FG targets N4.9 trillion inland revenue in 2016

FG  targets N4.9 trillion inland revenue in 2016
April 11 22:27 2016

The Federal Inland RevenuenService (FIRS) says it is targeting revenue of N4.9 trillion in 2016. The chairman of FIRS, Tunde Fowler, disclosed this on Mondaynat 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,’’ Mr. Fowler said. He said the meeting would address challenges militating against effective tax administration in the country.

He recalled that the Inspector-General of Police, Solomon Arase, 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.

Mr. 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,

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.