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Accounting › Audit › CAC- Corporate Affairs › Investigation › National News › Nigerian Tax › FIRS Will Contribute Over N4t To 2018 Budget – Fowler

 July 4th, 2018  | Accounting, Audit, CAC- Corporate Affairs, Investigation, National News, Nigerian Tax
The Chairman of the Federal Inland Revenue Service, Tunde Fowler, has said that of the N9.3 trillion 2018 federal budget, FIRS intakes will account for N4 trillion.
Fowler also said the service is on course to achieve its target of N5 trillion from taxes in the 2018 fiscal year.
Disclosing this in an interview on AMOI Unplugged, set to be aired on the network service of the Nigerian Television Authority on Thursday, at 10pm, Fowler said the service is focused on radically changing the tax administration system in Nigeria.
He said the high revenue target has worked positively to push the frontiers of the diversification efforts of the Federal Government.
According to Fowler, FIRS has been able to move its revenue targets up from N3 trillion in 2016 with the expansion of the tax net.
He stated that more people have been added to the tax net, noting that the feat was achieved in collaboration with chairmen of revenue services in all states of the federation.
Fowler lauded the Chairman of the Nigerian Governors Forum, Governor Abdulaziz Yari of Zamfara State, for his support to the Service in helping bring governors to understand the focus of the service and support its work.
He also stated that staff of the service have been wonderful in their support and understanding of the focus of management of the FIRS, adding that their support proved invaluable in helping the service achieve its high revenue targets.
Fowler, who was led in questions by anchor of the programme, Chioma Ikejiani, stated that the biggest incentive to tax collection in the country was the deployment of technology, which he said had eased tax administration, making it possible for tax payers to receive their certificates in record time.
He also stated that Nigeria’s diversification effort cannot be achieved without an efficient tax system, which, according to him, ensures that all taxable adults and businesses are encouraged to fulfil their obligations to the state.
Fowler, however, warned that despite the progress made thus far in tax collection, the FIRS will not abdicate its responsibility to take legal action against tax defaulters, corporate and individual.
He said those who still engage in hide and seek with tax administrators will have only themselves to blame as both the FIRS and their states counterparts are working in collaboration to ensure that no tax paying Nigerian, individual or corporate, escapes the tax man.
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