Executive Chairman, Federal Inland Revenue Service (FIRS), Tunde Fowler, has told the House of Representatives Committee on Finance that the agency realised N27.086 billion from the waiver of tax penalty and interest programme.
Speaking when the committee paid an oversight visit to FIRS on Monday, Fowler explained that the amount was realised from payment of a minimum of 25 per cent of the principal of outstanding tax liabilities between 2013 and 2015 and continued payment of agreed instalments.
More revenue is expected from installmental payments of the principal, Fowler said.
According to a statement from FIRS Spokesperson, Wahab Gbadamosi, the FIRS Chairman disclosed that 2,735 taxpayers applied under the tax waiver programme. He assured the House Committee that 2017 revenue generation prospect of the agency was bright, adding that FIRS would explore all avenues to give a better performance in 2017.
“The aggregate tax revenue collection for the year 2016 amounted to N3.307 trillion which translates to 79 percent of the government target of N4.200 trillion,” he said.
In 2016, FIRS gave a 45-day window, between October 5th to November 24th, for taxpayers owing tax liabilities inclusive of interest and penalty from 2013 to 2015, to come forward and pay a minimum of 25 per cent of their actual tax liability and spread the balance while the penalty and interest are waived.
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