The Federal Inland Revenue
Service (FIRS) says it is targeting a revenue of N4.9 trillion in 2016. The
chairman of FIRS, Tunde Fowler, disclosed this on Monday at the opening of the
134th Joint Tax Board meeting in Kano. He assured that 80 per cent of the
targeted amount would be collected before the end of the year.
“It is a known fact that once the
oil price drops, the revenue from the sector will drop. So, our mandate now is
to ensure increase in the non-oil revenue to ensure stability in the entire
system,’’ Mr. Fowler said.
He said the meeting would address
challenges militating against effective tax administration in the country. He
also recalled that the Inspector-General of Police, Solomon Arase, had
dismantled all road blocks across the country as part of efforts to check
indiscriminate and multiple tax payment.
“The meeting will also review all
the existing tax laws with a view to ensuring their effective implementation
for great result,’’ he said.