Tax Revenue Collections from States Hit N1.6trillion from N800bn
The Federal Internal Revenue Service (FIRS) has recorded an increase of 46.11 per cent in tax revenue collection from states in the past two years.
Chairman of the Service, Mr. Babatunde Fowler, said the agency recorded N1.6 trillion as at last year as against N800.02 billion in 2016.
Fowler said this increase was as a result of the impact of the federal government economic policies.
Speaking in Ilorin during the regional flag-off of the New Tax Identification Number (TIN), he said this was due to the expansion of the national tax base from 10 million to 20 million.
He said this was expected to rise to 45 million by December.
He added that apart from the states, tax revenue federal collection also rose from N3. 30 trillion in 2016 to N5. 32 trillion in 2018.
According to him, the New TIN Registration System was mainly to drive financial regeneration of the country.
He said, “The new TIN registration system would improve the efficiency and output of the entire tax administration process and enhance convenience to the taxpayers as well as the tax administrators while guaranteeing that each taxpayer’s details are readily available to them at all times and anywhere.
“A significant feature of the new system is that it possesses the capability to integrate with all relevant agencies by leveraging on already captured data. With its ability to deploy analytics to discover underlying correlating trends and patterns, better visibility of the taxpayer is assured inherently leading to increased Internally Generated Revenue (IGR) for all tiers of government.
“Thus, the new system reduces the burden of taxpayer information management while at the same time significantly reducing the cost of collection.”
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