Thursday, 4 June 2015

FG Causes Dwindling in Tax Revenue--FIRS Reveals

Image result for pictures of  Sunday Samuel Ogungbesan 
Nigeria’s dwindling tax revenue is not unconnected to low activities in the economy occasioned by government’s refusal to release funds for capital expenditures in the first quarter of this year, the Acting Executive Chairman of the Federal Inland Revenue Service (FIRS), Sunday Samuel Ogungbesan, has said.
In an exclusive interview with our reporter in Abuja,  Ogungbesan, said if government refused to fund the economy, the FIRS would not “perform magic” to collect high revenues for government.
“The former Minister of Finance, Dr. Ngozi Iweala, openly said that since January, they have not released a penny for capital.
Constructions industries are there closing shops. Where is the money going to come from?” Ogungbesan said.
He said oil and power supply problems in the country drove many industries to comatose due to inactivity, a development that affected tax returns. “There has to be activities before taxation,” he said.
On drop in oil revenues, the FIRS boss said the trend cut across revenues generated both by the Nigerian National Petroleum Corporation (NNPC) and the FIRS.

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