FIRS WOOS FOREIGN INVESTORS IN OTHER TO ATTRACT TAX
The Federal inland revenue Service (FIRS), has tasked foreign investors to think about Nigeria as their initial choice for business considering the engaging tax incentives, reliefs and engaging end-price the country offers.
Executive Chairman, FIRS, Tunde Fowler, who spoke at the Nigeria-Canada Investment Summit, in Abuja, aforementioned Nigeria ought to be awarded on the international scene for the amount of reliefs and incentives it grants to each native and foreign businesses.Fowler aforementioned there area unit engaging tax incentives and reliefs in income Tax Act, firms tax Act, Capital Gains Tax Act, worth further Tax Act, agriculture and foreign investment.
For instance, below the non-public tax (PIT), Fowler noted that the subsequent tax reliefs area unit provided by the non-public tax Act (PITA).
“Sometimes after I examine these tax incentives and reliefs, I feel that Nigeria is that the father christmas. however that's necessary for the expansion of the economy as a result of they attract investors,” Fowler aforementioned. Besides, he argued that Nigeria will earn up to eighty per cent of her revenues from the non-oil sector within the next 3 years.
According to him, the non-oil sector contribution to the Nigerian economy has up to sixty per cent presently, from fifty four per cent in Dec 2018, noting that the continual call oil costs may be a sign that spotlight ought to be centered on the non-oil sector that's additional property.“We are moving from oil dependent to non-oil dependent economy. we have a tendency to believe that within the next 3 years, the non-oil sector goes to contribute a minimum of eighty per cent of the whole revenue. you'll raise wherever is that attending to come back from. it's attending to come back from Agriculture,” he said.
He aforementioned the ways the FIRS is adopting for improved revenue assortment machine VAT assortment; VAT collection, that raked in N25.6billion from 2017 to date; VAT assortment in Cable TV that have generated N5.1billion from Dec last year to October eighteen, 2019.“Integrated Tax Administration System (ITAS) project may be a suite of programmes that alter the automation of FIRS tax processes. As a part of the Service’s objectives to bring high-level potency to government revenue assortment and supply firstclass services to taxpayers, ITAS project introduced SIGTAS
“Government info monetary Management data system (GIFMIS) is AN interface linking FIRS to the OAGF for period of time exchange of knowledge and data; State Offices of controller General Platform (SAG); machine-controlled the deduction at supply and remittal of VAT and WHT from state governments contract payments on to FIRS’s account and then so much collected N13billion,” he said.He noted that the preparation on on-line solutions is creating tax administration additional economical, clear and convenient.