Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,151,620 members, 7,813,038 topics. Date: Tuesday, 30 April 2024 at 05:29 AM

Tax: Well Done, FIRS - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Tax: Well Done, FIRS (13586 Views)

Militants Attack FIRS Officials In Patience Jonathan' Hotel / 70% Of June Allocation From Non-oil Sector – FIRS Chairman Tunde Fowler / Tunde Fowler Of FIRS Recruits 349 New Staff Secretly - Sahara Reporters (2) (3) (4)

(1) (2) (Reply) (Go Down)

Tax: Well Done, FIRS by MEGGATRON(m): 4:34am On Aug 04, 2016
The Federation Account Allocation Committee (FAAC) meeting for June 2016 revenue distribution was delightful on account of the huge surge in resources shared amongst the tiers of government. A total of N559 billion was shared as against N305 billion in the previous month.
It is heart warming, not just because of the increment at a time that all the tiers of government are cash-strapped due to the crash in oil revenue. Rather the good news lies in the reversal of the age-long predominance of oil revenue in the fiscal profile of government without the fanfare. In June, non-oil revenue was 70% against 30% for oil. Silent revolution!
But just before this development, however, the Chairman of the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC), Shettima Gana, had called for a 50% increase in Value Added Tax (VAT) from 5% to 7.5% as a means of achieving this same objective of increasing government revenue.
This position is not attractive. The call came amidst indications from the National Bureau of Statistics (NBS) of a dire situation in the economy regarding growth, inflation and purchasing power.
Growth had reversed since last year and entered the negative side in the first quarter of this year. The Federal Government has already declared that second quarter figures will be negative also, meaning that the economy is in recession. This is hardly the time to increase tax.
The same NBS also reported that inflation has surged to 16.5%, about the highest in 11 years as the rising trend has been consistent since last year. Is it under this circumstance that the tax rate should be raised?
The cumulative effects of these and many more adverse economic statistics (including job losses) have led to worsening of the purchasing power and the standard of living of over 90% of Nigerians. Yet somebody in high public office was calling for an increase in taxes to increase the misery. This is atrocious!
We are pleased that the FIRS has risen to the challenge of putting taxation in its rightful place as the driver of Federal revenue by simply bringing more companies to pay their taxes. We hope the state Inland Revenue Services (IRS) will emulate it responsibly.
We need to point out to the FIRS, however, that the tax net has not been stretched to its limit. So we encourage the Service to leave no stone unturned until it achieves the target of bringing in the additional 700,000 corporate tax accounts into its basket.
We also hope this is not a flash in the pan but a trend that will take Nigeria out of the economic recession to a future where non-oil revenue dominance will be taken for granted.

www.vanguardngr.com/2016/08/tax-well-done-firs/

15 Likes 4 Shares

Re: Tax: Well Done, FIRS by Mynd44: 5:54am On Aug 04, 2016
Uncle Fowler
Tuale, I hail oooo

34 Likes 1 Share

Re: Tax: Well Done, FIRS by Babzrockman: 6:01am On Aug 04, 2016
Tax masterminder (Baba T Fowler) but rise in Tax hasn't yield positive economy boom.

4 Likes

Re: Tax: Well Done, FIRS by xprezboy: 6:18am On Aug 04, 2016
dz story of 70% sourced from non oil sources was a fraud, add all the 13% derivations given to 9 oil producing states, then you will see the plain truth.

19 Likes 2 Shares

Re: Tax: Well Done, FIRS by tuniski: 6:41am On Aug 04, 2016
It is just another propaganda from apc's federal govt. Usually the month of june/july is when tax remittance are made to the FAAC.

But, since they know most Nigerians don't follow tax trends, they codedly turned a regular stuff to an achievement. Abeg how much tax was remitted same period of preceeding year.
Yeye fraud of a govt!

24 Likes 2 Shares

Re: Tax: Well Done, FIRS by futurenix(m): 7:47am On Aug 04, 2016
Digging a leveled ground to fill up a river.

The supposed leveled ground will eventually create another river gradually.

All what am seeing is

1. increasing price of kerosene to increase revenue at the detriment of the poor who use it to cook.

2. Increasing fuel price to generate revenue, the poor masses also suffers.

3. Increasing diesel price to generate revenue, still the poor suffers.

4. Increasing import duty to generate revenue, goods and services increases cost and the poor feels the heat more.

5. If it's not revenue from diversifying this economy into producing goods and services to export it must have its ripple effect on the masses.

Funny thing is non of these revenue generation methods does not affect the poor masses negatively. The average can manage to some extent which probably has not reached but will eventually feel the heat too.

The rich and politicians don't even care as their money keeps flowing in.

So eventually, all the revenue generated is impoverishing the average Nigerian and sending the poor to an early grave. These are the people the government is suppose to be creating policies to favor.

