The Federal Inland Revenue Service (FIRS) has reported that it generated N4.3 trillion as tax revenue between January and October this year.
FIRS Executive Chairman, Babatunde Fowler, who disclosed this during the “Federal Inland Revenue Service Special Day” at the just concluded Lagos International Trade Fair held at Tafawa Balewa Square expressed optimism that the service would meet up with its 2018 revenue target before the end of the year.
Represented by Mrs Angel Fadahunsi, FIRS South West Head, Federal Engagement and Enlightenment Tax Team, Fowler stated, “I am pleased to inform you today that the FIRS has recorded remarkable performance in terms of revenue collection this year.
“For instance, as at October 31st, our collection was N4.3 trillion and we believe we have the potential to meet our assigned target at the end of the year.
“We realised that this performance would not have been possible but for the present administration’s policy of expanding the nation’s tax base and blocking revenue leakages,” he said.
According to him, the agency focused its attention on businesses with over a billion naira in annual turnover without any record of commensurate payment of tax obligations to boost its revenue performance, adding that 6000 of such companies had been identified and contacted by the service leveraging on various data sources.
” We will continue to focus on recovering all such revenues due to the Federal Government and the people of Nigeria.
” We encourage the business community and all well-meaning citizens to continue to partner with us to ensure that defaulters are traced and face the consequences while compliant businesses receive all the support they require,” he added.