The Federal Inland Revenue Service surpassed its 2023 revenue target by N816bn, a 107 per cent performance over the set goal and has set a target to collect N19.4 turn in tax this year.
The Coordinating Director of Special Tax Operations Group, Amina Ado, disclosed this at the 2024 management retreat on Wednesday.
The Federal Government expects N19.41trn revenue from the FIRS in 2024.
This target represents a significant increase of 56.9 per cent from the previous year’s actual revenue and 67.91 per cent from the previous year’s target.
FIRS had a target of N11.56trn however, it realised N12.37trn, an N816bn higher in 2023.
While stating the strategy the agency will deploy to achieve the N19.4trn revenue, Ado noted that the agency engaged with other regulators in 2023 to achieve its success and will continue to engage them, other tax practitioners and intermediaries this year.
“We engaged with other regulators in 2023 and we will continue to engage them, tax practitioners, intermediaries and the withholding concept to expand the tax base as much as possible under the law.
Source: Punch