• News
  • Advertise
  • Privacy & Policy
  • Contact Us
The Cabal
  • Home
  • Editorial
  • News
  • Entertainment
  • Business
  • Education
  • Health
  • Politics
  • Opinion
  • Sport
  • Contact Us
No Result
View All Result
  • Home
  • Editorial
  • News
  • Entertainment
  • Business
  • Education
  • Health
  • Politics
  • Opinion
  • Sport
  • Contact Us
No Result
View All Result
The Cabal
No Result
View All Result
Home News Business

FIRS Targets N5trn Revenue From VAT As EU Bemoans Tax Evasion

Thecabal by Thecabal
March 28, 2024
in Business, News
0
FIRS Targets N5trn Revenue From VAT As EU Bemoans Tax Evasion
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

The Federal Inland Revenue Service (FIRS) is targeting the generation of N5 trillion revenue from the collection of the Value Added Tax (VAT).

This is just as the European Union has expressed concern over the high level of tax evasion in Nigeria, attributing it to the absence of transparency in the tax management process.

The Head of Policy and Legislation Division in FIRS, Matthew Osanekwu disclosed the Service’s target at a press conference on the achievements of the Support Programme for Tax Transition in West Africa (PATF) in Abuja on Thursday.

Osanekwu stated that the federal government is undertaking a review of  tax exemptions granted to companies operating in Nigeria.

The PATF, a programme funded by the European Union is geared at improving management of domestic taxation and ensuring better coordination in ECOWAS and West African Economic and Monetary Union (WAEMU) regions.

Speaking on the PATF programme, a tax expert and member of its steering committee, Andrew Onyeanakwe, said the project has resulted to the development of regional tax management Tools and and harmonization of the methodology for evaluating tax expenditure in ECOWAS Member States.

He said the programme has also led to the establishment of the institutional mechanism for monitoring and evaluating ECOWAS fiscal transition and the harmonisation of the laws of the member states of the ECOWAS concerning VAT.

Osanekwu stated that despite Nigeria having the lowest VAT rate in the West African region, the country has been able to improve its tax collection performance.

He, however, hinted on an ongoing discussion between the Presidential Committee on Fiscal Policy and Tax Reforms and ministry of finance on the need to review the current VAT rate.

He said: “From 2019, our VAT has increased significantly. In 2019, we collected N1.1 trillion while in 2020, we collected N1.5 trillion. In 2021, we moved to N2 trillion. It moves further in 2022 to N2.5 trillion, and I can also report that 2023 VAT collected moved to N3.6 trillion.
“Our VAT rate was initial five per cent. So, after our policies, VAT was moved to 7.5 per cent and that assisted in increasing VAT revenue. There is ongoing discussion with the Presidential Fiscal Tax Reform Committee to align with ECOWAS directive,”Osanekwu said.

The Head of Cooperation, Delegation of the European Union to Nigeria, Massimo De Luca, while expressing satisfaction on the achievements of the PATF programme, tasked government on the need to entrench transparency in managing tax revenues.

While noting that people tend to evade tax when there is no corresponding benefits from payment of tax, he said: “We are happy with this project because we got traction and it got real results. We believe that developing willing citizenry participation in the tax system and how resources are used transparently is fundamental.

“I mean, in Europe, there are countries where citizens are happy to pay up to 55 per cent of their income in taxes.  We should ask ourselves why are Nigerians not happy to pay that kind of amount, and it’s all about the services you get in return and transparency of the use of the resources that we you have. There is no quick fix. In Denmark, the amount is very high and not only VAT, but also on direct taxation.”

