FIRS recorded N1.8tr revenue in 2007

Gbola Subair, Abuja - 25.04.2008

The Federal Inland Revenue Service (FIRS) has disclosed that it recorded N1.8 trillion in 2007 as it stressed that 200,000 out of the 600,000 registered companies were active.

Executive chairman of the FIRS, Mrs Ifueko Omoigui-Okauru, stated this while presenting a paper on internally-generated revenue and the challenges of national development at a forum by some federal legislators in Abuja.

She also said about 600,000 companies were registered with the Corporate Affairs Commission out of which 200,000 were active. The FIRS chairman, who noted that the service collected N1.840 trillion in 2007, said that a lot needed to be done to broaden the tax base, bring the informal sector into the tax net and make taxation the pivot of national development

Omoigui-Okauru stated that no component part of the nation could develop on its own terms, saying that cooperation by federal, state and local governments was the key to attaining national development.

Omoigui-Okauru told federal lawmakers that the FIRS decided to develop an effective database as this was the livewire of any tax agency.