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FIRS seeks states’ support on N8.5 trillion revenue target

FIRS seeks states’ support on N8.5 trillion revenue target

The Federal Inland Revenue Service (FIRS) has solicited the support of the 36 states of the federation in its effort to meet its revenue target of N8.5 trillion this fiscal year. The Executive Chairman of FIRS, Mohammed Nami, made the appeal in Ogun State at the ongoing national tour of the agency’s management to the six geo-political zones to sensitise taxpayers on the 2019 Finance Act. Nami explained that if the agency succeeded in meeting the target, more distributions would come back to the states and local governments as monthly allocations, and by implication, help them to execute their public infrastructure projects, among other derivable benefits.
The tax administrator, therefore, urged Gov. Dapo Abiodun of Ogun State to work closely with FIRS to ensure prompt collection and timely remittance of Withholding Tax (WHT) and Value Added Tax (VAT) on contracts, Company Income Tax (CIT), Stamp Duty, among others, to the federation account.  He pointed out that FIRS was now the agency tasked with the responsibility of collecting Stamp Duty on behalf of the Federal Government. In his remarks, Gov. Abiodun assured the FIRS boss that, “Ogun State would be found a worthy partner of the FIRS in achieving the service’s revenue target.”
The governor also spoke on some of the reforms which his administration had implemented towards making Ogun State the investment destination of choice based on what he called the state’s “push factor” in relation to its proximity to Lagos State.
He solicited improved collaboration with the FIRS in the area of VAT attribution or derivation with a view to making it possible for the state to get its due from federation allocations.
Specifically, the governor pointed out that Ogun State was losing substantial federal allocation to Lagos as “many companies which headquarters are in Lagos have their factories in Ogun State where their wholesale distribution sales are carried out, but the VAT is attributed to Lagos.

Source: https://www.dailytrust.com.ng/firs-seeks-states-support-on-n8-5-trillion-revenue-target.html