Previous Post

DSS Invited Me To Find Solutions To Banditry – Sheikh Gumi

Next Post

First Phase Of Lagos-Calabar Highway To Be Completed In 36 Months

Thecabal

Thecabal

Related Posts

Minister Hails BUA For Donating Building To NWDC
News

Minister Hails BUA For Donating Building To NWDC

June 1, 2025
Speaker Abbas, Deputy Kalu Mourn 22 Kano Athletes Feared Dead
News

Speaker Abbas, Deputy Kalu Mourn 22 Kano Athletes Feared Dead

June 1, 2025
2027: Don’t Heed Calls To Run Against Tinubu – Ex-lawmaker Advises Makinde
Politics

2027: Don’t Heed Calls To Run Against Tinubu – Ex-lawmaker Advises Makinde

June 1, 2025
Seyi Tinubu Deserves Support Not Campaign Of Calumny – APC Chieftain
Politics

Seyi Tinubu Deserves Support Not Campaign Of Calumny – APC Chieftain

June 1, 2025
NDLEA Busts Syndicate Sponsoring Pilgrims With Cocaine To Hajj, Arrests 3
News

NDLEA Busts Syndicate Sponsoring Pilgrims With Cocaine To Hajj, Arrests 3

June 1, 2025
NDLEA Intercepts N9.3bn Worth Of Opioids In Rivers
Health

NDLEA Intercepts N9.3bn Worth Of Opioids In Rivers

June 1, 2025
Next Post
First Phase Of Lagos-Calabar Highway To Be Completed In 36 Months

First Phase Of Lagos-Calabar Highway To Be Completed In 36 Months

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 23.9k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
NPC Begins Free Birth Registration Exercise In Delta

NPC Begins Free Birth Registration Exercise In Delta

September 4, 2024
Literacy Day: Stakeholders Urge Promotion Of Multilingual, Indigenous Education

Literacy Day: Stakeholders Urge Promotion Of Multilingual, Indigenous Education

September 8, 2024
Rep Dibiagwu Advises Niger-Delta People To Eschew Crisis

Rep Dibiagwu Advises Niger-Delta People To Eschew Crisis

September 16, 2024
Obasanjo  World’s Most Documented President —Foundation

Obasanjo World’s Most Documented President —Foundation

August 28, 2024
House Committee Commits To Full Implementation Of Disability Act

House Committee Commits To Full Implementation Of Disability Act

0
Plateau: PDP Asks Chief Justice To Probe APC Leaders’ Claim Of Judiciary Control

Plateau: PDP Asks Chief Justice To Probe APC Leaders’ Claim Of Judiciary Control

0
Nigeria’s Judiciary Now “Cash And Carry”– Atiku

Nigeria’s Judiciary Now “Cash And Carry”– Atiku

0
Rule Of Law Cornerstone Of Governance In Any Given Polity – AGF

Rule Of Law Cornerstone Of Governance In Any Given Polity – AGF

0
Saudi Authorities Issue Precautions As Temperatures Soar To 47°C

Saudi Authorities Issue Precautions As Temperatures Soar To 47°C

June 1, 2025
Minister Hails BUA For Donating Building To NWDC

Minister Hails BUA For Donating Building To NWDC

June 1, 2025
Türkiye Condoles Nigeria Over Mokwa Flood Deaths, Destructions

Türkiye Condoles Nigeria Over Mokwa Flood Deaths, Destructions

June 1, 2025
Speaker Abbas, Deputy Kalu Mourn 22 Kano Athletes Feared Dead

Speaker Abbas, Deputy Kalu Mourn 22 Kano Athletes Feared Dead

June 1, 2025

Recent News

Saudi Authorities Issue Precautions As Temperatures Soar To 47°C

Saudi Authorities Issue Precautions As Temperatures Soar To 47°C

June 1, 2025
Minister Hails BUA For Donating Building To NWDC

Minister Hails BUA For Donating Building To NWDC

June 1, 2025
Türkiye Condoles Nigeria Over Mokwa Flood Deaths, Destructions

Türkiye Condoles Nigeria Over Mokwa Flood Deaths, Destructions

June 1, 2025
Speaker Abbas, Deputy Kalu Mourn 22 Kano Athletes Feared Dead

Speaker Abbas, Deputy Kalu Mourn 22 Kano Athletes Feared Dead

June 1, 2025
The Cabal

© 2023 The Cabal
The big news platform

Quick Navigation

  • News
  • Advertise
  • Privacy & Policy
  • Contact Us

Follow Us

No Result
View All Result
  • Home
  • Editorial
  • News
  • Entertainment
  • Business
  • Education
  • Health
  • Politics
  • Opinion
  • Sport
  • Contact Us

© 2023 The Cabal
The big news platform