The Federal Inland Revenue Service (FIRS) has given itself a target to generate N8tn revenue in 2019. As such, it called on all taxpayers and other stakeholders to support the drive in order to make the target achievable. The Chairman, of the FIRS, Mr. Tunde Fowler, disclosed this at the organisation’s 2019 management and stakeholders’ retreat, with the theme: ‘Parliamentary support for effective taxation of the digital economy,’. The retreat was held in Lagos on Monday, 7 January 2019. During the retreat, the FIRS set the new target of N8tn after it collected the country’s highest annual revenue of N5.32tn in 2018. Mr. Fowler disclosed that prior to 2018, the highest revenue figure ever attained by the FIRS was N5.07tn, which it generated in 2012.The FIRS’ generation of N5.32tn, he noted, was remarkable, given that it was achieved at a period when oil prices averaged $70 per barrel compared with the period between 2010 and 2013 when oil price was at an average of $100 to $120 per barrel. From this report, business owners and taxpayers can expect renewed and enforced tax compliance from the revenue service.
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