Says VAT not targeted at poor NigeriansThe Executive Chairman, Federal Inland Revenue Service , Mr. Tunde Fowler, Tuesday said the agency was targeting about N750 billion revenue from about 55,000 defaulting taxpayers.
He restated that the 85 per cent of VAT collected goes to State Governments. Fowler said:“From the Bank Accounts substitution exercise, we used banking information to bring non-compliant taxpayers with N1 billion and above turnover to comply. It has so far resulted in the recovery of N23.35 billion. The exercise has been extended to cover those with turnover of N100 million and above.
In terms of estimates, which we should be able to be able to generate from this exercise alone, that will be about N750 billion.” In a statement issued by FIRS spokesman, Mr.
“But the same Nigerians who are complaining about an increase are the same ones who go to Ghana and go and pay triple the amount in VAT or go to London and pay higher amount.
Good, they must pay tax.