x

Tax waivers, illicit financial flows, others responsible for low revenue – FIRS

The Federal Inland Revenue Service (FIRS) says non-discretionary tax waiver grants, illicit financial flows abroad and high overhead costs are responsible for not meeting revenue targets in recent times.

The service made this known in a statement by its Director, Communications and Liaison Department, Mr Abdullahi Ismaila, in Abuja on Thursday.

The statement disclosed that the Executive Chairman of FIRS, Mr Muhammad Nami, gave the insight on Thursday at a Senate interactive session with revenue generating agencies aimed to improve the Internally Henerated Revenue (IGR) of the Federal Government through non-oil revenue sources.

It quoted Nami as saying: “Nigeria loses a lot of revenue through tax waivers granted to big companies which otherwise would have been taxed to buoy up government revenue.

“Also, illicit financial flow is a major cause of revenue loss to Nigeria. Coupled with this, is the operational cost of the FIRS which is also high compared to the statutory provisions for the running of the organisation.

“I am new in the FIRS but upon my assumption of office, I have discovered that these, among other factors, contributed to making the FIRS unable to meet its target in recent times.”

The chairman however canvassed better official discretion in granting tax waivers, even as he assured that he was working hard in collaboration with relevant government agencies to stem illicit financial flow, especially via profit shifting by multinationals operating in the country.

The FIRS boss urged the National Assembly to assist the FIRS in this regard in order to increase government revenue towards the modernisation of public infrastructure in the country. (NAN)

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Breaking: Police Invite Senator Adamu Over Alleged Threats to Kaduna Governor’s Life

By Achadu Gabriel, Kaduna The Kaduna State Police Command has...

SWAN President, Others Arrive Asaba for 9th National Youth Games Kick-Off

By Anne Azuka The President of the Sports Writers Association...

Bichi LG Renovates Schools, Hospitals for Quality Education, Healthcare Delivery — Council Boss

As part of Governor Abba Kabir Yusuf’s administration’s drive...

TCN Denies Explosion at Onitsha Sub-Region, Clarifies Cause of Outage

By Jabiru Hassan The Transmission Company of Nigeria (TCN) has...

CACOL Commends Imo Governor for Increasing Minimum Wage

By Jabiru Hassan The Centre for Anti-Corruption and Open Leadership...

ASUU Describes FG Loan Proposal as Poison Chalice

By Muhammad Ibrahim, Sokoto The Academic Staff Union of Universities...

Kogi Poly Final-Year Student Allegedly Dies During Abortion in Lokoja

By Noah Ocheni, Lokoja A final-year student of Kogi State...

Chinese Embassy Hosts Film Screening to Mark 80th Anniversary of WWII Victory

The Chinese Embassy in Nigeria on Friday hosted a...
spot_img

Related Articles

Popular Categories

spot_imgspot_img