VAT, stamp duties fetch Nigeria $2.56b

Valued Added Tax (VAT) and e-stamp duties have fetched Nigeria $2.56 billion in eight months.

Nigeria’s Federal Inland Revenue Service
(FIRS) generated the money surpassing revenues from 2016 and 2017, FIRS
boss, Mr. Tunde Fowler told the Minister of Finance, Hajia Zainab Ahmed,
in Abuja.

“So far in 2018, the FIRS has collected
N773.49 billion in eight months. The above collected this year has
already surpassed that of 2015 (N767.33 billion), and is set to surpass
2016 (N828.19 billion), and 2017 (N972.30 billion)
with four more collection months left in the year.

“e-stamp duties collection is on a steady increase. So far in 2018, the FIRS have collected N10.10 
billion in eight months. The above collected this year has already surpassed that of 2017 (N10.9 
billion), 2016 (N5.6 billion), and 2015 (N7.1 billion),” he said, while hosting the minister at his agency.

Fowler additionally told the minister
that his agency has collected the sum of N12.66 billion in tax revenue
from organisations and person who were said to have evaded tax payments
during the Voluntary Assets and Income Declaration
Scheme (VAIDS) window.

Fowler told Ahmed that the tax evaders are being forced to pay their taxes shortly after their accounts were closed.

It will be recalled that the FIRS
recently announced that it was shutting some accounts found to have
evaded tax payments within the VAIDS window.

“FIRS wrote to all commercial banks in
May 2018, requesting for a list of Companies, Partnerships, and
Enterprises with a banking turnover of N1 billion and above.

This activity is aimed at ascertaining
those companies that are compliant with the Tax Laws and those that are
not compliant. So far, non-compliant organization have paid about N12.66
billion,” Fowler said without disclosing the
names of the organizations.

Responding, the minister said her ministry
 would continue to work with FIRS to support all the efforts to ensure success.

“And as much as possible, we should
interface frequently. For us, the directive I have is to increase the
tax revenue and that is the most important task ahead of all of us. The
FIRS is a very important agency of government.

“I am happy that we have a team in FIRS
that is not only expanding the revenue base but also significantly
improving tax collection and taking tax offices closer to the people and
making it easier for the people to pay their taxes
by online and e-tax payment procedures that you have undertaken.

“And I am sure that, from what I have heard today, that you would continue with all these processes.”