CITN commends FIRS for boosting federation account

THE Chartered Institute of Taxation of Nigeria (CITN) has commended the Federal Inland Revenue Service (FIRS) for boosting the federation account to N3.37 trillion this year.Mr. Sunday Jegede, president of CITN, gave the commendation in an interview with the News Agency of Nigeria (NAN) on Monday in Lagos.He said that the FIRS had disclosed that the total tax yield, with the inclusion of Petroleum Profit Tax (PPT) from January to September, amounted to N3.37 trillion,Jegede added that the PPT accounted for N2.19 trillion of the revenue.He said that N315.78 billion, the highest monthly revenue, was recorded in August and was followed by the N307.05 billion collected in June.'The service collected N306.78 billion in July, N265.66 billion in September, N254.78 billion in February and N236.75 billion in January.'It also collected N184.19 billion in April, N165.89 billion in March and N156.94 billion in May.'The tax system has continued to yield results with N1.17 trillion collected from non-oil taxes from January to September,' he said.Jegede commended the FIRS for its impressive performance and urged it not to relent in its role of repositioning the nation's tax system.'With this impressive performance and achievement of 90 per cent of the service's annual target of N3.74 trillion, it is expected that FIRS would not only meet, but surpass its annual target,' he said.The CITN boss also called on the Federal Government to speed up its efforts at harmonising the tax regimes.'The issue of providing flexible tax regime is necessary to attract foreign investors,' he said.Jegede said that there were some ambiguities in the tax laws that must be sorted out to encourage economic growth.He also said that tax laws in Nigeria were not absolutely clear and therefore required clarifications.According to him, managing tax risks was a major problem that investors in Africa had to contend with.
Click here to read full news..