FIRS Handbook on Reforms in the Tax System 2004-2011

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Description

This short handbook detail the tax reforms made in Nigeria 2004-2011 in six chapters: Brief History of Taxation in Nigeria; Current Legislative Underpinning; Reforms to date; Revenue accruing to Governments for Appropriation; Recurring Issues and Challenges; and Global Tax Issues.

Informations

• Publié par: Safari Books Ltd
• Date de parution: 19 décembre 2012
• Nombre de lectures: 0
• EAN13: 9789788431497
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

FIRSHANDBOOK ON REFORMS IN THETAXSYSTEM (2004 -2011)

FIRSHANDBOOK ON REFORMS IN THETAXSYSTEM (2004 -2011)

A publication of the Federal Inland Revenue Service

Produced by Safari Books Ltd Ile Ori Detu 1, Shell Close, Onireke Ibadan Email: [e-mail]

©  FIRS

FIRSHANDBOOKONREFORMSINTHETAXSYSTEM (2004 -2011)

Published 2012

All rights reserved. This book is copyright and so no part of it may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, electrostatic, magnetic tape, photocopying, recording or otherwise, without the prior written permission of the author.

ISBN: 978-978-48776-8-8

Safari Books Ltd

Foreword Acknowledgements

Contents

Chapter One Brief History of Taxation in Nigeria Chapter Two Current Legislative Underpinning Chapter Three Reforms to date Chapter Four Revenue accruing to Governments for Appropriation Chapter Five Recurring Issues and Challenges Chapter Six Global Tax Issues

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Foreword

In 2003, the FIRS annual collection was 697.7 billion naira. This amount represented a deficit of 278.5 billion naira relative to the 2003 budget figure of 976.2 billion naira. In 2004 when the implementation of the harmonized report of the Study and Working Groups commenced in earnest, the FIRS collection figure rose to nearly 1.2 trillion naira. The collection target set by the Federal Government for the Federal Inland Revenue Service in 2011 was 3.63 trillion naira. Actual collection was 4.62 trillion naira. This amount, which exceeded the government’s target by nearly one trillion naira, represents an all time high collection figure. At 1.51 trillion naira, the non oil portion of the total collection was also an all time high. Furthermore, compared to the 2011 budget figure of 4.48 trillion naira, the 2011 collection showed a surplus of 14 billion naira relative to the national budget. While these figures are not sufficient to address the development challenges facing our country, they are improvements on past performance and an indication that with commitment on the part of all stakeholders, we can move our country forward.

The Study Group on the Nigerian tax system, which was inaugurated by the Federal Government in 2002, laid the foundation for the tax sector reforms. The

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