How we raised N500b tax revenue for FAAC in June, by FIRS boss, Fowler

Chairman, Joint Tax Board (JTB) and Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has explained how the Federal Government raised over N500 billion allocated by the Federal Accounts Allocation Committee (FAAC) in June.

Fowler, who said it was the first time in 2016 that the Federal Government shared over N500 billion among the three tiers of government, said: “We are proud of the development and we tell ourselves that this is the time to fund the budget of the Federal Government from non-oil sources.”

He said of the sum, 70 per cent came from non-oil sources while only 30 per cent came from oil sources.

According to a statement by the Head of Corporate Communications of the tax agency, Mr. Wahab Gbadamosi, Fowler spoke yesterday in Abeokuta, Ogun State capital when he led 36 state chairmen of the State Boards of Internal Revenue (SBIRs) to the Governor’s Office in Abeokuta.

But the Ogun Governor, Senator Ibikunle Amosun, who declared open the 135th meeting of the JTB, said: “Whatever you, Customs and others did last month that ensured that we (federal, states and local councils, shared over N500 billon at FAAC, please continue to do it. It is good for the Federal Government. It is good for states. It is good for local councils. It is good for the nation.

Fowler noted that FIRS tax revenue collection is seasonal, but a combination of massive new tax-payer registration drive, tax education and engagement through the establishment of the Federal Engagement and Enlightenment Tax Teams (FEETT), audit of five key sectors: banks and the financial sector, aviation, power, telecoms and oil and gas is beginning to yield result.

He said that FIRS has also added over 700,000 new corporate accounts in since he assumed office.

The FIRS boss praised the Ogun State governor for being the first to approve to FIRS request on automated deduction and remittance of Value Added Tax (VAT) and With-holding Tax, from the point of payments to contractors in states.