Estimated Reading Time: 1
The Senate has approved the sum of N168,809,476,220 to fund the proposed Personnel, Overhead and Capital expenditure cost of the Federal Inland Revenue Service (FIRS) for the 2020 fiscal year.
The approval came following the consideration of a report by the Senate Committee on Finance.
Chairman of the Committee, Senator Solomon Olamilekan Adeola (APC – Lagos West) while giving a summary of the 2020 budget for the FIRS said N1.56 trillion was projected for Oil revenue; N4.502 from Non-Oil revenue; N180.086 billion projected for four percent cost of Collection; N11.279 billion as projected two percent Cost of Collection ceded to the Nigeria Customs Service; N168.80 Net projected four percent Cost of Collection available rose FIRS to be appropriated by NASS; and Value Added Tax (VAT) at 7.5 percent
The Senate, while adopting the recommendations of the Committee’s report, called for the digitization of all processes in the administration of tax in FIRS, so as to bring the Service up-to-speed with rapidly increasing online economic activities.
The upper chamber also approved a one-off special-purpose intervention fund to the tune of N100 billion to assist the FIRS to complete its head office within 12 months; six (6) Training Schools; 30 Prototype Tax Operations Office; Purpose-built facilities for efficient taxation of Upstream Petroleum Industry and ICT Infrastructure to identify and track digital transactions