FIRS crosses N10 trillion mark in revenue collection - Tax report

user_icon  FIRS crosses N10 trillion mark in revenue collection - Tax report Posted by: NOTICE.COM.NG Staff
calendar-icon  FIRS crosses N10 trillion mark in revenue collection - Tax report Posted on: 2023-01-23 20:06:05
 FIRS crosses N10 trillion mark in revenue collection - Tax report FIRS-1-39073



The Federal Inland Revenue Service, FIRS, on Monday said it collected over N10 trillion in tax revenue in 2022, which is the highest tax collection in its history.

In 2021, FIRS achieved a record tax collection of N6.405 trillion. The Service built on the success of the preceding year in 2022 with a record collection of N10.1 trillion, over 96% of its collection target for the year, making it the first time it crossed the 10 trillion naira milestone.

Details of the collection were contained in a report titled "FIRS 2022 Performance Update," signed by FIRS executive chairman, Muhammad Nami, who briefed President Muhammadu Buhari on Monday.

DO YOU KNOW >>> Twitter announces plans to share Ad revenue in reply threads

According to the report, the 2022 collection, which amounted to N10.1 trillion in both oil (N4.09 trillion) and non-oil (N5.96 trillion) revenues, was slightly below the target of N10.44 trillion.

While Company's Income Tax generated N2.83 trillion, Value Added Tax was N2.51 trillion, with Electronic Money Transfer Levy and Earmarked Taxes bringing in N125.67 billion and N353.69 billion respectively.

Overall, non-oil taxes made up 59% of the total collection while the remaining 41% was oil tax collection.

READ ALSO >>> FIRS crosses N10 trillion mark in revenue collection - Tax report

Of the total revenue, the sum of N146.27 billion was realised from certificates issued by FIRS to private investors and NNPC for road infrastructure under the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme created by Executive Order No. 007 of 2019.

The report also stated that the N10.1 trillion is exclusive of tax waived on account of various tax incentives granted under the respective laws, which amounted to N1,805,040,163,008.

The report, which noted that the 2022 collection was almost a one hundred per cent increase over the 2020 tax collection, attributed the performance of the service to the various reforms introduced at different times since 2020.

READ ALSO >>> FIRS crosses N10 trillion mark in revenue collection - Tax report

FIRS, As stated by Nami, will achieve full automation in 2023, build on the current reforms, and continue to establish a resilient service that would continue to provide sustainable tax revenue to fund the government.


HILARIOUS >>> WATCH Comedy Video: Mr Macaroni - Her First Time

BREAKING >>> He’s like Neymar – Xavi demands protection for Real Madrid forward - LaLiga

LISTEN TO >>> Music Mp3: Lojay - Moto

WATCH >>> Comedy Video: Mr Macaroni - Her First Time

WATCH >>> Download Nollywood Movie: Selina Tested (Episode 28, Endgame B) FINAL

WATCH >>> Obi Cubana and E money Net Worth 2022s & Cars - Who is richer?

WATCH >>> Peter Obi Net Worth 2022, Biography, Cars And Houses

READ ALSO >>> William Kumuyi Net Worth 2022


For All Nigeria Past Questions Visit www.QUESTION.NG

Kindly share this post on different Social Media below


Tags:


COMMENTS

NOTE: User comments in this section are, as the name implies, provided by users of this website. The question.ng team is not responsible for, nor do they endorse, any of the information provided here.


NO POSTED COMMENT