FIRS collected N4.178trn from January to October 2020 ― Nami

24 Nov FIRS collected N4.178trn from January to October 2020 ― Nami

The Federal Inland Revenue Service (FIRS) collected N4.178 trillion in the first 10 months of 2020, according to its executive Chairman, Muhammad Nami.

According to him, the N4.178 trillion represents 98 per cent of prorated revenue target of N4.230 trillion for the period.

He explained that for the entire 2020, revenue target for the service was put at N5.776 trillion adding that but for the tax palliative granted to small businesses during the period, FIRS would have fully met and probably surpassed its target.

He said that some of the innovations which the service embarked upon in the last one year since he was appointed like deploying adequate information and communication technological tools, segmenting taxpayers into micro &small, medium and large as well as working closely with stakeholders such as tax agents, Federal Ministry of Finance and National Assembly.

He added that FIRS also took a collection of indirect taxes like value-added tax and stamp duties very seriously during the period.

As a result of these, he noted, FIRS contributed almost 70 per cent or over N300 billion into the Federation Account distributed monthly at the federation account allocation and committee (FAAC) in October out of the total of over N600 billion.