FIRS forces 700,000 firms to pay tax - 9JAOlofofo | Nigeia #1 gossip site.

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Saturday, 24 September 2016

FIRS forces 700,000 firms to pay tax

The Federal Government has3 hunted down 700,000 firms that have never paid taxes as it seeks new revenue sources to offset low oil prices that have pushed the country into its first recession in more than 20 years.
The Executive Chairman, Federal Inland Revenue Service, Tunde Fowler, said in an interview with Reutersthat he also expected 10 million individuals to be discovered by December and made to pay taxes for the first time.
Nigeria slid into recession in the second quarter and militant attacks on oil facilities in the Niger Delta region have cut crude production, which provides 70 per cent of government revenues, by around a third.
Planned loan deals with foreign lenders have yet to materialise, prompting the President of the Senate, Bukola Saraki, to speak of an “economic emergency.”
The government, struggling to fund a record N6.06tn budget that aims to stimulate growth by tripling capital expenditure, set for the FIRS a target of raising N4.95tn in taxes this year, up from N3.73tn in 2015.
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