{"id":12263,"date":"2017-04-11T13:10:17","date_gmt":"2017-04-11T12:10:17","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=12263"},"modified":"2017-04-11T13:10:17","modified_gmt":"2017-04-11T12:10:17","slug":"how-firs-nets-n3-303trn-revenue-in-2016-%e2%80%95fowler","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/how-firs-nets-n3-303trn-revenue-in-2016-%e2%80%95fowler\/","title":{"rendered":"How FIRS nets N3.303trn revenue in 2016 \u2015Fowler"},"content":{"rendered":"

Despite crude oil prices selling below $50 per barrel most of the year, Federal Inland Revenue Service (FIRS) was able to generate N3.303 trillion by the end of 2016.<\/p>\n

Executive Chairman of FIRS, Mr Tunde Fowler who disclosed this at the opening of a five-day journalism training on taxation in Abuja on Monday said it happened because of certain innovations introduced into the national tax administration.<\/p>\n

FIRS made \u201ca N3.303 trillion collections in a challenged economy in a year when oil prices dropped less than $50 dollars a barrel for over nine months and when the value of stocks on the Nigerian Stock Exchange (NSE) slid and purchasing power was slim. The average oil price was about $100 dollars per barrel between 2012 and 2015.\u201d<\/p>\n

Towards attaining the mandate to generate revenues for sustainable development, Fowler said his office embarked upon 12 key points.<\/p>\n

Some of them include introducing waiver of interest and penalty as part of the efforts of the Service to promote voluntary compliance and shield taxpayers from the burden of carrying forward tax liabilities that rose from penalty and interest.<\/p>\n

\u201cFIRS successfully implemented a waiver of interest and penalty for three years (2013 to 2015). The Service, by this entirely new idea has so far realized N27 billion,\u201d the Chairman stated.<\/p>\n

There is also an ongoing expansion of the tax net through a massive nationwide registration exercise of new taxpayers.<\/p>\n

\u201cThe result is the registration of 814, 000 additional taxpayers by December 2016 by FIRS and 3.4 million taxpayers by State Internal Revenue Services (SIRSs). By December last year, Nigeria has a National Tax Roll of 14 million.\u201d<\/p>

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Fowler also narrated how FIRS has eased tax payment procedure by asking taxpayers to file their tax returns at the FIRS offices nearest to them.<\/p>\n

In addition, there is an improved collaboration with the office of the Accountant-General of the Federation to ensure that MDAs remit taxes such as Withholding Tax (WHT) Value Added Tax (VAT) promptly through the Government Integrated Financial Management Information System (GIFMIS).<\/p>\n

\u201cTo engage and sensitise taxpayers, the FIRS established the Federal Enlightenment and Engagement Tax Teams (FEETT) to engage and enlighten taxpayers nationwide.<\/p>\n

The FIRS boss explained that the training will look at a range of topics like what taxation is about, types of taxes, basic principles of taxation, policies, and FIRS reforms as well as issues in tax reporting and FIRS online.<\/p>\n

Fowler said the programme would increase participants\u2019 understanding of the journalist and the press; increase your understanding of taxation and FIRS; increase participant\u2019s skills to educate the nation and improve tax collection; chart a path for increased mutually beneficial relations between FIRS and the media and ultimately increase communication of taxation in Nigeria.<\/p>\n

Culled from Nigerian Tribune.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite crude oil prices selling below $50 per barrel most of the year, Federal Inland Revenue Service (FIRS) was able to generate N3.303 trillion by the end of 2016. Executive Chairman of FIRS, Mr Tunde Fowler who disclosed this at the opening of a five-day journalism training on taxation in Abuja on Monday said it …<\/p>\n","protected":false},"author":11,"featured_media":12264,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[608],"coauthors":[2392,2393],"class_list":["post-12263","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-firs"],"yoast_head":"\nHow FIRS nets N3.303trn revenue in 2016 \u2015Fowler - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/how-firs-nets-n3-303trn-revenue-in-2016-\u2015fowler\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How FIRS nets N3.303trn revenue in 2016 \u2015Fowler - National Wire\" \/>\n<meta property=\"og:description\" content=\"Despite crude oil prices selling below $50 per barrel most of the year, Federal Inland Revenue Service (FIRS) was able to generate N3.303 trillion by the end of 2016. 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