FG Engages Tax Consultant To Raise Revenue

[Shola Sholaz]

Co-ordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who disclosed this while briefing State House correspondents at the end of the Federal Executive Council, FEC, meeting, said with the coming on board of the tax firm, government would generate additional N75 billion into its expected revenue within the 2014 fiscal year.
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According to her, the  firm, McKinsey & Co, which will begins operation this year over the next 12 months, is expected to be paid 1.75 per cent as commission, which amounts to  N470 million from the targeted collectible revenue.
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She said the company's involvement was for the provision of technical support to the FIRS towards non-oil revenue and enhancement and capacity  of the organisation in its tax drive.
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The FIRS targets about N2.2trillion of non-oil tax revenue in 2014, with additional N75 billion through the new drive.
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Okonjo-Iweala said: "The FIRS brought a memo seeking to strengthen non-oil tax collection and non- oil revenue collection. The drive that this administration is undertaking in terms of diversifying the economy seems to be yielding results. We need to expand our tax and revenue base to be able to do better.

[Nifemi Donald]

Whatever is done to raise revenue is acceptable by me.
I agree with this one.