The House of Representatives Tuesday approved N168.809 billion budget for the Federal Inland Revenue Service (FIRS) for the 2020 fiscal year.
The approval followed the consideration of the report of the house committee on finance on the 2020 budget of the FIRS by the committee of supply, chaired by the speaker, Femi Gbajabiamila at a plenary.
Presenting the report, chairman of the committee on finance, James Faleke asked the house to consider the 2020 budget of FIRS and approve the recommendations therein” (Pursuant to Order Eighteen, Rule 41(2)(h) of the Standing Orders of the House of Representatives).
Faleke demanded that a total expenditure of N168,809,476,220 be approved to defray the proposed personnel, overhead and capital expenditure of the Service for 2020.
Read also: Senate okays 14-yr jail term as it passes sexual harassment bill
The committee’s report recommended that: “the digitalisation of all processes in the administration of tax in FIRS should be undertaken so as to catch up with rapidly increasing economic activities most often carried out on-line without physical presence.
“FIRS (Establishment) Act and other tax laws be amended to make it possible for FIRS to modernise its operations with relevant technology”.
The report further prayed the house to accept the need for the Service to have an Intervention Fund and recommended an approval of one-off Special Purpose Fund to the tune of N100 billion.
According to it: “This fund will expressly assist the FIRS fund its immediate but pressing needs such as completion of the FIRS head office building complex within twelve months, six training schools, 30 prototype tax operations offices, purpose-built facilities for efficient taxation of the upstream petroleum industry and ICT infrastructure to identify and track digital transactions”.
Meanwhile, the Executive Chairman of FIRS, Mohammed Nami said the agency has projected N70 billion as revenue from stamp duty collections in 2020.
Nami, who disclosed this during a budget defence session with the House of Representatives committee on finance, said the Service has introduced a new tax called flagship tax through which taxes are collected, adding that stamp duties would boost its revenue profile.
He informed the committee that N446 billion was approved for the agency in 2019 in which N116 billion only was collected from the finance authorities that year.
