FIRS Generates N3.5tn Between January, August
The Chairman, Federal Inland Revenue Services (FIRS), Babatunde Fowler

The Federal Inland Revenue Service (FIRS) has made N3.5tn between January and August, 2018, the Executive Chairman of the body Tunde Fowler has said.

Fowler said this on Thursday in Lagos at a stakeholders’ meeting, where he said Nigeria had one of the lowest tax revenue to Gross Domestic Product ratios globally.

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He added that the recent figure made by the body from taxes, is over N1tn more than that made for the same period of 2017.

This is as he said the agency would sell about 2000 homes and lands built in corporate names.

Continuing, he said “On paper, it looks good but the main issue I want to point out here is that the majority of taxpayers that accounted for this revenue have not changed; the laws have not changed; and to a great extent, the consultants to the companies equally have not changed.

“Even at current prices, the oil revenue cannot fund our nation. The only way is for us to have a high level of tax compliance and focus on the non-oil sector. A major component of the non-oil happens to be Value Added Tax, and we have found out that a number of businesses collect VAT and do not remit to the government.”

Fowler added that “We started at home in the Federal Capital Territory, and we established over 2,000 properties and land that were built or developed in corporate names and limited liability companies.

“The value of these properties is in excess of N2tn, and they (the owners) have never paid any taxes for them. We have contacted them and sent them our assessments. A number of them are paying.

“But for those that have owners that are not paying, we will go to court to get the approval or court order to sell those properties.

“We are not only doing that in Abuja. We have concluded in Lagos; we are currently going to Osun, Oyo, Kaduna; and eventually, we will cover the whole federation.”