By Modupe Gbadeyanka
Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, has said the tax agency has the obligation to fund all tiers of government.
Mr Fowler explained that the revenue collected by the agency goes into the federal government accounts, and then shared among the federal, state and local governments of the federation.
According to him, 85 percent of Value Added Tax (VAT) goes to the state governments while the remaining 15 percent is taken by the federal government.
The tax chief, speaking in a documentary produced by Boldfaces, stated that the revenues collected by the FIRS have helped the federal government provide good roads, healthcare services, education, security, infrastructure, and a conducive environment for business to grow, and improve the taxpayers standard of living across the nation.
The documentary tagged ‘FIRS Moments on Boldfaces’ highlighted the FIRS services and the Executive Chairman’s innovative ideas in the area of revenue generation and the bold strides of Mr Fowler’s record achievement of generating N4.3 trillion in 2017.
In the first quarter of 2018 (January-March), FIRS collected N1.171 trillion compared with N778.1 billion in 2017. This was N393.3 billion more than the 2017 collection in comparison to similar period last year and represents a 51 per cent increase in collection.
These collections have assisted the federal government in an economy that is just coming out of recession.
Business Post reports that over the last two and half years, Nigeria, Africa’s largest market, has experienced a massive dwindling of oil revenue which has affected the economy.
In 2016, the country went into recession, but only got out of it in the second quarter of last year.
When Nigeria was in recession, government relied on taxes to support the economy, coming out with an initiative last year called the Voluntary Asset and Income Declaration Scheme (VAIDS).
Anchor and producer of Boldfaces, Mrs Tricia Eseigbe, who was at the headquarters of FIRS to present the official DVD copy of the documentary directed by Mr Kingsley Kerry, said if all income earners pay the right amount of tax, government can have more money to provide the basis amenities citizens need.
She urged Nigerians to tune in and watch the FIRS Boldfaces documentary, which she said captures the realities of FIRS ‘Plugging the Gap’ mission and Mr Fowler’s creative strategies in achieving the set goals of persuasion, engagement and enforcement.
According to her, “Paying the right amount of tax is a social responsibility to our nation’s growth.”
The FIRS Moments on Boldfaces also featured top FIRS team including the Coordinating Director, Domestic Tax Group & Special Advisor to the Executive Chairman, Mr Abiodu Aina, who spoke on tax registration and stamp duty.
Mr Aina reiterated that simplicity is the key word in tax registration, pointing out that it’s so much easier to register now as a tax payer in Nigeria than it used to be.
The FIRS Moments on Boldfaces documentary is currently showing on local and international TV networks including AIT, NTA and Channels TV on weekdays and weekends as well as online broadcast via www.boldfacesonline.com, BoldfacesTV YouTube channel, Facebook, Twitter and other prominent internet blog sites.
Adedapo Adesanya