N245b generated in May, says FIRS

The Federal Inland Revenue Service (FIRS) yesterday said it generated about N245 billion last month, an improvement on the N198billion made in April.

Its Executive Chairman,  Samuel Ogungbesan spoke yesterday in Lagos at the annual conference of the Nigerian Bar Association (NBA) Section on Business Law (SBL).

Speaking during the Improving Nigeria’s Ease of Doing Business session, Ogungbesan said the agency was better positioned to ensure revenue drive is pursued.

He said despite the fact that the nation has 37 tax authorities,  efforts were being made to ensure that the states move at the same tempo and step with the Federal Government for greater efficiency.

He said the FIRS has in the last three months,  concentrated more efforts in three areas- tax administration, field operation and compliance and enforcement- to achieve results.

Although he said the revenue for last month has not been recorded, the FIRS boss was confident that the agency made about N245 billion.

Also speaking,  the Registrar General, Corporate Affairs Commission (CAC), Bello Mahmud stressed the need for the amendment of the Company and Allied Matters Act (CAMA) of 1990, to meet modern day realities as well as empower the body to enforce its regulations.

He urged stakeholders to take advantage of the commission’s online registration procedure for faster and more efficient process,  just as he disclosed that the agency’s target was to get 20,000 small businesses migrate from the informal to the formal sector.

The post N245b generated in May, says FIRS appeared first on The Nation.

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