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FIRS targets 4.9 trillion Naira Revenue from Tax in 2016

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Tunde FowlerThe Federal Inland Revenue Service (FIRS) says it is targeting a revenue of 4.9 trillion Naira in 2016.

Chairman of FIRS, Tunde Fowler, disclosed this on Monday at the opening of the 134th Joint Tax Board meeting in Kano.

He assured that 80 per cent of the targeted amount would be collected before the end of the year.

It is a known fact that once the oil price drops, the revenue from the sector will drop.

So, our mandate now is to ensure increase in the non-oil revenue to ensure stability in the entire system,” Fowler said.

He said that the meeting would address challenges militating against effective tax administration in the country.

He recalled that the Inspector-General of Police had dismantled all road blocks across the country as part of efforts to check indiscriminate and multiple tax payment.

“The meeting will also review all the existing tax laws with a view to ensuring their effective implementation for great result,” he said.

Fowler called on the participants to come up with useful suggestions to improve revenue from tax in the country.

Earlier, Kano State Commissioner for Finance, Prof. Kabir Dandago, said the state government would continue to support measures aimed at improving internal revenue generation, not only for the state but for the country.

The News Agency of Nigeria (NAN) reports that the theme of the meeting is: “Imperatives of Transitioning from Oil Revenue Dependency to Non-oil Revenue Sufficient.”

It was attended by heads of board of internal revenue service from the 36 states and the Federal Capital Territory.

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

3 Comments

  1. Niola

    April 12, 2016 at 9:18 am

    I hope not from the citizens though? Multiple taxation on citizens where there is hardly any social service present is in itself fraudulent. You lots should look for innovative means of revenue generation and stop burdening an overly burdened citenzry. Thank you! We will just revolt…

    • ElessarisElendil

      April 12, 2016 at 3:00 pm

      Pray tell, where will these social services come from if not tax??? Foreign aid?

      Been over this, Nigeria only collects 6% of its GDP in tax, one of the lowest figures in the world, so a lot of people aren’t paying taxes.
      “Revolt”?????????Please stop, its too early. This how revolts go……….you revolt, the government suppresses the revolts OR you revolt, things go tits up, tons of violence e.t.c, things calm down. The new government taxes you.

      “In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin”

      Anyways, he addresses your concerns about multiple taxation in the article. So its all good, please don’t revolt.

  2. NG

    April 12, 2016 at 2:03 pm

    N50 on transactions up to N1000 I guess is bringing good returns. We need to know how much and where it goes. We need to see equitable projects execution in all constituent regions of Nigeria. We need to see better efforts at enabling the environment for business to succeed and thrive . Then and only then can you be sure of cooperation for your lofty goals sir.

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