FIRS generates N1.78tn in six months

The Federal Inland Revenue Service, collected a total sum of N1.782tn in tax revenue between January and July this year.

The figure represents an increase in tax revenue of N224.14bn when compared to the N1.558tn collected in the same period in 2016.

The Executive Chairman, FIRS, Mr Tunde Fowler, said, defending the budget of the agency before the Senate Committee on Finance in Abuja.

He also projected raising the current N828bn annual Value Added Tax collection to N1.8tn this year, representing over 125 per cent increase.

The FIRS boss said, the agency also set tax revenue targets for 2017 based on the Federal Government’s 2016-2018 Medium Term Revenue Framework amounting to N4.89tn.

Fowler said the FIRS budget was focused on the capacity to increase VAT and other non-oil revenues.

UCJ, UNILORIN