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In 3 years, FIRS plans to raise GDP to tax ratio to about 18%.
Speaking on the theme:”The Finance Act as an innovation to the Nigerian tax system”, Director, Tax Policy and Advisory Department, FIRS, Mr. Temitayo Orebajo noted that the 2023 Finance Act amended seven tax laws, four non tax laws and 30 Sections.
Through a number of reforms, the Federal Inland Revenue Service, or FIRS, claims to have raised Nigeria’s tax share of GDP from 6.0 percent to 10.86 percent in 2022.
This information was presented yesterday at the sensitization event of the Lagos Mainland West region of FIRS in Lagos by Mrs. Saidatu Yero, Director, Taxpayer Services, FIRS, Abuja.
The management is dedicated to increasing the country’s tax to GDP ratio to 16.5 percent, which is the average for Africa, and then 18 percent during the following three years, she continued.
“Some laudable reforms had been launched by the Service,” she said, “which have changed the narrative of the tax administration in Nigeria and improved our revenue collection into the coffers of government.”
This is even as the agency noted that its innovations have already culminated in the generation of N8.5 trillion as at 14th September 2023, adding that it remains committed to generating N12 trillion in 2023.
She stated further, “One of the four (4) cardinal goals of the Management of FIRS is to be “customer centric” and our major customers and critical stakeholders in the tax ecosystem as a Tax Authority are the Taxpayers.
“Therefore, if the Taxpayers must understand their tax obligations and rights, it is imperative to keep them informed, sensitized, engaged and educated to enable them to fulfil their tax obligations without any hitches”.
Speaking on the theme:”The Finance Act as an innovation to the Nigerian tax system”, Director, Tax Policy and Advisory Department, FIRS, Mr. Temitayo Orebajo noted that the 2023 Finance Act amended seven tax laws, four non tax laws and 30 Sections.
