18% tax-to-GDP ratio: We won’t increase taxes, FIRS boss assures companies

, the acting chairman of the Federal Inland Revenue Service , has reassured corporate organizations that FIRS’s commitment to raising the country’s tax-to-GDP ratio from 10.86% to 18% would not lead to increase taxes.

The FIRS chairman had said the agency under his leadership would in the next three years achieve an eight per cent raise in tax-to-GDP ratio to surpass Africa’s average of 16.5% without stifling investment or economic growth. The statement quoted the FIRS chairman as saying that the invited companies and those willing to voluntarily carry out their tax obligations have nothing to be afraid of.

According to him, the purpose of the engagement with the companies is to factor their inputs into the strategic action plan being mapped out in order to address challenges hampering tax revenue collection. “This aligns perfectly with our vision of making taxation the pivot of national development through voluntary compliance. Your respective industries play a pivotal role in generating substantial tax revenue for government and in shaping economic and fiscal stability of the nation.

Source: News Formal (newsformal.com)

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