More Than Half Of Nigeria Tax Revenue In 2019 Came From Non-oil Sector
More than half, about 54% of the 5.32 trillion-naira tax revenue raised in Nigeria in 2018 came from the non-oil sector.
Babatunde Fowler, FIRS Chairman, disclosed this in Lagos on Thursday during an interactive forum on Tax Matters with the Manufacturers Association of Nigeria (MAN).
Fowler noted that the manufacturing sector and other sectors under non-oil sector have overtaken the oil sector in contributing immensely in terms of revenue generation to the nation’s economic growth.
He said that the Ease of Paying Taxes sub index under the World Bank’s Ease of doing business ranking shows that Nigeria currently ranks 171 out of 190 countries, having moved up 11 places from its 2017 ranking.
According to him, several initiatives were evolved to improve revenue collection and compliance, while reducing the cost of collection.
He said that the agency has lifted the lien placed on tax defaulters bank accounts for 30 days to allow them regularise their tax positions, while apologising to businesses that were wrongfully affected by the accounts freeze.
Fowler criticised the perfidy of businesses who collect Value Added Tax (VAT) and fail to remit to government, saying era of tax evasion was over.
Don't forget to share this story with your friends.