FIRS Denies Increasing VAT Rate By 50%

Chairman of the federal inland revenue services, Babatunde Fowler said he is not pushing for increase in Value added tax VAT, but seeking for a reduction in companies income tax for small businesses to improve compliance.

Fowler was speaking in lagos on the sidelines of the presentation of the Nigeria tax outlook 2019.

According to TVC News,t recent reports from the federal inland revenue shows that tax collection has increased significantly.

In 2016, the FIRS collected N3.3 trillion,while N4.02 trillion in 2017 and 5.3 trillion naira in 2018 and this is the highest in Nigeria’s history.

At the 2019 Nigerian tax outlook, the FIRS boss, Babatunde Fowler used the opportunity to react to issues surrounding increase in VAT.

He speaks further on how the government agency can generate more funds without impacting negatively on the masses.

Coordinator of the Nigeria taxpayers hub, Elizabeth Aluko speaks on what prompted the Nigerian tax outlook 2019.

The federal inland revenue service says the target for 2019 is N8trillion and this will be achieved by further deployment of ICT to enable tax payers pay from anywhere in the world, at any time.

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