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BUSINESS & ECONOMYCOVERNEWSLETTER

FIRS Tax Income Up by 21.7% to N4trillion in 2017

The Federal Inland Revenue Service, FIRS, in 2017 collected the sum of N4 trillion as tax income, which is a surge of N720 billion or 21.7 per cent from N3.3 trillion it collected in 2016.

Executive Chairman of the FIRS, Babatunde Fowler, who revealed this during a courtesy visit to the Palace of Oba of Lagos State, Rilwan Babatunde Akiolu, stated that the agency enjoyed the support of Lagos State government and other government Ministries, Departments and Agencies (MDAs) in the collection of the tax.

“Just to put it on record, with the support of the finance committee of the Senate, and House of Representatives, we were able to cross the N4 trillion tax collection for the financial year ended 2017,Fowler said.

“This is an increase of about 21.7 per cent over the 2016 figure. In 2016, we were able to generate N3.3 trillion,” he said.

He noted that for the country to move forward, key stakeholders in tax collection must be on board.

He explained that performance of FIRS also determines the amount of revenue the three tiers of government shared on monthly basis.

Fowler further explained that the visit was meant to commemorate the commencement of the annual stakeholders’ retreat organised by the tax collection agency.

 

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