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Home Business News
FIRS SHATTERS 2021 RECORD, COLLECTS N10.1 TRILLION IN 2022
by William Ukpe
19 hours ago
in Business News, Economy, Tax
Share on FacebookShare on TwitterShare on Linkedin
Nigeria’s Federal Inland Revenue Service (FIRS) has announced the highest tax
revenue in its history, collecting N10.1 trillion in tax revenues in 2022.
A statement seen by Nairametrics said the FIRS earned N4.09 trillion in oil
revenues (41%) and N5.96 trillion in non-oil revenues (59%). This is against a
target of N10.44 trillion set for the year.
* “Companies Income Tax contributed N2.83 trillion, Value Added Tax N2.51
trillion, Electronic Money Transfer Levy N125.65 billion and Earmarked Taxes
N353.69. Non-Oil taxes contributed 59% of the total collection in the year,
while oil tax collection stood at 41% of the total collection,” the statement
explained.
How this was actualised: The Executive Chairman of the FIRS, Muhammad Nami, said
this was made possible through “dogged implementation of strategic reforms over
the past 2 years, a renewed commitment by officers of the service, accompanies
with a boosted morale, as well as the innovative deployment of technology for
automation of both tax administration and operational processes”.
In 2023, he said the service would build on the current reforms, achieve full
automation and continue to establish a resilient service that would continue to
provide sustainable tax revenue to FG
2021 performance: Nairametrics reported last year that The FIRS, in the year
2021 collected a total of N6.405 trillion in both oil (N2.008 trillion) and
non-oil (N4.396 trillion) revenues as against a target of N6.401 trillion.
“Companies Income Tax amounted to N1.896 trillion; Petroleum Profits Tax
amounted to N2 trillion; Value Added Tax amounted to N2.07 trillion; Electronic
Money Transfer Levy amounted to N114 billion; Earmarked Taxes amounted to N208.8
billion; among others.”
RELATED
FIRS says its 2022 revenue target is N10.1 trillionAugust 19, 2021In "Business
News"
FIRS calls for comprehensive revenue aggregationDecember 7, 2021In "Business"
Nigeria generates N1.29 trillion from taxes in Q2 2020, surpasses targetAugust
24, 2020In "Macro-Economic News"
Tags: firs
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