The Federal Inland Revenue Service expects to rake in N4 trillion as tax revenue from the extractive sector of the Nigerian economy in the 2020 fiscal year.
According to Nami, the FIRS needs capacity-building support, information sharing, data interpretation, usage and related technical synergy with the OECD in order for the Service to meet tax revenue targets in the extractive industry and the newly emergent Digital Economy. “The complexity of the Digital Economy to the tax authorities also extents to the telecommunication and financial sectors, including the emerging trades and the exchange carried out using digital currency,” Nami stressed.
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