{"id":14738,"date":"2024-01-16T10:22:50","date_gmt":"2024-01-16T10:22:50","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=14738"},"modified":"2024-01-16T10:22:50","modified_gmt":"2024-01-16T10:22:50","slug":"firs-plans-57-surge-in-tax-revenue-collection","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/01\/16\/firs-plans-57-surge-in-tax-revenue-collection\/","title":{"rendered":"FIRS Plans 57% Surge in Tax Revenue Collection"},"content":{"rendered":"<p>The Federal Inland Revenue Service (FIRS) aims to boost tax revenue collection by 57%, targeting N19.4 trillion, with plans to increase oil revenues to N9.96 trillion and non-oil tax revenue at N9.45 trillion, as per a document cited by Bloomberg.<\/p>\n<p>To achieve this ambitious goal, the FIRS plans to improve efficiency and tax compliance by restructuring its organizational framework to prioritize taxpayers. Automation measures for tax collection will also be implemented. The FIRS further intends to carry out internal reallocation, shifting focus from oil to non-oil sectors.<\/p>\n<p>The document highlights the need for internal reallocation, emphasizing a significant budget increase of 214% for oil revenue in 2024 compared to the actual figures in 2023, while non-oil saw only a 3% increase.<\/p>\n<p>President Bola Tinubu has initiated reforms to enhance government revenue, expressing the intention to tax the &#8220;seed&#8221; rather than the fruits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Inland Revenue Service (FIRS) aims to boost tax revenue collection by 57%, targeting N19.4 trillion, with plans to increase oil revenues to N9.96 trillion and non-oil tax revenue at N9.45 trillion, as per a document cited by Bloomberg. To achieve this ambitious goal, the FIRS plans to improve efficiency and tax compliance by [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":14740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[558],"class_list":["post-14738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-firs"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/14738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=14738"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/14738\/revisions"}],"predecessor-version":[{"id":14752,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/14738\/revisions\/14752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/14740"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=14738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=14738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=14738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}