SEE ALL TEMPLATES

We have moved all templates to this collection page. It includes All Resume and Cover Letter Templates, Business Plan Templates, Invoice Templates and More...

SEE ALL TEMPLATES

We have moved all templates to this collection page. It includes All Resume and Cover Letter Templates, Business Plan Templates, Invoice Templates and More...

Thursday, February 22, 2024

Nigeria targets 77% increase in IGR

Must Read

Advertisement

Finance Minister Wale Edun says the federal government is targeting a 77 per cent increase in internally generated revenue (IGR). Mr. Edun, who is also the Coordinating Minister for Economy, said this on Wednesday in Abuja, at the inauguration. of the Federal Inland Revenue Service (FIRS) Strategic Management Withdrawal 2024.

The News Agency of Nigeria (NAN) reports that the theme of the retreat is “Reimagining tax administration for equity and economic growth.”

Advertisement

According to Edun, taxes play an integral role in the government’s quest to raise revenue that will help reduce the infrastructure deficit and build social safety nets that serve ordinary Nigerians.

He commended the FIRS management for its commitment to meeting the set revenue target.

“It is commendable that FIRS is holding this retreat at the beginning of the year to reflect on how to increase government revenue.

Advertisement

“We are projecting a 77 percent increase in the IGR. Our income as a percentage of the Gross Domestic Product (GDP) is low, below 10 percent. It should be much older.

“The government needs a lot to spend on infrastructure and social services. The idea is to move from costly debts to domestic revenue mobilization,” he stated.

FIRS Chief Executive Officer, Zacch Adedeji, said the retreat was a historic moment to unveil the new organizational structure of FIRS, with a commitment to revolutionize tax administration in Nigeria.

According to Adedeji, the cornerstone of this paradigm shift is the establishment of a customer-centric organizational structure designed to streamline processes and improve efficiency in tax operations.

Advertisement

“We are not simply adapting to change; we are leading it. The upcoming structure commencing from February embodies our dedication to modernizing and digitalizing the tax administration landscape in Nigeria.

“In our pursuit of a more efficient and contemporary tax administration methodology, we are adopting an integrated tax approach, leveraging technology at every step.

“This approach positions FIRS at the forefront of innovation, ensuring we meet the changing needs of our taxpayers in a rapidly changing world,” he said.

He said the structure advocated a comprehensive approach to taxpayer services, consolidating core functions and support under one umbrella.

“By tailoring our services to specific taxpayer segments, we aim to simplify the taxpayer experience. No more complexities, no more overlaps, just seamless, easy-to-use interaction for all contributors.

“In an innovative move, we are moving away from traditional tax categorization. Instead of maintaining different departments for different tax brackets, the new structure formulates taxpayer segments based on thresholds.

“This personalized approach ensures that taxpayers are guided and served according to their specific needs, eliminating confusion and redundancy in tax administration.

“Detailed considerations are carefully considered behind this transformative initiative in our operations plan.

“We highlight the logic behind our integrated approach, the benefits of comprehensive taxpayer services and the logic behind tailored taxpayer categories, which will be presented to management in subsequent sessions of this workshop.

“These considerations lay the foundation for a more responsive, efficient and user-friendly tax administration system,” he said.

READ ALSO: Finance Minister wants centralized and unified revenue collection

According to the Coordinating Director of the Special Fiscal Operations Group, Amina Ado, the FIRS has a revenue target of N19.4 trillion.

Mrs Ado said the service surpassed its target of N10.7 trillion for 2023 and generated N12.37 trillion.

He said the target of N19.4 trillion by 2024 can be achieved in part through better management of large taxpayers and taxpayers in the sector.

(YAYA)

Advertisement

Latest News

Niyi Osundare’s Dedication to Frank Kokori

(For   Frank   Kokori)Frankly speaking……   So he has gone the way of ancestors     Not in a chariot of fireNot in a...

More Articles Like This