Federal Inland Revenue Service (FIRS) has expressed optimism about achieving its N12 trillion revenue target

The Federal Inland Revenue Service (FIRS) has expressed optimism about achieving its N12 trillion revenue target for the year, having realised N8.5 trillion as of mid-September.

Director, Taxpayer Services, FIRS, Saidatu Yero, said this yesterday, during a sensitisation programme organised by the Service’s Lagos Mainland West Region, with a focus on the Finance Act as an innovation in tax administration and other issues were discussed.

She said the recent fiscal reform embarked on by the service, which has changed the narrative of the tax administration in Nigeria has led to improvement in revenue collection.

She restated the service’s commitment to raising the country’s tax ratio to gross domestic product (GDP) to 16.5 per cent, which is Africa’s average and subsequently 18 per cent in the next three years through its various fiscal reforms.

On the purpose of the event, the FIRS chief said if taxpayers must understand their tax obligations and rights, it was imperative to keep them informed, sensitised, engaged and educated.

FIRS State Coordinator, Lagos Mainland West, Toluwalese Akpomedaye, said the sensitisation was to accord stakeholders the recent innovations introduced by the FIRS management in making operations easier for taxpayers, such as paying taxes due, obtaining tax clearance certificates without stress and allowing tax clearance certificate issued with little human interference.

She said the move was made to educate taxpayers, who struggle to understand the recent changes in its operations. She affirmed the FIRS’ readiness to assist businesses and industries realise their purpose and objectives, especially in nation-building and economic growth.

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.