FIRS Headquarters at No: 20 Sokode Crescent, Wuse, Zone 5, Abuja, Nigeria. Credit/FIRS
FIRS, JTB and SMEDAN Partner to Sensitize Small Scale Businesses
Following the realization that the tax economy will grow only when business make profits, the Federal Inland Revenue Service (FIRS) in partnership with critical stakeholders is holding a sensitization workshop for small and medium scale businesses.
The aim of the meeting is to feel the pulse of small and medium scale businesses and share experiences on how to do businesses profitably and pay the right taxes.
Nigeria, with its population now put at 198 million is a large entity. However, the culture of tax payment is not yet entrenched. Only few businesses who transact businesses with the government and government employees pay their taxes, a trend the FIRS is working hard to correct.
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The FIRS, the Joint Tax Board (JTB), the Small and Medium Enterprises Development Agency (SMEDAN) and Business Membership Organisations (BMOs) will lead talks in the event.
The meeting which will take place at the Lagos Chamber of Commerce and Industry, Conference and Exhibition Centre, Plot 10 Nurudin, Olowo Popo Drive, Behind MKO Abiola, Gardons, Alausa, Ikeja is expected to attract key players in the Business Membership Organisations (BMO).
Nigeria’s apex tax body, the FIRS has set a tax revenue target of N6.7 trillion in 2018, the highest in the history of the agency. The FIRS posted a performance of N4.3 trillion in 2017.
The FIRS is exploring all fronts to ensure that tax revenue continues to grow in Nigeria. Reason is that the West African oil dependent economy is beginning to feel the shock in its finances as a result of the fall of oil prizes globally.
Second, African countries are advised to stop depending on grants from Europe and Asia because of their aftermath in the economy in the long-run.
Bogged with these, African countries are looking under their beds to find ways to grow alternative sources of income.
Uganda recently introduced social media tax where it aims to tax social media visitors.
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