Having posted an unprecedented performance in 2017, the Federal Inland Revenue Service (FIRS) will have its target jacked up from N4 trillion to 6.7 trillion in 2018.
The Chairman of FIRS, Babatunde Fowler, yesterday, made the disclosure while delivering a keynote address to directors at the Institute of Directors (IOD) in Ikoyi, Lagos State.
Fowler said: “Although not yet approved by the National Assembly, it is put at N6.7tn.”
It would be recalled that FIRS broke boundaries in 2017, notwithstanding the country’s slow activities and exit from recession, to achieve a record N4tn in tax revenue collections.
While speaking on that feat, Fowler reiterated that the new grounds the agency had attained superseded the record of N3.3trn as revenue collection in 2016 by over 20 per cent and maintained that with his agency’s drive on tax revenue collection, the country would move forward to attain more grounds.
Hinting on the ways to achieve the set target, he noted that some state deducted tax on contract awards and procurement and did not remit same. He, therefore, called on anyone who has had his Withholding Tax deducted and not remitted to approach the FIRS and “we will issue their tax clearance and follow up with the state.”
“We have signed a Memorandum of Understanding (MoU) with the states recognising their independence and how we can work together under a joint audit arrangement which can be done within get three to four weeks to avoid multiple audit from various locations,” he added.
Speaking earlier, the President of the IOD, Ahmed Rufai Mohammed, said the institute decided to discuss VAIDs to improve compliance of Nigerians on taxation.
Mohammed expressed concern over the slow pace of compliance while calling on the Federal Government to consider an extension of time for VAIDs beyond the March 31, deadline to provide for greater awareness and increased compliance.