House of Representatives yesterday said the Accounting Procedures of the Federal Inland Revenue Service, FIRS would fast-track and bring about the needed change and development in Nigeria.
Recall that Section 16 of the FIRS Act empowers the service to establish and maintain a fund which shall be determined by the National Assembly that is currently at 4 % of non oil tax revenue.
The Chairman, House Adhoc Committee on the Accounting Procedure of FIRS Hon. Micheal Enyom also said that tax receipts from non-oil and gas income had accounted for a small proportion of total government revenue over the years.
Enyom said that in view of the dwindling revenue from oil and gas resources, it had become necessary for government to intensify and perfect its procedure for taxation so as to pull more tax payers into its tax net.
He noted that the ad hoc committee has the responsibility to ensure that every kobo of taxpayers’ money was properly accounted for and judiciously utilized for the benefits of all Nigerians.

READ ALSO  Egypt hands over remains of air crash victims