Sign in
Sign in
Recover your password.
A password will be e-mailed to you.
The Senate on Wednesday approved a budget of N168,809,476,220 for the Federal Inland Revenue Service (FIRS) for the 2020 fiscal year.
The approval came following the consideration of a report by the Senate Committee on Finance.
Chairman of the Committee, Senator Solomon Olamilekan Adeola (APC – Lagos West) gave the breakdown of the FIRS Budget approval as: N1.56 trillion projected for oil revenue; N4.502 trillion for non-oil revenue; N180.086 billion projected for four percent cost of collection; N11.279 billion for two percent cost of collection ceded to the Nigeria Customs Service; N168.80 net projected four percent cost of collection and Value Added Tax (VAT) at 7.5 percent.
The Senate, while adopting the recommendations of the Committee, called for the digitization of all processes in the administration of tax in FIRS, so as to bring the Service up-to-speed with rapidly increasing online economic activities.
The upper chamber also approved a one-off special-purpose intervention fund to the tune of N100 billion to assist the FIRS to complete its head office within 12 months; six (6) Training Schools; 30 Prototype Tax Operations Office; Purpose-built facilities for efficient taxation of Upstream Petroleum Industry and ICT Infrastructure to identify and track digital transactions.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
Comments are closed.