FIRS Generates N3.233 Trillion In 10 Months

FIRS Generates N3.233 Trillion In 10 Months

 


The Executive Chairman of Federal Inland Revenue Service (FIRS), Tunde Fowler, has revealed it has generated N3.233 trillion in 10 months, an amount that represented 79.35 per cent of its collection target for 2017.

Fowler said this in Abuja, at an interactive session for review of 2018–2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), organised by House of Representatives Committee on Finance and Appropriations.

According to him, FIRS deployed technology to ramp up more revenue for the Country, especially as its tax assessment between 2013 and 2015 revealed N1 trillion after its tax audit exercise.

While listing the measures that brought about the successes, Fowler said the new modalities structured for optimal access of accruable dues from Voluntary Assets and Income Declaration Scheme (VAIDS) had yielded over 54 million dollars (N16.73 billion) and N207.41 billion), totalling 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 with outstanding amounts but made no move to liquidate it.”

“We also adopted substitution as enforcement tool by putting a lien on the bank account of erran 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 (over N1.4 billion), totalling over N7.7 billion. “This drive is continuous and will be unrelenting going forward,” he said.

Source: Abu Sidiqu

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