The Federal Inland Revenue Service (FIRS) is optimistic about meeting its N12 trillion revenue target for the year, with N8.5 trillion realized as of mid-September.
Saidatu Yero, Director, Taxpayer Services, FIRS, made this statement yesterday at a sensitization session hosted by the Lagos Mainland West Region of the Service. The program’s main focus was on the Finance Act as a tax administration innovation, but other topics were also covered.
According to her, revenue collection has improved as a result of the service’s recent fiscal reform, which has altered the perception of Nigeria’s tax administration.
She reiterated the service’s pledge to implement numerous fiscal reforms in order to raise the nation’s tax rate to GDP from 16.5 percent, which is currently Africa’s average, to 18 percent in the following three years.
The FIRS chairman explained the goal of the event by saying that taxpayers need to be kept informed, sensitized, engaged, and educated in order for them to understand their tax obligations and rights.
Toluwalese Akpomedaye, the FIRS State Coordinator for Lagos Mainland West, explained that the purpose of the sensitization was to inform stakeholders about the latest innovations implemented by the FIRS management to simplify operations for taxpayers. These innovations include the ability to pay taxes that are due, obtain tax clearance certificates without undue stress, and allow tax clearance certificates to be issued with minimal human intervention.
Its recent operational changes are difficult for taxpayers to understand, thus she said the move was taken to educate them. She reaffirmed that the FIRS is prepared to help companies and sectors achieve their goals, particularly in terms of economic growth and nation-building.
Speaking on ‘Finance Act as an Innovation to the Nigerian Tax System’ a tax expert, Temidayo Orebajo, gave an update on the Finance Act 2023 policy direction and the journey so far as well as the transitional issues and effective dates, including relevant amendments of the tax laws.
