How Tax Revenue Improved by 42% in 2018 -FIRS

The 2018 half year revenue performance report of the Federal Inland Revenue Service (FIRS) has shown that tax revenue improved by 42 per cent when compared to the same period in 2017.

A revenue performance report for the first half of the year submitted by the service to the Ministry of Finance, showed that the Service had already realised 75 per cent of its total target for 2018. Dr Patricia Auta, an economic expert, said on Sunday that the improvement was the results of the present administration’s policies of expanding the Nation’s tax base and blocking revenue leakages.

“In July, 2017, the Federal Government launched the Voluntarily Assets and Income Declaration Scheme (VAIDS). “Figures from the FIRS shows that through the scheme, it has succeeded in growing the country’s tax base from 13 million in 2015 to 19.3 million in 2018.

“The performance report for the first half of 2018, when compared to the same period in 2017, shows clearly, the impact of the government’s strategy in improving the non-oil revenue,’’ she said. [NAN]

July 15, 2018