Agency targets N4.9 trillion tax revenue in 2016

According to various media reports, the Federal Inland Revenue Service (FIRS) has said that it is targeting a total revenue of N4.9 trillion in 2016.

Mr. Tunde Fowler, Chairman of the FIRS, made the disclosure at the opening of the 1324th Joint Tax Board meeting, which held in Kano. He gave assurance that 80% of the sum would have been collected by the Service 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,’’ Fowler said.

READ: Philippines must include casinos in dirty money law to "close loopholes"

The FIRS boss said that the meeting would address the challenges facing effective tax administration in Nigeria.

“The meeting will also review all the existing tax laws with a view to ensuring their effective implementation for great result,’’ said Fowler, whilst calling on participants to come up with useful suggestions on how to improve revenue from tax in the country.

The meeting was themed: “Imperatives of Transitioning from Oil Revenue Dependency to Non-oil Revenue Sufficient.’’ and had various heads of internal revenue service boards from the 36 states and the Federal Capital Territory (FCT) in attendance.