Business
CITN Lauds FIRS Over Increased Revenue
President, Chartered Institute of Taxation of Nigeria (CITN), Mr Sunday Jegede, has commended the Federal Inland Revenue Service (FIRS) on its efforts at raising the country’s tax collection.
Jegede gave the commendation in an interview with newsmen, in Lagos.
He was commenting on FIRS revenue figure of N1.17 trillion and N1.26 trillion for the oil and non-oil revenue for the first half of 2012.
“The collection represents an increase in the revenue collection performance of N499.20 billion when compared to the total collection of N1.94 trillion for the same period in 2011,” he said.
Jegede, however, urged the FIRS to encourage more Nigerians to believe in the country’s tax culture.
“There must be voluntary tax compliance among Nigerians as against tax evasion,’’he said
The CITN boss urged FIRS to address the incidence of double taxation, especially among multinationals.
“There are instances that companies that reside in Nigeria are still made to pay excessive tax abroad; we all know this could be a bane to investments in the country,” he said.