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Business News of Wednesday, 22 September 2021

Source: ripplesnigeria.com

President Buhari wants FIRS to tax digital transactions, as Nigeria’s debt gulps 97% of revenue

President Muhammadu Buhari President Muhammadu Buhari

The Federal Inland Revenue Service (FIRS) has been directed to tax digital transactions across Nigeria, as President Muhammadu Buhari looks to improve FG’s poor revenue generation.

President Buhari’s administration has been claiming it has revenue problem, and in the past three years, has been finding ways to expand the tax bracket in Nigeria.

FG has been championing the campaign to tax digital economy, which includes social media platforms; Facebook, Twitter, YouTube and other digital company with significant economic presence in the country, to increase revenue.

In 2020, BudgIT, a government budget tracking firm, reported that 97 percent of Nigerian government’s total revenue was spent on debt servicing, which gulped N3.34 trillion from the N3.42 trillion revenue generated.

In a recent development, the Secretary to the Government of the Federation (SGF) Boss Mustapha, said President Buhari directed the deployment of technology that will enable the FIRS tax digital transactions as well.

He made this comment in Abuja, during the 17th general assembly and 10th anniversary of the West Africa Tax Administration Forum (WATAF) on Tuesday.