When will there be policies for these set of people who accounts for majority of the votes in elections?

How can you be indirectly taxing these people without giving them anything back but hardship?

36 Likes 6 Shares

Re: Tax: Well Done, FIRS by Sunofgod(m): 7:57am On Aug 04, 2016
They should be ashamed of themselves - collecting taxes yet providing no benefits to society.

6 Likes 2 Shares

Re: Tax: Well Done, FIRS by seunny4lif(m): 7:58am On Aug 04, 2016
Make I book space first grin grin
Should I believe this story shocked shocked shocked
Becos na only inside newspaper we dey giant grin grin grin

1 Like 1 Share

Re: Tax: Well Done, FIRS by Emeka71(m): 7:58am On Aug 04, 2016
They are quick to collect tax but slow to produce jobs or even pay salary.

5 Likes 1 Share

Re: Tax: Well Done, FIRS by adioolayi(m): 7:59am On Aug 04, 2016
"It is heart warming, not just because of the increment at a time that all the tiers of government are cash-strapped due to the crash in oil revenue. Rather the good news lies in the reversal of the age-long predominance of oil revenue in the fiscal profile of government without the fanfare. In June, non-oil revenue was 70% against 30% for oil. Silent revolution!"


You can continue to hate Jagaban...we love him and his political products..Baba T Fowler well done Sir!

6 Likes

Re: Tax: Well Done, FIRS by DropShot: 7:59am On Aug 04, 2016
Gradually but surely.

2 Likes

Re: Tax: Well Done, FIRS by MandingoXXX: 8:00am On Aug 04, 2016
Wailers Be Reading This News Like:

16 Likes

Re: Tax: Well Done, FIRS by Nobody: 8:00am On Aug 04, 2016
Tinubu might not be a saint but you cannot fault his scouting prowess. He's a blessing to the SW and Nigeria at last.

God bless him.

11 Likes 1 Share

Re: Tax: Well Done, FIRS by veekid(m): 8:01am On Aug 04, 2016
These people dey chop our money
Re: Tax: Well Done, FIRS by ddippset(m): 8:01am On Aug 04, 2016
Wow, so much vexing right here. Seems like all of them ran away from the 'Aisha in America' thread to come and vent frustrations on this poor innocent thread.

1 Like

Re: Tax: Well Done, FIRS by seunny4lif(m): 8:02am On Aug 04, 2016
Bolustic:
.
MandingoXXX:
.
Una smoke weed this early morning grin grin grin
Re: Tax: Well Done, FIRS by Nobody: 8:02am On Aug 04, 2016
Companies with December 31st year ends had to file their tax returns latest by June 30. Many of them paid their taxes in full before filing, which led to the upsurge in revenue derived from tax in July. It will drop again in August.

8 Likes 2 Shares

Re: Tax: Well Done, FIRS by Nobody: 8:02am On Aug 04, 2016
seunny4lif:

Una smoke weed this early morning grin grin grin
It's not weed, it's Anambra Ugu. grin grin grin

2 Likes

Re: Tax: Well Done, FIRS by unibenstudent1(m): 8:03am On Aug 04, 2016
FIRS remains the hope of all federal institution s in Nigeria, they are free from any propaganda, I know our biafra and PDP people won't like this information

Re: Tax: Well Done, FIRS by DirtyGold: 8:03am On Aug 04, 2016
land for sale

Re: Tax: Well Done, FIRS by adioolayi(m): 8:03am On Aug 04, 2016
tuniski:
It is just another propaganda from apc's federal govt. Usually the month of june/july is when tax remittance are made to the FAAC.

But, since they know most Nigerians don't follow tax trends, they codedly turned a regular stuff to an achievement. Abeg how much tax was remitted same period of preceeding year.
Yeye fraud of a govt!

Please tell us...I will like to know grin
Re: Tax: Well Done, FIRS by mesoprogress(m): 8:04am On Aug 04, 2016
futurenix:
Digging a leveled ground to fill up a river.

The supposed leveled ground will eventually create another river gradually.

All what am seeing is

1. increasing price of kerosene to increase revenue at the detriment of the poor who use it to cook.

2. Increasing fuel price to generate revenue, the poor masses also suffers.

3. Increasing diesel price to generate revenue, still the poor suffers.

4. Increasing import duty to generate revenue, goods and services increases cost and the poor feels the heat more.

And many more. Funny thing is non of these revenue generation methods does not affect the poor masses negatively. The average can manage to some extend which probably has not reached but will eventually feel the heat too.

The rich and politicians don't even care as their money keeps flowing in.

So eventually, all the revenue generated is impoverishing the average Nigerian and sending the poor to an early grave. These are the people the government is suppose to creating policies to favor.

When will there be policies for these set of people who accounts for majority of the votes in elections?

