Projected N5 trillion VAT by FG in 2024
An ambitious target has been set by the Federal Government through the Federal Inland Revenue Service, aiming for a Value Added Tax revenue of N5 trillion in 2024. Measures are being implemented to address tax discrepancies and align with the tax reform directives of the Economic Community of West Africa States (ECOWAS).
Zacch Adedeji, the Chairman of the FIRS, revealed this during a press conference in Abuja, which was organized by the Support Programme for Tax Transactions in West Africa, a program supported by the European Union and ECOWAS. He emphasized the continuous growth of VAT revenue over the years, citing figures of N1.9 trillion, N1.5 trillion, N2.5 trillion, N2.3 trillion, and 3.6 trillion for the years 2019, 2020, 2021, 2022, and 2023, respectively...