FIRS gets N4.21trn revenue target for 2014

Federal Government has given the Federal Inland Revenue Service (FIRS) a N4.21 trillion revenue target for 2014, the Acting Executive Chairman of the Service, Alhaji Kabir Mashi, has said. Mashi stated this on Monday in Abuja at the 2014 Corporate Plan Retreat and Enlarged Management Meeting of the Service.

He said that the Service was expected to collect N1.79 trillion from Petroleum Profit Tax (PPT), N1.03 trillion from Companies Income Tax (CIT) and N96 billion from gas component of CIT. Other sources, he said, include N861 billion from Value Added Tax (VAT), N10.21 billion from Capital Gains Tax, and N8.46 billion from Stamp Duties.

Mashi said the Service was also expected to collect N156 billion, N59 billion and N10.6 billion from Education Tax, Personal Income Tax and Technology Levy, respectively during the period.

He said that FIRS surpassed its 2013 revenue target by N337 billion or 7.56 per cent, adding that it collected N4.805 trillion as against the targeted N4.468 trillion. He, however, stated that the actual collection from non-oil revenue in 2013 fell short of government’s target of N2.188 trillion by three per cent, but assured that it would be improved on in 2014.

“One proactive step that has been taken in respect of growing non-oil revenue tax is the take-off of the Capacity Enhancement Programme (CEP) towards delivering additional non-oil revenue in the current year. We have every intention of sustaining and hopefully improving upon the standards that the service has come to be known with in terms of delivering results in recent time,’’ he said.

Mashi said that the retreat was aimed at further addressing FIRS management’s desire to grow tax revenue for development, particularly non-oil revenue which held significant potential. Earlier in her welcome address, Mrs Queen Seghosime, FIRS’ Coordinating Director, Direct Report Group, said that the meeting was an annual forum where important strategic decisions of the Service were taken. Seghosime added that the retreat would provide the management team the opportunity to brainstorm on the organisation’s corporate plan to meet its revenue forecast and corporate aspirations.