The Federal Inland Revenue Service (FIRS) has said it targets to surpass the N5.32 trillion generated as revenue for 2018.
This was disclosed by the Chairman of the agency, Babatunde Fowler, on Tuesday while speaking at a forum organised by the Nigerian-German Business Association in collaboration with The Nation in Lagos.
While presenting a paper titled: “The imperatives of regulatory processes, procedures and compliance in the Nigerian business sector” the FIRS boss stated that the agency realised N1.6 trillion between January and March.
Fowler who was represented by a FIRS Deputy Director, Sunday Okeowo, added that the Service for the first time crossed the N1 trillion threshold in Value Added Tax (VAT) collection in 2018. Another achievement was the e-stamp duties collection, which is also on a steady increase, with a collection of N15.66 billion last year.
He said, “Year on year, with the exception of the year 2016, the collection performance of the FIRS grew by an average of 21per cent for the four year period.”
He added that technological initiatives introduced by FIRS in delivering taxpayers services such as e-payment channel, e-receipt among others have contributed immensely to tax collection.