The Federal Inland Revenue Service (FIRS) has said it is targeting getting 45 million Nigerians into the tax net before the end of third quarter 2019.
Mr. Tunde Fowler, Executive Chairman FIRS/Chairman Joint Tax Board (JTB) gave the target at the Go-Live ceremony for the new National Tin Registration System in Abuja.
He said the FIRS had achieved the expansion of the tax base from 10 million to 20 million taxpayers with the potential for an increase of up to 45 million before the end of the third quarter of 2019.
OVER 5,000 NIGERIAN MEN HAVE OVERCOME POOR BEDROOM PERFORMANCE SYNDROME DUE TO THIS BRILLIANT DISCOVERY
He also said “for the first time in the history of Nigeria, the Federal Government paid all outstanding PAYE tax liabilities owed by Federal MDAs from 2002 to 2016, totalling N135.8 billion to the various state governments.”
He also noted that the improvement in tax collection system has led to the growth in the IGR of states by over 46.11 percent from N800.02bn in 2016 to N1.16 trn in 2018.
He said the Go-Live system provides a unique identity to the taxpayer and facilitates ease of compliance.
Commenting, Vice President Yemi Osinbajo said the new initiative aligns fully with the Federal Government’s strategic objectives as outlined in the Economic Recovery and Growth Plan (ERGP) and all documents which are meant to power Nigeria’s economic development.