Home / Business & Economy / Finance & Investment / FIRS targets N 8.3trn in 2019, N3trn revenue increase from 2018
Federal Inland Revenue Service (FIRS) Chairman, Dr. Babatunde Fowler

FIRS targets N 8.3trn in 2019, N3trn revenue increase from 2018

FEDERAL Inland Revenue Service (FIRS) has disclosed that it is targeting N8.3trn from the collection of various taxes in 2019, an additional N3trn from the N5.32trn realized in 2018.

FIRS Executive Chairman, Dr. Babatunde Fowler, stated this at the ongoing 2019 stakeholders’ retreat in Lagos with theme: ‘Parliamentary Support for effective Taxation of a Digital Economy.’

Fowler said the target was achievable with the support of all tax payers as well as all the stakeholders explaining that the sum of N5.32trn realized in 2018 was the highest in the history of the firm compared to the N4.03trn in 2017.

Giving a sector by sector breakdown on revenues collected in 2018, the FIRS boss said non-oil contribution in 2018 stood at 53.62 per cent against 62.25 per cent achieved in 2017 and 64.99 per cent in 2016.

The FIRS Chief said oil and gas contribution stood at 46.38 per cent in 2018 in contrast with the 37.75 per cent recorded in 2017 and 35.01 per cent in 2016.

He attributed the achievements to technological initiatives introduced by the firm in delivering taxpayers’ services such as e-payment channels, e-receipts and Value Added Tax (VAT), among others.

Reviewing FIRS 2018 operations and achievements, Fowler said VAT collection was on a steady increase since 2015.

He said FIRS collected N1.11trn through VAT in 2018, N972.30bn in 2017 and N828.19bn in 2016.

He noted that taxation was the most sustainable of all government revenue sources.

“e-stamp duties collection is on a steady increase. In 2018, the FIRS collected N15.66bn. The above collected in 2018 surpassed the N10.9bn in 2017 and N5.6bn in 2016.

“There cannot be any serious discussion on diversification of the economy without reviewing the country’s tax regime for optimal performance.

“FIRS shall continue to engage stakeholders, especially the legislative arm of government in order to gain invaluable support that will drive tax compliance,” Fowler said.

About NigerianFlightDeck

mm
Nigerianflightdeck is an online news and magazine platform reporting business stories with a bias for aviation and travel. It is borne out of the intention to inform, educate as well as alter perceptions with balanced reportage.

Check Also

FAAC shares N619,857b to FG, states and local governments

FEDERAL Accounts Allocation Committee(FAAC) has shared N619,857 billion federal revenue generated in the month of …

UBA says diversification, stable funding structure will strengthen bank despite operating environment

UNITED Bank for Africa (UBA) Plc has stated that its well diversified asset book supported …

Shareholders approve 15k per share as dividend for Transcorp Hotels plc

Lauds company’s  impressive performance AFRICA’s leading hospitality brand, Transcorp Hotels Plc recorded a 26% increase …

Tony Elumelu Foundation Entrepreneurship Programme application closes March 1

founded by Abiodun Adereni, Help Mum, a Nigerian based enterprise that provides low-cost birth kits to prevent child and maternal mortality recently won the first ever Google Nigeria Impact Challenge and has attracted additional capital investments; iMed Tech, founded by Nneile Nkholise, innovates in the medtech space in South Africa by using technology to create breast prostheses for women with breast cancer;

CCNN tops gainers, Newrest ASL led losers as Equities Market rises 0.58%

CEMENT Company of Northern Nigeria (CCNN) led the gainers chart as Newrest ASL Nigeria led …

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this:
Skip to toolbar