Temitope
Temitope Akinola
Nigeria's tax authorities, Federal Inland Revenue Service (FIRS) has disclosed that a revenue of N1.97 trillion was generated by the agency in the first half of 2015.
The disclosure was made known by its Acting Executive Chairman, Mr. Sunday Ogungbesan during the weekend at an interactive session with some journalists in Lagos. He said that the generated revenue represented 98% of the targeted revenue of N2.28 trillion which was set for the service in this year's budget for the first half of 2015.
The target set by the Federal Government for FIRS for the 2015 fiscal year is N4.57 trillion. Ogungbesan said Nigeria has the potential to generate more from taxes if there is a better tax administration system put in place. According to him, there are 37 other tax authorities in Nigeria as each state of the federation has its tax authority.
The FIRS boss lamented about the issue of tax evasion in the country and called for a collaborative strategy among stakeholders and creation of strong database on all tax players which is what is practiced in developed economies in order to curb the fiscal menace.
He also stressed the need to review some complex laws inhibiting tax administration in the country and canvassed for a centralized tax administration system for the country.
Also Read: We'll Block Your Bank Accounts If You Don't Pay Tax - FIRS
The disclosure was made known by its Acting Executive Chairman, Mr. Sunday Ogungbesan during the weekend at an interactive session with some journalists in Lagos. He said that the generated revenue represented 98% of the targeted revenue of N2.28 trillion which was set for the service in this year's budget for the first half of 2015.
The target set by the Federal Government for FIRS for the 2015 fiscal year is N4.57 trillion. Ogungbesan said Nigeria has the potential to generate more from taxes if there is a better tax administration system put in place. According to him, there are 37 other tax authorities in Nigeria as each state of the federation has its tax authority.
The FIRS boss lamented about the issue of tax evasion in the country and called for a collaborative strategy among stakeholders and creation of strong database on all tax players which is what is practiced in developed economies in order to curb the fiscal menace.
He also stressed the need to review some complex laws inhibiting tax administration in the country and canvassed for a centralized tax administration system for the country.
Also Read: We'll Block Your Bank Accounts If You Don't Pay Tax - FIRS
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