Nigeria: FIRS on the verge of N5.3 trillion record tax receipt
Abuja, Dec. 13, 2018 (AltAfrica)-The federal Inland Revenue Service, FIRS is on the verge of a N5.3 trillion tax receipt in a single year. Already, the agency has generated N5 trillion by the second week of December 2018.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler who made the announcement on Wednesday said if the FIRS achieved the record N5.3 trillion revenue, it would be the highest revenue ever generated in its history, having made the highest revenue of N5.07 trillion in 2012.
“Generating N5 trillion is significant as it happened when oil prices oscillated between $50 and $70 per barrel. Oil price was at an average of $100 to $120 per barrel between 2010 and 2013” Fowler said
Speaking at the induction of new members of the Joint Tax Board (JTB) in Abuja on Thursday, Fowler said FIRS had recorded significant achievements following support from the Presidency, Ministry of Finance, the JTB and other taxation stakeholders.
“We believe that we should be able to close the year at N5.3 trillion, which should be the highest in the history of FIRS. “And we believe that with that additional revenue, the state and federal governments would be able to provide more services and bring more development to Nigerians,” Fowler said.
He urged the new inductees of JTB to equip themselves with new ideas and embrace Information and Communication Technology (ICT) to be able to face the task of revenue collection in an ever-changing society.
He also stated that as the world continues to transform in structure and process, especially with new technologies and ways of doing things, the role of tax administrators in an emerging economy such as Nigeria have become enormous.
Meanwhile, FIRS has sealed the premises of Costain West Africa Limited and HFP Engineering Limited over N223.5 million and N87.6 million tax liabilities.
FIRS team, led by Aisha Duze, also sealed the premises of Prest Cruise Waterfront Hotel, Lekki Phase 1, over a N20 million tax liability. Also sealed was I-Fitness Centre Limited, Lekki Phase 1, which owes N15 million in taxes.
In the Surulere area of Lagos the team sealed the premises of Swiftalk Limited, which has a tax liability of N50.5 million; and Logic Science, which owes N53 million.
The team had on Tuesday shut down activities at CEDDI Corporation in Apapa over a tax debt of N385 million, HJ Heinz Nigeria Limited in Mushin, over N81.4 million unpaid tax and Temple Preparatory School on 213, Ikorodu Road, for N22 million outstanding taxes.