A quick look at the most recent tax collection receipt shows that the FIRS has already laid the groundwork by successfully pushing Nigeria's annual tax revenue above the N10tn mark in 2022.
It is normal in a country like Nigeria that many people prefer to be silent on the issue of taxation. It is what could easily be described as the elephant in the room. And this is not just because Nigerians don’t want to pay tax but more about trust in the authorities.
For the avoidance of doubt, data from the Budget office show that in 2016, FIRS contributed 54.6 per cent, 55.2 per cent in 2017, 58.3 per cent in 2018, and 59.0 per cent in 2019 before it tapered down to 50 per cent in 2020. There is also the issue of low tax morale which could rank high on the list of factors responsible for the country’s low lax receipts.
It is noteworthy that the FIRS is already aiming at breaking its record achievement of last year by working towards attaining over 15% of GDP in 2023. Experience and interactions with members of the public have revealed that while getting the TIN is one of the easiest of the tax payers’ obligations, voluntary disclosure has been an uphill task.
Our tax laws also expect that the obligation by businesses to charge, deduct, collect and remit Value Added Tax , Withholding Tax and Pay As You Earn must be strictly adhered to. And to do this effectively, the entity has to maintain as well as keep business records and proper books of account to facilitate voluntary compliance.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria, Ghana partner to tackle hate speech | The Guardian Nigeria News - Nigeria and World NewsTwo West African giants, Nigeria and Ghana have gone into partnership in their effort to fight against the menace of hate speech in both countries.
Read more »
ICRC insists Nigeria Air project followed due process | The Guardian Nigeria News - Nigeria and World NewsThe Infrastructure Concession Regulatory Commission (ICRC), has insisted that the former Minister of Aviation, Hadi Sirika followed due process guiding public-private partnership in the establishment of the Nigeria Air project.
Read more »
Sultan declares June 28 Eid-il Kabir | The Guardian Nigeria News - Nigeria and World NewsSultan of Sokoto declares June 28, 2023, as Eid-il Adha. Eid-il Kabir to be celebrated on Wednesday. Muslim Ummah urged to increase acts of worship during the ten days leading up to the celebration. EidilAdha SultanofSokoto Nigeria MuslimUmmah
Read more »
Super Eagles’ best yet to come, says Peseiro | The Guardian Nigeria News - Nigeria and World NewsSuper Eagles’ Coach, Jose Peseiro, has described the senior national team as work in progress, saying the team’s fighting spirit will place it above peers in the near future.
Read more »
Chelsea sign France forward Nkunku from RB Leipzig | The Guardian Nigeria News - Nigeria and World NewsChelsea sealed their swoop for France forward Christopher Nkunku from RB Leipzig in a deal worth a reported £63 million ($80 million) on Tuesday.
Read more »
‘It will be counterproductive' -- ex-NIMASA DG opposes proposed merger with FIRS, customs | TheCableAde Dosunmu, former director-general of the NIMASA, says the proposed merger of the agency with the Nigerian Customs Service (NCS) would...
Read more »