FIRS To Exceed Revenue Target Despite Covid-19
The Federal Inland Revenue Service is confident it will exceed its revenue target for this year despite the economic impact of covid 19.
The Federal Inland Revenue Service had high hopes of income generation this year and set a rather ambitious target.
But the turn of events which required the the country reviewing its expenditure downwards also saw a reduction in revenue targets.
The revenue generating agency says despite the prevailing times its half year income generation surpassed that of twenty nineteen by fifty two billion.
Despite an impressive revenue turnout, the agency is to review its tax to GDP ratio targets to align with current realities.
Taxation remains a major revenue source in Nigeria though evasion and avoidance are recurrent challenges.
The tax administrator identifies with affected incomes of ordinary Nigerians occasioned by the pandemic, but is working on how collection can be strengthened.