Fed Govt targets N1.8tr from VAT

The Federal Inland Revenue Service (FIRS) is projecting N1.8 trillion Value Added Tax (VAT) collection for the 2017 fiscal year.

FIRS Executive Chairman Tunde Fowler announced this yesterday in his 2017 budget presentation…

before the Senate Committee on Finance.

The FIRS boss told the committee that the budget focused on capacity to increase VAT and other non-oil revenue.

He noted that principally, VAT is expected to grow from an actual of N828 billion to a budget of N1.8 trillion which is over 125 per cent increase.

He also told the committee that the achievement of the 2017 budget will be driven by VAT collection.