Less than a month after it commenced its substitution of accounts of recalcitrant billionaires who have not been paying commensurate taxes, the Federal Inland Revenue Service has announced the collection of N12.66bn in tax revenue from this category of Nigerians.
The Executive Chairman, FIRS, Tunde Fowler, stated this on Friday when he received the new Minister of Finance, Hajia Zainab Ahmed, during her spot visit to the Revenue House in Abuja, according to a statement made available to our correspondent on Sunday.
Fowler told the minister that the initiative had pooled about N12.66bn into the government coffers. He stated, “The FIRS wrote to all commercial banks in May 2018 requesting for a list of companies, partnerships, and enterprises with banking turnover of N1bn and above.
This activity is aimed at ascertaining those companies that are compliant with the tax laws and those that are not compliant.
So far, the non-compliant organisations have paid about N12.66bn “The FIRS will continue to implement initiatives that will drive compliance and generate revenue by continuous taxpayer enlightenment; implementation of the Auto VAT Collect in other sectors of the economy; simplification of the tax processes, especially for small taxpayers; strengthening collaboration with other agencies such as the Corporate Affairs Commission, states’ boards of internal revenue; Ministry of Industry, Trade and Investment; and the Nigeria Customs Service.”
The FIRS chairman also told the minister that the agency realised the sum of N2.983bn from payment on demand notices from property owners, who were being assessed based on their turnover, and that 653 of 2,672 property owners had starting filing now.
From enforcement, Fowler said the FIRS had collected a total of N47.5bn from 2016 till date and $32.8m, £5.9m, netted N225bn from audit, and collected more than N1tn above its January to August collection for last year.
He stated that Value Added Tax receipt was on a steady increase, adding, “So far in 2018, the FIRS has collected N773.49bn in eight months. The above collected this year has already surpassed that of 2015 (N767.33bn), and is set to surpass that of 2016 (N828.19bn) and 2017 (N972.30bn) with four more collection months left in the year.
“E-stamp duties’ collection is on a steady increase. So far in 2018, the FIRS has collected N10.10bn in eight months. The above collected this year has already surpassed that of 2017 (N10.9bn), 2016 (N5.6bn), and 2015 (N7.1bn)”, Fowler said.
(Punch)
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