The Federal Inland Revenue Service (FIRS) has projected generating N10.1 trillion revenue for the 2022 financial year, according to its chairman, Muhammad Nami.
Nami stated this when he appeared before the House of Representatives Committee on Finance on Wednesday, in Abuja, at a public hearing by the committee on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
He said that the N10.1 trillion was the global figure projected to be generated and remitted to the Federal Government in 2022 by the FIRS, the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government.
Rep James Faleke, the chairman of the committee, urged the FIRS management to put in the required determination, to ensure that the target was met.
He also commended the previous effort of the FIRS at ensuring that their revenue generation targets were met, while urging the service to strive to do more in its revenue generation mandate.
The lawmaker had earlier described the MTEF and FSP, with a three year plan, as a major feature of the annual budget preparation cycle, saying that it provided the basic estimates and assumptions for the annual budget.(NAN)
Tag: FIRS
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FIRS targets N10.1trn revenue in 2022, says Nami
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CSOs Urges FIRS to Step Tax On Luxury Items
A coalition of 52 civil society groups under the aegis of empowerment for Unemployed Youth Initiative has enjoined the authorities of the Federal Inland Revenue Services (FIRS) to embark on an aggressive property and luxury goods tax collection.
Convener of the group, Comrade Danesi Momoh addressing a press conference in Abuja on Wednesday warned the authorities against condoning any form of tax waiver or rebate on luxury goods sold in Nigeria again.
“We encourage the Federal Inland Revenue Service to step up plans for aggressive Property and Luxury Goods Tax. This is also one country where even those who have directly benefitted from the system evade tax by all means.
“This should stop because it is criminal, immoral, unpatriotic and a gross disincentive to the ordinary patriotic citizens who pay their taxes. There is no place in the world where people build mansions and abandon them. It happens here because they are not taxed. And it must not continue.
“Also any form of tax waiver or rebate on luxury goods should not be condoned in Nigeria again. In all this, the FIRS has the support of the progressive Civil Society.”
Applauding the Chairman of Federal Inland Revenue, Muhammad Mamman Nami effort to boost the internally generated revenue, the group observed that citizens are unable to hold government to account because they are not involved in revenue mobilization.
It noted: “If we want real change, we should also change. And there is no time better than now to change a lot of the things that have held us down while we complain of other things that are not necessarily the issue.
“Non payment of taxes or evading them is unpatriotic. And you have to be a patriot to deserve something good from your country. And if we are to have a stake in how our national wealth is gotten, then it will be completely impossible for anybody to steal, squander, embezzle or misappropriate it.
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FIRS extends tax debt payments to Aug. 31
The Federal Inland Revenue Service (FIRS) has extended the closing date of its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30 to August 31, 2020.
Mr Abdullahi Ahmad, the FIRS Director, Communications and Liaison Department made this known in a statement in Abuja on Wednesday.
Ahmad quoted the Executive Chairman of FIRS, Mr Muhammad Nami as saying “the extension is a follow up to a number of palliative measures devised by the service to cushion the effects of the COVID-19 pandemic on the Nigerian economy and to support tax-paying individuals and business entities in the country.
“The latest extension applies to tax audit, tax investigation and desk review assessments, approved instalment payment plans under Voluntary Assets and Income Declaration Scheme yet to be fully liquidated” he said.
Nami disclosed that there will be no further extension of this palliative measure.
He said tax debtors were therefore enjoined to liquidate their outstanding tax liabilities on or before August 31 in order to enjoy waiver of accumulated penalties and interests.
He also advised all concerned individuals and businesses to contact their respective tax Controller or the nearest FIRS Regional Debt Management Office in case of further enquiries adding that a list of all our offices was available on their website: www.firs.gov.ng.