January 23, 2019

The Federal Inland Revenue Service, FIRS, made a whooping N300.4 billion in three years, between 2016 and 2018 as the cost of collecting taxes. According to the law setting up the revenue collection agency, FIRS is allowed to deduct four percent as cost of revenue collection from non oil taxes before remitting the remaining to the Federation Account. According to data from the FIRS, a breakdown of the N300.4 billion cost of revenue collection by the FIRS showed that N85.99 billionwas received in 2016, which is about 2.6 per cent of the total actual taxes of N3.30 billion collected in 2016. In 2017, the FIRS received N100.3 billion as the cost of revenue collection out of the N4.02 trillion it generated, while in 2018 fiscal year, the service got N114.1 billion as the cost of revenue collection out of the N5.32 trillion revenue it generated for that year. Source: Vanguard  www.innerkonsult.com      

THE Oluwo of Iwo, Abdulrasheed Akanbi over the weekend underscored the need for people of Osun to pay tax in order for the government to bring about effective development in the state. He made the appeal in Iwo township during the “Thank You” tour of the state governor, Mr Gboyega Oyetola to the people of the community. According to Oba Akanbi, “there is no other way than to pay tax. We cannot continue to rely on funds from the Federation Account if we want to develop this state. What if there is no oil money?” Source: Vanguard