FIRS Strategies Will Improve Tax Revenue – CITN
The Chartered Institute of Taxation of Nigeria has expressed confidence that the current strategies and initiatives of the Federal Inland Revenue Service will improve revenue collections.
The Registrar/Chief Executive, CITN, Adefisayo Awogbade, said the institute had observed that since August 2015, the FIRS target for two major non-oil taxes, Value Added Tax and Companies Income Tax increased by 52 per cent and 45 per cent respectively.
She noted that the FIRS had “adopted unique innovative strategies and initiatives in the collection of VAT during the period (2015–2017) that led to approximately 40 per cent increase over 2012-2014 collection figures.”
She said, “The various initiatives included ICT innovations, taxpayer education, and taxpayer enlightenment and evaluation.
“This period has not only witnessed increase in absolute collection figures, but has more than ever increased taxpayer base and has brought tax compliance consciousness to the Nigerian populace, among others.”
According to Awogbade, there has never been a time in the modern history of Nigeria that taxation has become a serious issue for conversation.
She said, “As part of our tax review mechanism, our institute exudes confidence that the current strategies and initiatives will improve revenue collections and meet the expectations of the government. It is hoped that with the adoption of more tax compliance strategies, the tax base will experience further widening to include more people, sectors and businesses into the tax net for enhanced revenue generation.
“The FIRS has done credibly well and needs to be commended for these great giant steps by government and all well-meaning Nigerians. The job of tax collectors is a tough one as tax payers do loathe them. We are convinced that we have made some progress but yet to reach our objectives as regards taxation in Nigeria.”
The CITN boss urged the FIRS to join hands with the institute in its quest to make taxation the foremost driver of revenue generation in the country.