Nami takes Finance Bill advocacy to stakeholders

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, has launched a national tour of the six geo-political zones to sensitise the nation, especially taxpayers, on the 2019 Finance Act.

In the first leg of the tour, which started on Monday in the South-West, Nami solicited the support of Ogun State Governor, Mr Dapo Abiodun, in meeting the N8.5 trillion revenue target set for the Service by the Federal Government.

He said: “This comes back to the states and local governments as monthly allocations, which states and local governments apply to provide public infrastructure in your respective territories.”

Specifically, Nami urged Governor Abiodun to work closely with the FIRS to ensure a prompt collection and forwarding of withholding tax and Value Added Tax on contracts, Company Income Tax as well as Stamp Duty, among others, stressing that the FIRS is now the sole government agency tasked with the collection of Stamp Duty on behalf of the Federal Government.

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Responding, Governor Abiodun assured Mr Nami that “Ogun State will be found a worthy partner of the FIRS in achieving the Service’s revenue target,” according to a media statement made available by Director, Communication, FIRS, Mr Abdullahi Ismaila Ahmad.

Governor Abiodun reeled out a series of reforms, which his administration has implemented towards making Ogun the investment destination of choice based on what he called the state’s “push factor” in relation to its proximity to Lagos State.

He sought closer collaboration with the FIRS in the area of VAT attribution or derivation, through which he said Ogun was losing substantial federal allocation to Lagos as “many companies whose headquarters are in Lagos have their factories in Ogun State where their wholesale distribution sales are carried out but the VAT is attributed to Lagos.”

The governor also canvassed a collaboration with the FIRS in the area of capacity building in company tax audit for Ogun revenue generating agencies, for which Mr Nami assured him of the FIRS’ cooperation.