The Federal Inland Revenue Service ( FIRS ) has said it is in full alignment with all efforts to grow national revenue from taxation while easing the inherent administrative burdens.
It said though there are in existence various incentives in tax related laws that can benefit various businesses, it have also undertaken countless initiatives to lighten the burden of taxation on all payers.
FIRS Chairman, Babatunde Fowler disclosed this Thursday at the special day of FIRS at the ongoing Lagos International Trade fair.
Fowler, represented by Cyracus Nkechi, Lagos state coordinator, said the country has endured a severe economic downturn over the last two years, but as the country is gradually emerging from recession, governments at the federal and state levels are focusing energy and scarce resources towards reversing the negative impact of the recession on business via targeted tax and fiscal policies and other actions aimed at reinvigorating the business environment.
He said: “With an eye on future developmental needs, we supported the changes introduced by the Revised National Tax Policy and working under the auspices of the joint tax board, we continue to advocate for the simplification, harmonisation and streamling of processes, levels and taxes at all levels.
“Our participation in the Presidential Ease of Doing Business Council project resulted in several changes to our operations in a bid to make compliance easier for tax payers and thus contributing to the significant upward leap of Nigeria’s ranking on the World Bank records.
“We are also encouraging businesses and individuals to take advantage of VAIDS, a time limited opportunity for tax payers to tidy up their tax positions without fear of criminal prosecution before it winds down in December”.
Fowler said to move from absolute dependence on oil to growth of the non-oil sector, attracting both entrepreneurs and investors to boost growth, jobs and revenue, it is critical to provide the information, resources and structures that will enable successful execution of the national economic recovery and growth plan.
He commended LCCI on the theme of the fair which is timely and further illustrates the alignment between government and various stakeholders in the Nigeria project.
LCCI president, Nike Akande said though they celebrate exit of the economy from recession, attention must be paid to policies and regulations that drive revenues, create jobs and attract investments to sustain the recovery.
She said recent reports from FIRS that it had already collected N1.782 trillion as tax between January and July, 2017 shows the innovations deployed by the service in boosting the economy of the country.