Nigeria: FIRS Targets N10Bn A Year From VAT Automation

Image result for nigeria Federal Inland Revenue Service(FIRS)

Yemisi Izuora

The Federal Inland Revenue Service(FIRS), said it could realise for the country about 10 billion naira if it secures the understanding of aviation industry operators.

The agency said it has already entered into Value Added Tax (VAT) automation with Aero contractors, Dana and Medview airlines to boost revenue collection in Aviation.

The Director, ICT FIRS, Mr Kola Okunola, said this in a presentation at the ongoing training by Journalism. Com Ltd. in collaboration with FIRS in Abuja.

Okunola said that since the commencement of VAT automation with the three airlines, FIRS collected N2.5 billion from 2014 till date.

” We also plan to commence VAT automation in oil and gas, big businesses and other sister organisations to facilitate tax payment.

” Arik airline has about 70 per cent of the market in the Aviation, but yet to be in the VAT automation.

If all these airlines come into place, we (FIRS) are looking at collecting almost N10 billion in a year, ” Okunola said.

According to him, the Integrated Tax Administration System(ITAS) of the FIRS made Tax Identification Number (TIN) generation much easier to access.

Okunola said that the ITAS platform had a live chat that could respond to questions and complaint of taxpayers.

He said that with the help of the platform, taxpayers would not need the help of FIRS officials to generate their TIN.

Okunola said that few weeks from now, the service would commence electronic tax clearance.

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