,
6 tweets,
2 min read
Read on Twitter
This revenue diversification of a thing - @firsNigeria has done some impressive work since 2015. They’re now set to launch a National Tax Database - a unified Tax database accessible to all tax authorities nationwide (national and sub-national).
Keep in mind Nigeria historically had one of lowest tax to GDP ratios in the world, low compared to even Ghana, SA.
Since 2015 FIRS has pulled in ~7m new taxpayers into Tax Net. They’ve also identified ~75,000 Companies— w/ substantial Turnover— that don’t file/pay taxes AT ALL
Since 2015 FIRS has pulled in ~7m new taxpayers into Tax Net. They’ve also identified ~75,000 Companies— w/ substantial Turnover— that don’t file/pay taxes AT ALL
In 2018 @firsNigeria crossed, for the first time ever, the 1 Trillion Naira threshold in VAT collection, collecting 1.1 Trillion Naira
FIRS has launched a VAT ‘auto-collect’ platform and looks forward to expanding the reach in 2019.
It’s also receiving land ownership Data from States and using this data to target and assess defaulting taxpayers.
And then the Bank Account Turnover Audits will continue.
It’s also receiving land ownership Data from States and using this data to target and assess defaulting taxpayers.
And then the Bank Account Turnover Audits will continue.
The VAT auto-collect is an automated VAT collection platform. Its part of the reason why FIRS crossed the 1 Trillion Naira threshold in VAT collection in 2018. Collection figures are growing impressively.
An estimated 75,000 Nigerian companies with annual turnover in excess of 100 million Naira - but not filing or paying taxes. Most don’t even have TIN. @firsNigeria now going after them...
