House of Reps Pass FIRS’ N168.8 Billion Budget

The House of Representatives has passed the N168. 8 billion budget of the Federal Inland Revenue Service.

The report on the budget was brought to the house by chairman of the Committee of Supply, James Faleke.

During presentation of the report before the House at plenary, Faleke said: “That the House do consider the Report of the Committee on Finance on the 2020 budget of the Federal Inland Revenue Service (FIRS) and approve the recommendations therein” (Pursuant to Order Eighteen, Rule 41 (2)01) of the Standing Orders of the House of Representatives) (Committee of Supply)

‘That a total expenditure of N168,809,476,220 (One Hundred and Sixty-Eight Billion, Eight Hundred and Nine Million, Four Hundred and Seventy-Six Thousand, Two Hundred and Twenty) naira be approved to defray the proposed Personnel, Overhead and Capital expenditure cost of the Service during the fiscal year 2020;

“that the digitalization of all processes in the administration of tax in FIRS should be undertaken so as to catch up with rapidly increasing economic activities most often carried out on-line without physical presence;

“that FIRS (Establishment) Act and other tax laws be amended to make it possible for FIRS to modernize its operations with relevant technology; ”

Advertisement

All the recommendation in the report were adopted and the members approved the proposes amount for the tax agency.

The House was even magnanimous enough to give the service an extra N100 billion as an intervention fund.

Faleke further said to the committee: “accepts the need for the Service to have an Intervention Fund and recommends an approval of one off Special Purpose Fund to the tune of One Hundred Billion (N100, 000,000,000) Naira only.

“This fund will expressly assist the F IRS fund its immediate but pressing needs such as completion of the FIRS Head Office building complex within twelve months, six (6) Training Schools, 30 Prototype Tax Operations Offices, Purpose-built facilities for efficient taxation of the Upstream Petroleum Industry and ICT infrastructure to identify and track digital transactions.”

The extra funds was accepted without opposition and hence was passed by the House.

Advertisement