Fowler Replies Kyari, Says Recession, Oil Price Affected Tax Revenue

The recession experienced by the Nigerian economy in 2016 as well as lower oil prices affected the revenue collected by the Federal Inland Revenue Service (FIRS) between 2015 and 2018, Tunde Fowler, the chairman, has said.

Despite the challenges, Fowler explained, non-oil revenue such as VAT and company income tax — which he said are within the control of FIRS — have been on the increase compared to pre-2015 figures.

But oil-based taxes, such as petroleum profit tax (PPT), are beyond the control of the service.

He was responding to a memo from Abba Kyari, the chief of staff to the president, who said there were significant variances between the budgeted collections and actual collections for the period 2015 to 2018.

Kyari also said the actual collections for 2015 to 2017 were significantly worse than what was collected between 2012 and 2014.

In the letter dated August 8, 2019, Kyari gave Fowler up till August 19 to explain the reasons “for the poor collections”.

GUYS, WHAT DO YOU THINK?

...............................

.................................
LINKS YOU MIGHT LIKE
For more News visit my blog
www.edesononlinenews.com
Or Know About My Services by
Visiting my Company Website
www.edesoninfotech.com.ng
I am also a Website Designer.
Call me to design your website: 08136125128