Tax: FIRS generates N3.233trn in 10 months

By Umar Muhammad Puma

Federal Inland Revenue Service (FIRS) says it has generated N3.233 trillion in 10 months, representing 79.35 per cent of its collection target for 2017.
Chairman FIRS, Tunde Fowler, disclosed this at the interactive session for review of 2018–2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), organised by the House of Representatives Committees on Finance and Appropriations.
Onthe key strategies for achieving the objectives of the 2018 budget, he said that FIRS justification for 2018-2020 Revenue framework was based on the Federal Government economic recovery and growth plan (ERGP).
According to him, the FIRS has deployed technology to ramp up more revenue for the nation especially as its tax assessment between 2013 and 2015 reveals 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 the federal government coffers.
This he said was a pointer of its ability to meet the FIRS assumptions for the 2018 – 2020, M-TEF expectations.
These successes, he noted were as a result of the various measures which have been adopted by the service to ensure increased collections of federal government dues in the corporate and individual taxes.
The measure, he said, will continue to be relevant in achieving better collections in 2018.
While listing the measures that brought about the successes, Fowler added that the new modalities structured for optimal access of accruable due from the Voluntary Assets and Income Declaration Scheme had yielded over 54 million dollars (N16.73 billion) and N207.41 billion) totaling 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 who have backlogged of taxes owed and have not made any move to liquidate such.
“We have adopted substitution as an 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 N1.4billion) totaling over N7.7 billion. This drive is continuous and will be unrelenting going forward,’’ he said.