FIRS Promises To Fetch N4 Trillion In 2020

FIRS Promises To Fetch N4 Trillion In 2020

Eludoyin Oluwanisola

The Federal Inland Revenue Service (FIRS) has issued a statement promising to fetch four trillion naira in 2020 from the extractive sector.

The statement which was conveyed by Abdullahi Ahmad, Director, Communications and Liaison Department in the service in Abuja on Tuesday, highlighted how evasive the new Information Technology industries were concerning taxes.

Chairman of the service, Muhammed Nami, lamented on the freedom big players like Alibaba, Amazon, Google, have running online service and not paying taxes, adding that countries found it hard to collect from them.

Nami, said this when a team of the Nigerian office of the Organisation for Economic Cooperation and Development (OECD) paid him a courtesy visit.

He added, “This is more so for developing countries like Nigeria where our people buy luxury goods more and more online while these big online stores don’t pay any tax to us.

“The complexity of the digital economy to the tax authorities also extents to the telecommunication and financial sectors, including the emerging trades and the exchange carried out using digital currency."

He also asked for an alliance between OECD and FIRS in order to prevent tax evasion of Oil multinationals.

Happenings Media