Federal Inland Revenue Service to introduce new tax regime targeted at informal sector



The Federal Inland Revenue Service (FIRS) would soon be implementing a Presumptive Tax Regime to get more Nigerians, especially those in the informal sector, to pay tax. Acting Executive Chairman, FIRS, Alhaji Kabir Mashi made the declaration in Abuja on Thursday at a stakeholder’s sensitisation workshop. He said that the idea of the regime was to help the informal sector to keep their books and records and to enable them to understand the tax system and how to use it to improve their business. He said no amount had been fixed as possible tax under the regime, but noted that more money would be collected for the government in the process. ``It is our belief that if we are able to implement a workable presumptive tax regime, it will create improved and easy access to tax system for the large pool of taxpayers in the informal sector. ``This will enable us to not only grow that tax base across the three tiers of government, but more importantly, improve tax collection from non-oil tax revenue. ``If we are able to do this successfully, we will be contributing to the overall development of the Nigerian tax system and the Nigerian economy.’’