The Federal Inland Revenue Service (FIRS) expects to rake in N4 trillion as tax revenue from the extractive sector of the Nigerian economy in the 2020 fiscal year.
\nExecutive Chairman, FIRS, Mr. Muhammad Nami, according to theFIRS spokesman, Dr. Abdullahi Ismaila Ahmad in a statement, disclosed this on Tuesday in Abuja when a team of the Nigerian office of the Organisation for Economic Cooperation and Development (OECD) called at the Revenue House Headquarters of FIRS on a courtesy visit.
\nConsequently, the FIRS chairman solicited the support of the OECD in stemming the tax evasion scheme of oil majors and multinationals operating in Nigeria through the illegal act of transfer pricing under which these foreign companies dodge tax in Nigeria and transfer their profit offshore.
\nIn another development, the FIRS and the Federal Fire Service have resolved to work closer with each other in order to protect public property and records from possible fire outbreak.
\nBoth organisations made this commitment on Tuesday in Abuja when the Comptroller-General (CG) Federal Fire Service, Dr. Liman Alhaji Ibrahim, also paid a courtesy visit to the FIRS Headquarters in Abuja.
\nAccording to Nami, the FIRS needs capacity-building support, information sharing, data interpretation, usage and related technical synergy with the OECD in order for the Service to meet tax revenue targets in the extractive industry and the newly emergent Digital Economy.
\nThe FIRS chairman observed that revolution in information and communication technology (ICT) has made physical filing of tax returns obsolete. However, Nami stated that \u201cICT has also made tax collection more complex, especially in trans-border trade and trans-continental commerce in which big players like Amazon, Google, facebook, Alibaba and other e-commerce corporations do big business around, drive the digital economy and yet countries find it difficult to take due tax from the huge economic activities these online giants engage in. This is more so for developing countries like Nigeria where our people buy luxury goods more and more online while these big online stores don\u2019t pay any tax to us here in Nigeria.\u201d
\n\u201cThe complexity of the Digital Economy to the tax authorities also extents to the telecommunication and financial sectors, including the emerging trades and the exchange carried out using digital currency,\u201d Nami stressed.
\nThe FIRS helmsman commended the Fire Service for coming to the rescue of the FIRS last year during a fire incident that \u201coccurred in FIRS building in 2019 and the prompt response received from your organization.\u201d
\nNami canvassed closer collaboration between the FIRS and the Fire Service in such areas as routine visits of firemen and women to FIRS offices for drills and related safety education as well as regular inspection, servicing and replacement of anti-fire equipment like fire extinguishers currently installed in FIRS offices nationwide to ensure their working condition.
\nThe CG pledged to work with the FIRS to protect the Service\u2019s offices and valuable documents against fire outbreak, saying \u201cwe are ready to work with your organization to give the best fire service support needed.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal Inland Revenue Service (FIRS) expects to rake in N4 trillion as tax revenue from the extractive sector of the Nigerian economy in the 2020 fiscal year. Executive Chairman, FIRS, Mr. Muhammad Nami, according to theFIRS spokesman, Dr. Abdullahi Ismaila Ahmad in a statement, disclosed this on Tuesday in Abuja when a team of […]<\/p>\n","protected":false},"author":7,"featured_media":24514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7],"tags":[1196,1197,375],"class_list":["post-25057","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news","tag-n4t","tag-oil","tag-tax"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/25057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25057"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/25057\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}