News
How FIRS Plans To Realise Its Revenue Target -Fowler
The Federal Inland Revenue Service (FIRS) says it plans to realize its revenue target for the year through recoveries from defaulting millionaire taxpayers, values added (VAT) and compliance enforcement activities.
The Chairman of FIRS, Tunde Fowler, said in January that the agency’s revenue collection target for 2019 was about N8 trillion.
Mr Fowler told the House of Representatives joint committees on Finance, Appropriations, Aids, Loans and Debt Management Legislative Budget and Research and National Planning and Economic Development that he hopes about N750bn would be realized from about 55,000 defaulting taxpayers during the year.
Mr Fowler, who spoke on the 2019/2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), said using banking information to bring non-compliant taxpayers with N1 billion and above turnover to comply about N23.25 billion has been recovered so far.
He also restated that 85% of VAT collected goes to State Governments. He said the exercise has been extended to cover those with turnover of N100 million and above.
“To date, about 500 of the tax defaulters have come forward and have paid about N24 billion. We believe we should be able to go through the 55,000 before the middle of this year.
“In terms of estimates we should be able to be able to generate from this exercise alone about N750 billion.”
Besides, Mr Fowler said the FIRS also expects that the increase in Value Added Tax (VAT) collection between 2015 and 2018 will continue during the year.
He said FIRS is already broadening its VAT collection scope with the adoption of States Accountants Generals (SAG) collection platform, VAT Auto-Collect, integration of the GIFMIS platform with Ministries, Departments and Agencies, (MDAs) and through e-Service payment options.
Out of about N5.3 trillion, a large percentage of the revenue is shared between states and local governments.’ In VAT, there has been a growth of over 44 per cent between 2015 and 2018 at the current rate of 5 percent.
“When you look at Africa as a continent, Nigeria still has the lowest VAT rate. When we look at the items that do not attract VAT, they include basic food items, medicals, and education.
Insisting VAT is not for the poor, Mr Fowler said if one is able to go to a restaurant to eat and drink the same thing one can buy in the open market, then one can pay VAT.
“So, VAT basically is a consumption tax, and those who choose not to go to the open market to buy their food and cook at home are subject to VAT. So, VAT is not a hardship on the low income earners.
“For those who have the ability and the desire to take the choice of going to areas where they have to pay VAT, then they should be allowed to pay VAT,” he added. He said revenue collection by FIRS increased by about 32 per cent from N4.02 trillion in 2017 to N5.3 trillion in 2018.
The FIRS Chairman told the committee that through enforcement activities in respect of defaulting taxpayers from various tax offices, tax audit and investigation assessments, the agency recovered about N28. 51 billion and $77. 83 million.
Also, the FIRS is partnering with the Economic and Financial Crimes Commission (EFCC) and Joint Tax Force (JTF) since 2018 to enhance the fight against tax related economic fraud. As at December 2018, he said about N6. 94 billion and $278,430 had been recovered by the JTF as part of initiatives to boost revenue generation.
To deepen tax revenue collection and expand the nation’s tax net as well as increase the revenue base, Mr Fowler said the FIRS also initiated income tax on property owners in Abuja and Lagos.
He said the initiative, which was initially targeted at property owners in Abuja and Lagos, has so far yielded N4.3 billion, and is being extended to other locations like Oyo and Kaduna states.
“It is important to note that this is not a property tax, but rather the use of the provisions of the law to bring into the tax net companies that own properties but failed to file necessary tax returns and pay appropriate taxes due,” Mr Fowler said.
On tax audit exercise of the Service, the FIRS boss said this will cover both the National Tax Audit (NTA) and the Pioneer Audit (PA). The NTA exercise contributed the sum of N212.79 billion to tax collection in 2018.
Home
“Political Hushpuppi” Ugochinyere is one of PDP’s aberrations, he is only cashing out – Wike’s Aide
Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), Nyesom Wike, has described House of Representatives member from Ideato North and South Federal Constituency of Imo State, Imo Ugochinyere Ikeagwuonu, as a “political hushpuppi” who was produced by part of the aberrations in the People’s Democratic Party (PDP) that must be made to stop.
Olayinka, who told Ugochinyere to “stop going about masturbating about anything Wike,” admonished him to face the reason for which he was elected into the House of Representatives so that his constituents will stop seeing him as a failure and consistently passing votes of no confidence against him.
While featuring on Channels TV’s Politics Today on Friday, Ugochinyere, had said that the FCT Minister and other G5 Governors like Governor Seyi Makinde of Oyo State, former governors Samuel Ortom (Benue), Ifeanyi Ugwuanyi (Enugu) and Okezie Ikpeazu (Abia) were determined to destroy the Peoples Democratic Party (PDP).
