Nigeria hits 79 pct tax revenue target in 10-month

Nigeria has met about 79 percent of its revenue target from taxes within the first ten months of the year, and its geared to ramp up collection before the year runs to an end, says the chief executive of Federal Inland Revenue Service (FIRS).
Tunde Fowler said the FIRS has generated a total of 3.23 trillion naira in the first ten months of the year through taxes, which represents about 79.35 percent of the amount projected for the whole year.
Fowler attributed the feat to the deployment of technology by the service to ramp up its collection process after the conduct of a tax audit revealed it can generate additional 1 trillion naira from taxes.
Fowler, who spoke before the House of Representative committee on finance and appropriation said the service has the capacity to generate more revenue for the Country.
The FIRS boss who briefed the joint committees on key strategies for achieving the objectives of the 2018 budget, said service hinged its 2018-2020 Revenue frameworks on the government Economic Recovery and Growth Plan (ERGP).
He said with the deployment of technology, the FIRS has been able to capture additional 3.7 billion naira of taxes into government coffers.
According to him, the FIRS has been successful in tax collection largely due to various measures adopted by it to ensure increased collections of federal government portion of corporate and individual taxes.
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 207.41 billion naira to government coffers.
“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 errant tax payers. “This in my view will serve as deterrent to defaulters and consequently increase tax collection.
“FIRS has so far collected over 6 billion and $4.2 million totaling over 7.7 billion naira. “This drive is continuous and will be unrelenting going forward,” he said.