FIRS to raise tax-to-GDP contribution by 20%

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By Juliet Odey

The Federal Inland Revenue Service (FIRS) has expressed its commitment to raise Nigeria’s Gross Domestic Product by 20 percent with taxes before the end of year 2018.

This was revealed in a communique after the Joint Tax Board where it said the country’s tax administrators have a sense of responsibility to Nigerians.

As part of efforts to achieve this target, the FIRS said it had started introducing some initiatives, according to a communiqué issued after a recent meeting of the Joint Tax Board.

Part of the communiqué read, “Revenue authorities nationwide should ensure that all efforts are made to increase the national tax revenue to the Gross Domestic Product ratio to at least 20 per cent by December 31, 2018.”

The FIRS also instructed state tax revenue authorities to explore all non-Personal Income Tax sources in bringing about an improvement in the non-PIT to Internationally Generated Revenue.

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