FIRS Nets N3.72trn In 10 Months

The Federal Inland Revenue Service (FIRS) said it generated N3.72 trillion in the first 10 months of 2011 against the N3. 64 trillion target set by the Federal Government for the year.

The FIRS Coordinating Director, Tax Operations Group, Mr. Samuel Ogungbesan, told newsmen in Lagos on Friday that this covered the period of January to October.

He said that the figure exceeded the revenue target of N3. 64tn for the whole year and that the agency would also exceed its own revenue target of N4.35tn by December.

“Of the overall target set by the government, consisting of both oil and non-oil revenue, we have recorded an achievement of N2.47trn of oil revenue, translating to 148.13 per cent performance.

“Non-oil revenue of N1.29tn also accounted for 94.65 per cent at the end of October, 2011,” he said.

The Executive Chairman of the Service, Mrs. Ifueko Omoigui-Okauru, in the statement, urged the FIRS management to work harder to entrench the self-assessment system of tax administration.

She said that under the self-assessment regime, tax payers would be allowed to file tax returns based on the assessment of themselves.

According to her, modern tax administration does not rely solely on the level of tax collection for the determination of efficiency or effectiveness.

She said that it also engaged other criteria like self-assessment filers and public perception of the tax agency in relation to its programmes and activities.