The Chartered Institute of Stockbrokers currently meets with the federal inland revenue service (FIRS) board. The meeting was held at the Service. And feature the current president of CIS Mr. Oluwole Adeosun and the Executive Chairman of FIRS Mr. Muhammad Nami.
What’s happening?
This marks the second time CIS visits the Service. During the meeting, Mr. Nami hails the institute for the “good working relationship the Service has had with the Institute and its immediate past President, Mr. Olatunde Amolegbe and his team.”
Mr. Nami used the visit as an opportunity to explain the critical role the Service is playing in Nigeria. Also, he said that the FIRS is now the main revenue-generating center for the three tiers of government as a result of the deep fall in crude oil revenue.
The Nigerian Tax Revenue and the capital market
In Nigeria, crude oil was the main revenue provider to the government. To date, the federal and state government has an allocation formula it uses to share oil revenue with all the states of the federation. However, the recent fall in oil revenue globally has pushed the government to pursue internal sources of income including taxes.
This is why the Executive Chairmen asserts that the Service is ready to collaborate with any MDA, institution, or body that will aid her to generate the required revenue to fund government programs and projects and sustain the Nation’s growth and development.
Read: Six Importance of auditor report
Also, he said that with the current growth in Nigeria’s capital market there should be a corresponding increase in tax revenue for the federal government. More so, FIRS promises to continue collaboration with the CIS in the following areas
- Training
- Capacity building for staff
- Sensitization of capital market operators
- To block all loopholes for tax evasion in the capital market
- And to improve FIRS revenue collection for Nigeria.
Current news shows that the telecommunication industry is the top provider of tax revenue to the government. MTN Nigeria provides more than 13 percent of the total tax revenue of the country. However, MTN Nigeria sold its shares in the Nigerian capital market but the revenue from the market is yet to show its impact on the total tax revenue to the government of Nigeria.