FIRS Targets N8.5trn Revenue in 2020
The Federal Inland Revenue Service (FIRS) says it is targeting N8.5trillion revenue for the country in 2020.
The Executive Chairman of FIRS, Mr. Muhammad Nami, disclosed this at the 2020 Corporate Plan Retreat in Abuja on Friday. Nami said that the 2020 target was slightly lower than the 2019 target by about N300 billion. He explained that the N8.5 trillion targets were broken down into oil tax target of N3.698 trillion and non-oil tax target of N4.8 trillion. He stated that assessing the service’s performance in the recent past, one could look at the 2020 target as ambitious but it was achievable.
The FIRS boss assured that the target was achievable and realizable especially with the ongoing reforms and business process re-engineering that was currently taking place in the service. According to him, these reforms are aimed at improving both filing and payment compliance, re-activation of dormant taxpayers through aggressive intelligence gathering and information sharing and blocking of leakages.