FIRS collects N251b education tax for TETFund
The Federal Inland Revenue Service (FIRS), yesterday said, it had collected N251 billion worth of Education Tax (EDT) as at October this year for the Tertiary Education Trust Fund (TETFund) to build capacity and infrastructure in Nigeria’s tertiary education system.
The Executive Chairman, Muhammad Nami, made the disclosure at the TETFund/FIRS 2020 joint interactive forum, with the theme, “New thrust in sustaining the EDT collection during COVID-19 pandemic for effective service delivery of the mandate of the fund”, in Lagos.
He said despite the challenges posed by the virus, the service improved on last year’s N214 billion collection.
To enhance tax revenue nationwide, Nami said his organisation was working on initiatives to harness potentials in mining industry and e-commerce, as well as close gaps in incentives regime, fiscalisation and technology-driven collection and data mining.
Chairman, Board of Trustees, TETFund, Kashim Ibrahim Imam, while responding to clamour by stakeholders to increase the EDT from two per cent, said the establishment had settled for five per cent.