has a tax liability of N50.5 million; and Logic Science, which owes N53 million.

The team had on Tuesday shut down activities at CEDDI Corporation in Apapa over a tax debt of N385 million, HJ Heinz Nigeria Limited in Mushin, over N81.4 million unpaid tax and Temple Preparatory School on 213, Ikorodu Road, for N22 million outstanding taxes.

Source: The Guardian

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