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Tag: Tunde Fowler

  • FG projects N1.8tr VAT collection for 2017

    FG projects N1.8tr VAT collection for 2017

    …Half year tax collection N1.782tr

     

    The Federal Inland Revenue Service (FIRS) has projected N1.8 trillion Value Added Tax (VAT) collection for 2017 fiscal year.

    Executive Chairman FIRS, Tunde Fowler, made the projection Tuesday in his 2017 budget presentation at the Senate Committee on Finance budget defence.

    The FIRS boss told the committee that the budget focused on capacity to increase VAT and other non-oil revenue.

    He noted that principally, VAT is expected to grow from an actual of N828 billion to a budget of N1.8 trillion which is over 125 per cent increase.

    He also told the committee that the achievement of the 2017 budget will be driven by VAT collection.

    He added that “The Service in realization of this responsibility and challenges of doing manual collection, have automated VAT collection for the critical sectors of the economy notably telecommunications, airlines and financial institutions.”

    Fowler said that the deployment of the platforms is at no cost to the Service while the consultants will only be rewarded on incremental revenue generated.

    He told the committee that the Service proposed to collect the following tax revenue target as derived from Federal Government 2016-2018 Medium Term Revenue Framework (MTRF) for 2017 amounting to a total of N4.89 trillion.

    Fowler said that the budget for oil revenue dropped by 9 per cent over 2016 actual due to low oil price that operated in the year.

    On budget parameter, the FIRS boss said that the 2017 projected cost of collection of N153.44 billion is higher than the 2016 approval estimate which stood at N143.90 billion.

    The figure, he said, represent a cost of collection increase of 6.63 per cent on overall projected non-oil revenue including VAT, stamp duties and levy.

    Fowler prayed the Senate to approve “the surplus budget of N848 arises from expected total revenue of N153.4 billion over expenditure of N152.6 billion.”

    On the revenue projections performance for the period January to June 2017, the FIRS boss said that the analysis showed that the Service have recorded an increase of N224 billion representing an overall increase of 14 per cent in 2017, when compared with the collection performance for the corresponding period in 2016.

    “We have therefore achieved 72.93 per cent of our half year target of N2.44 trillion for 2017 as against 74.2 per cent of N2.1 trillion for the corresponding period in 2016.

    He put tax collection between January to June 2017 at N1, 782,922,600.000 with variation of N224, 140,900,000 giving 14 per cent increase of the same period in 2016.

    He said, “The chairman may note that we attained this collection performance despite several challenges, as we have continued to vigorously pursue our strategies internally while improving collaboration with relevant stakeholders to boost our collections.

    “The strategies put in place are on course and progressively yielding fruits. We are hopeful therefore that the efforts being made will translate to significant tax yields before the end of 2017.”

    Chairman Senate Committee on Finance, Senator John Enoh, stressed the need for the FIRS to work to achieve approved target.

    Enoh noted that with a deficit of over N2 trillion if the Service failed to meet its target, it would impact negatively on the implementation of the 2017 budget.

    The Cross River Central lawmaker also mooted the idea of the need for midterm engagement between the committee and the Service to block loopholes if any.

     

  • Tunde Fowler celebrates 35 years of marital life

    While many men and women of fortune have tales of woe to tell about their marriages, Tunde Fowler is one man who can claim to have come, seen and conquered. The boss of the Federal Inland Revenue Service and his beautiful wife recently marked their 35 years as a couple.

    While their marriage has not been without its ups and downs, the love birds have endured the storms like the rock of Gibraltar. From the way they go lovey-dovey at public gatherings, it is obvious that they complement each other in every way.

    However, they marked the 35th anniversary of their union in a quiet manner and away from prying eyes, except for their few friends and family members who were there for a toast to an enduring flame of love.

  • Lagos projects N400billion revenue by 2016

    Lagos projects N400billion revenue by 2016

    BY 2016, the projected revenue which would be generated annually in Lagos state is in excess of N400billion, Mr. Tunde Fowler, Executive Chairman, Lagos Internal Board of Revenue, has hinted.

    He gave this insight during an interview with The Nation recently.

    According to Fowler, Lagos state has the potential to increase its internally generated revenue given its well-structured tax system.

    “My projection comes in twofold. First of all, I will call my projection in terms of policy. Right now, in what we call the organised private sector – those are the oil companies, the banks, those who are under pay as you earn (PAYE), we have close to 90 percent tax compliance,” he stressed.

    Pressed further, he said: “In the unorganised informal sector, especially among professionals, it is very low. So, my projection in the next four or five years, first of all, if I put figures to it, is that we have a 99.9 percent tax compliance across all sectors – organised private sector, informal professionals, informal skilled, government, including federal government agencies that pays taxes that everyone signs up and we have 99.9 percent. “Now, in terms of figures, what that would be, I was reading the papers yesterday and an international agency said that they expect our internally generated revenue to hit close to N400 billion by the year 2016.”

    Continuing he said: “Currently, as of last year, we have about N240 billion. I believe that if we have an increase of 20 percent per year, that would translate to anywhere between N350 and N375 billion by the year 2016. And I believe that as businesses continue to grow within Lagos State, that means more people would be employed, more people would pay taxes. And I believe yes, we do financial projections but based on the level of our activities within Lagos State, we should be in that region of N375 billion in the next four to five years or in excess of N400 billion.”