FIRS GENERATES 2.5trn IN 8 MONTHS AMID ECONOMIC RECESSION| TRAITNEWS

Speaking at a public lecture organised by Finance Correspondents Association of Nigeria (FICAN) Abuja branch to mark its 20th anniversary, Tunde Fowler, one of the executives of FIRS  said that the agency’s innovative strategies, with focus on non-oil sources has enabled the government rake in N2.5 trillion between January and August, 2017, despite the harsh economic climate.

“ To close  the  gap in low oil tax revenue  caused by the fall in the price of crude oil and the incessant destruction of oil and gas facilities in the south- south region, the service introduced innovative strategies to raise the revenue from non- oil sources”, he said. 

On the Voluntary Assets and Income Declaration Scheme (VAIDS) which commenced on July 1 this year, Fowler said the scheme was designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities.

“The scheme is expected to help expand Nigeria’s tax base and therefore improve the low tax to GDP ratio from the current 6% to between 10% and 15%. It also seeks to curb the use of tax havens for illicit fund flow and tax avoidance “, he said.

He added that, the scheme will be implemented across the States in collaboration with the 36 state’s internal revenue services and that of Federal Capital Terr IRS.

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