However, in a statement in Abuja on Saturday, Olayinka said; “This is one of the things you get when people who joined the PDP today are awarded the ticket of the party tomorrow morning. If not for the aberration in the PDP that produced a character like Ugochinyere, someone who only joined the party in 2022 won’t be the one to lecture us about who is loyal to the party and who’s not.
“If PDP had functioned properly, would a ‘political hushpuppi’ like Ugochinyere have gotten the party’s ticket while still in another party? Even till today, as a PDP Rep member, Ugochinyere is still holding on to his Action Peoples Party (APP), using it to cash-out in Rivers State.
“Therefore, we on this side are not bothered because we understand why Ugochinyere must now mount the podium and accuse Wike of playing childish and kindergarten politics. He must satisfy those feeding him from the resources of Rivers State.”
While mocking Ugochinyere for always having an organization to speak for to carry out his political hustle, Olayinka said; “In saner climes, such character would have been arrested, tried and jailed for impersonation.
“When he got to the House of Representatives and there was no title under which his political hushpuppism would continue, he awarded to himself a non-existing title of ‘Spokesperson of Opposition Lawmakers Coalition in the 10th National Assembly,’ claiming to have been so appointed by the Coalition of United Political Parties (CUPP).
“But the questions are, is CUPP a political party with members in the House of Representatives? Where and when was CUPP registered? Apart from the positions of Minority Leader, Deputy Minority Leader, Minority Whip and Deputy Minority Whip, is there anything like spokesperson of opposition lawmakers in the National Assembly?
“Being a political hustler that he has always been, Ugochinyere, knew that he will be contravening the rules of the National Assembly by allocating to himself, a non-existing position, but he just must have a title to keep his hustle going, and indeed, it has been booming.
“Impersonating as spokesperson of opposition lawmakers in the House of Representatives, Ugochinyere has been cashing out in Rivers State in particular. If he is not using his former party, APP, to cash-out, he will be using his amorphous opposition lawmakers to chop from inside the Rivers.”
Celebrities
BBNaija: No Regret Saying No To Frodd – Esther
Former housemate in the Big Brother Naija, Pepper Dem edition, Esther Agunbiade, told Entertainment Jamboree that she did not regret saying no to Frodd when he asked her out.
According to Esther, she said, in as much as I am very happy for Frodd, I did not regret turning him down when he asked me out then. Frodd needed me so seriously when we were in the house, but I declined it. He thought it would be more easier for him after we left the house. After the show, I maintained my stance by telling him that I am not interested. I cherished how he hustle his way to be successful in life, because he is successful with happy family too. However, there’s no regret at all turning him down, because my man is also a successful business man.
News
Nigerian Woman Laments As Caucasian Widowed Neighbor Plans To Marry Her Visiting Mother
A Nigerian woman in the UK has raised concerns as her mother, who initially came to assist with her newborn, is now preparing to marry a widowed Caucasian neighbor.
The woman shared her story in a detailed statement online, expressing her dilemma over her mother’s intentions.
“My mother met my widowed neighbor. This man is very different from my father; he brings her flowers, organizes picnics, writes her love letters, and even joins us for church”.
He’s been teaching her to read, and his children are happy their father has someone special in his life again. My mother has stopped taking my father’s calls and says she’s no longer planning to return.”
“Now, I’m in a dilemma. The neighbor has hired an immigration lawyer, and he wants to marry my mother.”
- Nigerian woman in UK seeks advice after her mother, visiting to help with newborn, falls in love with caucasian widowed neighbor and considers marriage.
-
News9 months ago
Hardship: We Plan To Establish A National Commodity Board To Crash Food Prices – VP Shettima
-
News7 years ago
Blog Reader; Samson Osagiede Celebrates Fiancè Benedicta Daniels’s Birthday With Sweet Words
-
Home8 years ago
News Channel claims Donald Trump is an orphan from Pakistan,share alleged childhood photo
-
Home8 years ago
Oil Spillage: House of Reps Member Shares Photos of the Water her Constituents Drink .
-
Home8 years ago
Another $175m Found in Patience Jonathan’s wife’s firm’s Bank Account
-
Home8 years ago
Zara Buhari & Ahmed Indimi’s Wedding Access Card
-
News6 years ago
The Best Video You’ve Seen Today?
-
Sport6 years ago
Modric, Marta Wins 2018 FIFA Best Player Of The Year Awards ⚽️