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How FIRS Plans To Realise Its Revenue Target -Fowler

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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.

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Decimated Hezbollah says it is ready for cease-fire talks with Israel

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Hezbollah said Tuesday it is now ready to engage in cease-fire talks with Israel, after suffering serious blows to its leadership and ranks in recent months.

The terror group in Lebanon made the announcement after firing more than 100 rockets at the Jewish state hours earlier.

Hezbollah’s deputy secretary general, Naim Qassem, publicly endorsed a truce with Israel, the first such time the terror group has proposed a cease-fire not conditioned on the war in Gaza.

“We support the political efforts led by [Lebanese Parliament Speaker Nabih] Berri under the banner of achieving a cease-fire,” Qassem said, according to a CNN translation.

“Once the cease-fire is firmly established and diplomacy can reach it, all other details will be discussed and decisions will be made collaboratively,” he added.

Qassem’s announcement came within hours of a massive barrage that sent more than 100 missiles soaring from Lebanon at Israel’s northern city of Haifa, the third-largest metropolis in the Jewish state.

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Davido, Wizkid’s Songs Aren’t Selling Again, They Are Using Controversy To Stay Relevant’ – Portable

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Controversial Nigerian singer, Habeeb Okikiola, better known as Portable, has reacted to the ongoing feud between his colleagues Davido and Wizkid.

We reported that Wizkid reignited the long-standing beef with Davido on his X page, marking their second major online spat in 2024.

Wizkid, who labelled Davido ‘wack with no talent,’ also threw tantrums at the singer’s family, including his uncle, Governor Ademola Adeleke.

In a series of Instagram posts on Wednesday evening, Portable criticized both artistes, claiming their songs no longer sell and are using controversy for music promotion.

The ‘Zazzu Zeh’ hitmaker also said he is now more relevant and celebrated than Davido and Wizkid. However, the claims starkly contrast with the current happenings in the music scene.

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Breaking: CJN Kekere-Ekun Issues First Warning after Swearing-in

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The newly-inaugurated Chief Justice of Nigeria (CJN), Justice Kudirat Motomori Olatokunbo Kekere-Ekun, vowed on Monday in Abuja that obedience to court orders will not be negotiable under her watch.

She said that no individual or institution, irrespective of their standing, would be permitted to treat judgments of the court with levity or disregard.

The CJN spoke on the occasion of the commencement of the 2024/2025 legal year and the inauguration of the 87 new Senior Advocates of Nigeria (SANs) held at the Supreme Court.

Justice Kekere-Ekun stated that the judiciary stands resolute in ensuring that the sanctity of legal decisions is upheld in line with the rule of law.

To achieve this new narrative, the CJN canvassed that all hands must be on deck in fostering an unwavering commitment to the full enthronement of the rule of law.

“Disobedience to court orders or non-compliance with judicial directives is a direct affront to democracy and an invitation to anarchy.

“As such, it is critical that we respect and observe all the features of an enduring democracy, for in doing so, we maintain the delicate balance that sustains our society.”

“Let us, therefore, work together collectively and tirelessly to ensure that Nigeria continues to abide by the rule of law, upholds the best democratic practices, and remains vigilant in the protection of citizens’ rights.

“The rights of every Nigerian must be valiantly safeguarded against oppression and impunity, utilizing the full array of legal instruments at our disposal.”

Maintaining that a new dawn and a new era in the Nigerian judiciary has come with her appointment, Justice Kekere-Ekun assured Nigerians of her commitment to work diligently to improve public perception of the judiciary.

According to her, “Over the years, various factors have contributed to the negative image of the judiciary. However, we are determined to change the narrative and make the judiciary a source of pride for all Nigerians.”

“When the legal compass of a nation falters, everything suffers, including public and international perception.”

“The attitude of some of us in the justice sector is sometimes less than salutary, and that has contributed to the current image deficit of the country’s legal system.”

The CJN condemned the forum shopping by some lawyers, which she claimed has led to the emergence of conflicting orders by courts of coordinated jurisdiction.

To address this ugly trend, the CJN vowed that there will be consequences for any act of indiscretion that could bring the judiciary to disrepute

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