In a series of tweets from its twitter handle, the Federal Inland Revenue Service (FIRS) has clarified media reports its Executive Chairman, Tunde Fowler had pushed for an increase in the Value Added Tax (VAT).
VAT:
FOWLER DID NOT CALL FOR 50 PER CENT INCREASE IN VAT RATE.— FIRS Nigeria (@firsNigeria) March 20, 2019
Tunde Fowler, the Executive Chairman, Federal Inland Revenue Service, FIRS on Tuesday called for an increase in the number of Nigerians and companies paying VAT and not a 50 per cent increase in VAT rate.
— FIRS Nigeria (@firsNigeria) March 20, 2019
Contrary to reports in the media yesterday and today, the FIRS Executive Chairman called for a reduction in Companies Income Tax (CIT) rate for small businesses so as to improve compliance.
— FIRS Nigeria (@firsNigeria) March 20, 2019
Though he indicated that there should be an increase in VAT rate by the end of the year, he NEVER, for once suggested a 50 per cent hike of any percentage increase at all.
— FIRS Nigeria (@firsNigeria) March 20, 2019
Rather, he promised improved collection in CIT, Petroleum Profits Tax, PPT and VAT in 2019 relative to the collection performance of the Service in 2018.
— FIRS Nigeria (@firsNigeria) March 20, 2019
In 2018, FIRS collected the sum of N1.1 trillion in VAT N1,42 in Companies Income Tax (CIT) and N2.4 trillion in Petroleum Profits Tax (PPT).
— FIRS Nigeria (@firsNigeria) March 20, 2019
