FG Gives FIRS N4.21trn Target For 2014 NSE ANTHONY-UKO — March 25, 2014 The federal government has given the Federal Inland Revenue Service (FIRS) a N4.21 trillion revenue target for 2014, the acting executive chairman of the service, Alhaji Kabir Mashi, has said. Mashi stated this yesterday in Abuja at the 2014 Corporate Plan Retreat and Enlarged Management Meeting of the service. He said that the service was expected to collect N1.79 trillion from the Petroleum Profit Tax (PPT), N1.03 trillion from the Companies Income Tax (CIT) and N96 billion from the gas component of CIT. Other sources, he said, include N861 billion from the Value Added Tax (VAT), N10.21 billion from the Capital Gains Tax, and N8.46 billion from Stamp Duties. According to Mashi, the service was also expected to collect N156 billion, N59 billion and N10.6 billion from the Education Tax, Personal Income Tax and Technology Levy, respectively during the period. Meanwhile, as the seventh joint annual meeting of the African Union-Economic Commission for Africa conference begins today in Abuja, African civil societies organisations (CSOs) have called on African governments to end the use of tax incentives to woo investors. The CSOs, while addressing the press yesterday in Abuja, said tax incentives provided by many African countries to investors could trigger illegal movement of money among African countries. The representative of the African CSOs consultative forum, Mr Kola Banwo, said evidence had shown that tax incentives are not required to attract foreign investment in most African countries. According to him, “estimates from studies conducted by one of us, ActionAid, shows that $138 billion is given away by governments in developing countries every year just in statutory income tax exemptions.” The body then urged “African countries to demand an inclusive and multilateral global tax reform process in which effective participation of all stakeholders, including civil society, is guaranteed in shaping the new international tax rules.” They also called on African countries to protect their revenue bases and review their double taxation treaties, adding that “illicit financial flows have continued to deprive the continent of funds for progressive and gender responsive services.” leadership.ng/business/359163/fg-gives-firs-n4-21trn-target-2014
Posted on: Tue, 25 Mar 2014 12:17:29 +0000
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