House of Reps in session
By Our Reporter
The sum of N168.809 billion budget has been approved by the House of Representatives for the Federal Inland Revenue Service FIRS. It covered the 2020 fiscal year.
The approval which took place Tuesday, followed the consideration of the Report of the House Committee on Finance, on the 2020 budget of the FIRS by the Committee of Supply, Chaired by the Speaker, Femi Gbajabiamila at plenary.
Presenting the report, Chairman of the Finance committee, Hon.James Abiodun Faleke asked the House to consider the 2020 budget of the FIRS and approve the recommendations therein” (Pursuant to Order Eighteen, Rule 41(2)(h) of the Standing Orders of the House of Representatives).
Faleke appealed to the House 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.
The Committee’s report recommended 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.
“FIRS (Establishment) Act and other tax laws be amended to make it possible for FIRS to modernize its operations with relevant technology”, he said.
The report further prayed the House to prioritize the need for the Service to have an Intervention Fund and recommended approval of One-Off Special Purpose Fund to the tune of One Hundred Billion (N100, 000,000,000) Naira only.