How can you be indirectly taxing these people without giving them anything back but hardship?
it's disheartening. Nigerians are dying daily due to hardship, they are not worried.

1 Like

Re: Tax: Well Done, FIRS by Nobody: 8:04am On Aug 04, 2016
.
Re: Tax: Well Done, FIRS by amnesty7: 8:05am On Aug 04, 2016
Wailers and 'yoots' wont be happy with this. But when Punch criticised the gotv on tuesday they were excited. Slow and steady, PMB and Fowler.

3 Likes

Re: Tax: Well Done, FIRS by habayommy: 8:07am On Aug 04, 2016
futurenix:
Digging a leveled ground to fill up a river.

The supposed leveled ground will eventually create another river gradually.

All what am seeing is

1. increasing price of kerosene to increase revenue at the detriment of the poor who use it to cook.

2. Increasing fuel price to generate revenue, the poor masses also suffers.

3. Increasing diesel price to generate revenue, still the poor suffers.

4. Increasing import duty to generate revenue, goods and services increases cost and the poor feels the heat more.

And many more. Funny thing is non of these revenue generation methods does not affect the poor masses negatively. The average can manage to some extend which probably has not reached but will eventually feel the heat too.

The rich and politicians don't even care as their money keeps flowing in.

So eventually, all the revenue generated is impoverishing the average Nigerian and sending the poor to an early grave. These are the people the government is suppose to creating policies to favor.

When will there be policies for these set of people who accounts for majority of the votes in elections?

How can you be indirectly taxing these people without giving them anything back but hardship?
Well said.

1 Like

Re: Tax: Well Done, FIRS by Papasland21: 8:09am On Aug 04, 2016
xprezboy:
dz story of 70% sourced from non oil sources was a fraud, add all the 13% derivations given to 9 oil producing states, then you will see the plain truth.
Please add and release your own figures,stop shedding tears tru your nose.

2 Likes

Re: Tax: Well Done, FIRS by dM10(m): 8:10am On Aug 04, 2016
space booked...*this land is not for sale
Re: Tax: Well Done, FIRS by AdeniyiA(m): 8:10am On Aug 04, 2016
futurenix:
Digging a leveled ground to fill up a river.

The supposed leveled ground will eventually create another river gradually.

All what am seeing is

1. increasing price of kerosene to increase revenue at the detriment of the poor who use it to cook.

2. Increasing fuel price to generate revenue, the poor masses also suffers.

3. Increasing diesel price to generate revenue, still the poor suffers.

4. Increasing import duty to generate revenue, goods and services increases cost and the poor feels the heat more.

And many more. Funny thing is non of these revenue generation methods does not affect the poor masses negatively. The average can manage to some extend which probably has not reached but will eventually feel the heat too.

The rich and politicians don't even care as their money keeps flowing in.

So eventually, all the revenue generated is impoverishing the average Nigerian and sending the poor to an early grave. These are the people the government is suppose to creating policies to favor.

When will there be policies for these set of people who accounts for majority of the votes in elections?

How can you be indirectly taxing these people without giving them anything back but hardship?

You have raised valid points my friend, the poor are always the ones at the receiving end of government insensitive policies, the masses are definitely being exploited and made to feather the nest of the upper class.
How can you decrease the spending power of the masses without a corresponding increase in their standard of living through government support.?
It does seem to me that the masses are being punished intentionally for the mistakes ,misgovernance and maladministration of the past, it's high time we became wiser, rise from our docility and emancipate ourselves from the stranglehold of the political class who simply do not care about the citizens angry
undecided

4 Likes 3 Shares

Re: Tax: Well Done, FIRS by glossy6(f): 8:11am On Aug 04, 2016
adioolayi:
"It is heart warming, not just because of the increment at a time that all the tiers of government are cash-strapped due to the crash in oil revenue. Rather the good news lies in the reversal of the age-long predominance of oil revenue in the fiscal profile of government without the fanfare. In June, non-oil revenue was 70% against 30% for oil. Silent revolution!"


You can continue to hate Jagaban...we love him and his political products..Baba T Fowler well done Sir!

Cover up!
Re: Tax: Well Done, FIRS by ALAYORMII: 8:12am On Aug 04, 2016
Ok


The money is coming in

1 Like

Re: Tax: Well Done, FIRS by tony1918(m): 8:12am On Aug 04, 2016
I have learnt something from the Asiwaju of Nigeria.Take it or leave it these man caved a niche for producing Efficient Technocrats back to back..From Osinbajo to fashola to fowler to Ambode .you can start learning to love him or die with hatred..

1 Like 2 Shares

(1) (2) (Reply)

High Oil Price Pushes Subsidy On Petrol To N65.6 Per Litre / Sowore: "I Don't Expect A Free & Fair Election, BVAS Won't Stop Rigging" / Buhari Receives Asset Declaration Form From CCB

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 57
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.