The Federal Government realised N3.9tn in tax revenue between January and September this year and this is N1tn higher than the N2.9tn realised in the corresponding period of 2017. The Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, disclosed this in a presentation made at the meeting of the African Union High Level Panel on Illicit Financial Flow from Africa in Abuja on Thursday. At the meeting, former President of South Africa and Chairman of the High Level Panel, Mr Thambo Mbeki, lamented that $50bn taken out of Africa was stunting the growth of the continent. Fowler also stated that the FIRS had uncovered properties in Abuja belonging to 114 companies that had disclaimed them and on which taxes were not being paid. “One hundred and fourteen companies claimed they were unaware of the land allocated to them, but the AGIS (Abuja Geographic Information System) has confirmed the ownership for all the cases referred to them and we will soon hand these cases over to the Attorney General of the Federation,” he said. The FIRS boss highlighted that within a period of one year, the tax authority had realised N1tn more than it made in the same period of 2017 in a bid to recover all monies due to the government. Concerning the issuance of tax notification to companies not complying with Company Income Tax, Fowler stated that the FIRS had issued 2,672 demand notices. According to him, 653 of the companies are now filing their returns, while N2.98bn has so far been realised from demand notices on Abuja properties. Read More:
Category: Market News