Finance Act: Wealthy Nigerians Will Pay More Taxes – FIRS Says 1

Finance Act: Wealthy Nigerians Will Pay More Taxes – FIRS Says

Implementation of the Finance Act will result in more tax burden on the elite, the Federal Inland Revenue Service (FIRS) has said.

FIRS said in a statement on Saturday that Nigeria was on the threshold of a new, transparent, accountable and fair tax regime in which those making more from the system would pay a more equitable share of their income as tax.

The statement said a tax expert, Mr Taiwo Oyedele, in his presentation titled ‘Strategies for implementing the new VAT regime’ said the new 7.5 per cent VAT would not impact negatively on poor Nigerians.

He said the rich would pay more unlike in the past.

The Tax expert said the key to building a fair, equitable tax system was through transparency, accountability, integrity and objectivity.

According to him, this will help build confidence in taxpayers.

The statement said at the end of the retreat, the FIRS 2020 Corporate Plan was unveiled.

The FIRS new organisational structure approved by the board was also unveiled.

Presenting the new structure, Executive Chairman, FIRS, Mr Muhammad Nami,  said many positions in the organisation were vacant and open to the FIRS officials.

He urged them to distinguish themselves by meeting their collection targets.

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