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.