FIRS Generates N27bn from Tax Waivers, Registers 814,000 New Taxpayers

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  • FIRS Generates N27bn from Tax Waivers, Registers 814,000 New Taxpayers

The Federal Inland Revenue Service (FIRS) has garnered a total of N27.086 billion since it introduced its tax waiver on penalty and interest programme.

It also captured 814,000 new taxpayers in its register.

The Executive Chairman of FIRS, Mr. Tunde Fowler made the disclosures in Abuja yesterday when he played host to the House of Representatives Committee on Finance.

The tax waiver programme was initiated to make tax defaulters regularise their relationship with the FIRS.

A statement issued by FIRS’ Head of Communications and Servicom Department, Mr. by Wahab Gbadamosi said Fowler, who spoke in Abuja during the oversight visit by the House Committee noted that the sum of N27.086 billion was from the tax waiver programme arising from the payment of a minimum of 25 per cent of the principal of outstanding tax liabilities between 2013 and 2015 as well as the continued payment of agreed instalments.

The FIRS’ chief executive added that more revenue was expected from instalmental payments of the principal.

No fewer than 2,735 taxpayers applied under the tax waiver programme.

His words: “The aggregate tax revenue collection for the year 2016 amounted to N3.307 trillion which translates to 79 percent of the government target of N4.200 trillion.”

FIRS had in 2016 given a 45-day window for taxpayers owing tax liabilities (including interest and penalty for 2013-2015) to come forward and pay a minimum of 25 per cent of the actual liabilities and spread the balance.

The House Committee was tuesday told that FIRS implemented a nationwide tax registration drive in 2016 to bring additional taxpayers into the tax net.

“We were able to bring in additional 814, 000 corporate taxpayers, exceeding our target of 500, 000 previously unregistered taxpayers. This was achieved through nationwide taxpayer registration drive, taxpayer engagement and enlightenment.

“We established the Federal Engagement and Enlightenment Tax Teams (FEETT) ran campaigns on television and radio in five languages. We are collaborating with Ministries, Departments and Agencies, MDAs on several fronts. With State Internal Revenue Service (SIRS), we are collaborating on engagement, education and tax audit. We signed a Memorandum of Understanding (MoU) with them,” Fowler stated.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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