By Tony Egbulefu, MARK ITSIBOR

The Federal Inland Revenue Services, FIRS under the leadership of Babatunde Fowler, the executive chairman has raised non-oil revenue generation to the federal government coffers to an all-time high. Against a backdrop of N4.957trillion tax revenue target the agency handed down to itself for 2016, it is clear that its monthly remittances to the Federation Accounts Allocation Committee, FAAC have raised the bar of tax receipts in the economy.

Wahab Gbadamosi, spokesman of FIRS told LEADERSHIP Sunday that the Service has been meeting up to 80 per cent of the target by monthly breakdown up to June.

The tax agency plans that Value Added Tax,VAT would account for N2 trillion, representing 40.35 per cent of the total target, while company income tax, CIT would account for N1.877 trillion or 37.87 per cent of the target. In specific terms, these two taxes will provide, approximately, 78 per cent of FIRS’ total revenue target of 2016 leaving 22 per cent of the target to be shared between Petroleum Profits Tax, PPT, Education Tax, EDT and National Information Technology Development Levy, NITDEL. In its blueprint, the FIRS earmarks about 50 per cent increment in CIT using a base of N1.2 trillion. This puts the CIT target at a minimum of N1.8 trillion, and at least 250 per cent increment in VAT collection using a base of N800 billion; a minimum of N800 billion as PPT collection, and a minimum of N280 billion from other taxesIn the month of June, the Service yielded N165billion to the Federation Account, out-performing both the NNPC and the Nigerian Customs. This feat from FIRS saw the month’s amount for sharing among the three tiers of government go up from N281.5 billion shared in April, N305.13 billion shared in May and N559.032 billion in the month of June.

Findings by our correspondent showed that the tax agency is making much effort at ensuring compliance, including undertaking a nationwide VAT and Withholding Tax monitoring exercise and nationwide tax payer registration exercise anchored by the FIRS Federal Engagement and Enlightenment Tax Teams, (FEETT). The FIRS is also collaborating with relevant stakeholders to ensure effective enforcement of the tax regime just as it is equally expanding its dragnet to capture tax evaders.

http://leadership.ng/news/547044/how-firs-plans-to-raise-n4-9trn-revenue

Cc: Mynd44

At the end the citizenry will suffer it cos while you drive revenue collection with madness of a wired dog and don't increase workers' pay, youe simply robbing Peter to pay Paul

kaorama:
At the end the citizenry will suffer it cos while you drive revenue collection with madness of a wired dog and don't increase workers' pay, youe simply robbing Peter to pay Paul

The problem is not being over taxed, but if government Will use such funds judiciously

kaorama:
At the end the citizenry will suffer it cos while you drive revenue collection with madness of a wired dog and don't increase workers' pay, youe simply robbing Peter to pay Paul

but then people will start voting with brain

SamuelAnyawu:


The problem is not being over taxed, but if government Will use such funds judiciously

if you're properly taxed you will take voting and election process more seriously

My primary concern is even the possibility of depending less on funds generated from SALE of Crude oil. If this could be done without much hardship on Nigerians, then there are better days ahead considering the addition of funds generated from sale of Crude oil

SamuelAnyawu:


The problem is not being over taxed, but if government Will use such funds judiciously

This is Nigeria's PRIMARY PROBLEM, MISMANAGEMENT of Funds, peoples attitude towards public fund is akin to Wickedness towards fellow beings, they care less, Selfishness and Greediness has always been the order of the day, this has to change, hoping it is changing anyways

mikolo80:
if you're properly taxed you will take voting and election process more seriously

A very good point too, we would be forced to ask questions, think deeply, consider the future and make wise decisions on who and what party to cast our votes for

alsudaes1:

My primary concern is even the possibility of depending less on funds generated from SALE of Crude oil. If this could be done without much hardship on Nigerians, then there are better days ahead considering the addition of funds generated from sale of Crude oil
it can be don
But running from compulsory hardship is what got us in this mess in the first place
No way to develop without pains


This is Nigeria's PRIMARY PROBLEM, MISMANAGEMENT of Funds, peoples attitude towards public fund is akin to Wickedness towards fellow beings, they care less, Selfishness and Greediness has always been the order of the day, this has to change, hoping it is changing anyways

we are all guilty
Buying ASO ebi instead of buying tractors
Drinking instead of investing



A very good point too, we would be forced to ask questions, think deeply, consider the future and make wise decisions on who and what party to cast our votes for

yep free money has discombobulated our reasoning faculties