{"id":35908,"date":"2019-11-06T10:08:37","date_gmt":"2019-11-06T09:08:37","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=35908"},"modified":"2019-11-06T10:08:37","modified_gmt":"2019-11-06T09:08:37","slug":"firs-targets-80-non-oil-sector-revenue","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/firs-targets-80-non-oil-sector-revenue\/","title":{"rendered":"FIRS Targets 80% Non-Oil Sector Revenue"},"content":{"rendered":"

The Federal Inland Revenue Service (FIRS) has predicted that non-oil sector will contribute 80 per cent of Nigeria\u2019s revenue in the next three years.<\/p>\n

FIRS Head of\u00a0 Communications and Servicom Department,\u00a0 Mr Wahab Gbadamosi,\u00a0 made this known in a statement issued in Abuja on Tuesday<\/p>\n

According to Gbadamosi, the executive chairman of the service, Mr Tunde Fowler expressed the optimism\u00a0 at the Nigeria-Canada Investment Summit held in Abuja.<\/p>\n

He explained that the non-oil sector\u2019s contribution to the Nigerian economy would rise to 60 per cent by November 2019 from 54 per cent in December 2018.<\/p>\n

The FIRS boss also noted that the continuous drop in oil prices had shifted attention to non-oil sector of the economy which he said was more sustainable.<\/p>\n

The spokesperson quoted Fowlwer as saying \u201cwe are moving from oil dependent to non-oil dependent economy. We believe that in the next three years, the non-oil sector is going to contribute at least 80 per cent of the total revenue.<\/p>\n

\u201cYou may ask where is that going to come from. It is going to come from agriculture,\u201d, he said.<\/p>\n

He identified auto Value Added Tax (VAT) collection as one of the strategies adopted to improve revenue.<\/p>\n

\u201cThere is automation of VAT collection in key sectors which facilitates reduction in compliance cost in the long term, there is system to system integration between banks and FIRS.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cVAT collection in the banking sector went live in January 2017 and from January to October, 2019, N25.6 billion had been collected so far.<\/p>\n

\u201cVAT collection in the Cable TV sector went live in December, 2018 and generated N5.1 billion so far from January to October 18, 2019.<\/p>\n

\u201cIntegrated Tax Administration System (ITAS) project is a sort of programme that enables the automation of FIRS tax processes.<\/p>\n

\u201cAs part of the Service\u2019s objectives to bring high-level efficiency to tax revenue collection and provide first class services to taxpayers, ITAS project introduced SIGTAS, a solution that covers all aspects of tax administration in one integrated system.<\/p>\n

\u201cGovernment Information Financial Management Information Syste (GIFMIS) is an interface linking FIRS to the Office of the Accountant\u2013 General of the Federation (OAGF) for real-time exchange of information and data.<\/p>\n

\u201cState Offices of Accountant-General Platform (SAG) Automates the deduction at source and remittance of VAT from State governments contract payments directly to FIRS\u2019s account and so far, N13 billion has been collected,\u201d he said.<\/p>\n

He said the deployment on online solutions had made tax administration more efficient, transparent and convenient.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Inland Revenue Service (FIRS) has predicted that non-oil sector will contribute 80 per cent of Nigeria\u2019s revenue in the next three years.<\/p>\n","protected":false},"author":6,"featured_media":31762,"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":[17],"tags":[608],"coauthors":[2391],"class_list":["post-35908","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-firs"],"yoast_head":"\nFIRS Targets 80% Non-Oil Sector Revenue - 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\/firs-targets-80-non-oil-sector-revenue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FIRS Targets 80% Non-Oil Sector Revenue - 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