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FIRS announces over N10t tax revenue collection in 2022

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FEDERAL Inland Revenue Service (FIRS) has disclosed that it collected over N10 trillion in tax revenue in the year 2022, the highest tax collection ever recorded in its history.

  The service made the disclosure in its “FIRS 2022 Performance Update,” report signed by its Executive Chairman, Muhammad Nami, and released to the public on Monday , by the Special Assistant to the Executive Chairman, FIRS,(Media&Communication), Johannes Oluwatobi Wojuola after his briefing with President Muhammadu Buhari.

  “The FIRS, in the year 2022, collected a total of N10.1 trillion in both oil (N4.09 trillion) and non-oil (N5.96 trillion) revenues as against a target of N10.44 trillion.

  “Companies Income Tax contributed N2.83 trillion; Value Added Tax N2.51 trillion; Electronic Money Transfer Levy N125.67 billion and Earmarked Taxes N353.69 billion.

“Non-oil taxes contributed 59% of the total collection in the year, while oil tax collection stood at 41% of total collection,” the report noted.

It is the first time that the FIRS will cross the N10 trillion mark in tax revenue collection.

  The Performance Update Report further clarified that included in the total revenue sum is the sum of N146.27 billion which is the total value of certificates issued by the service 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.

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  The FIRS noted in the Performance Update that the Muhammad Nami-led management upon assumption of office came up with a four-point focus, namely: administrative and operational restructuring; making the service customer-focused; creating a data-centric institution; and automation of administrative and operational processes.

  It further noted that over the period of 2020 to 2022, the management had introduced reforms bordering around these four-point focus which were producing results.

  “The reforms introduced at different times from 2020 are gradually yielding fruits. By the close of 2022, the service had fully restructured the administration of the service for maximum efficiency and achieved internal cohesion such that all functional units are working in unison towards the achievement of set goals.

  “As a result of conducive environment created for staff, officers of the service are pulling their weight on the global stage with international recognitions and awards;

  “The service had also automated most of the administrative and operational processes. A major leap was the full deployment of the TaxPro Max for end-to-end administration of taxes in June 2021. The module for the automated TCC went live 1st January 2023, while taxpayers had already downloaded over 1,000 TCCs this year without having to visit FIRS office,” the report read.

  It also noted that the service had operationalised its data mining and analysis system thereby allowing for data-backed taxpayer profiling.

  Other reforms the service introduced in this period focused on the detoxification of the tax environment by ridding it of mutual mistrust, negative tax morale, and tax evasion, through effective taxpayer education, open engagement with stakeholders and improved services.

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  It noted that it is courtesy these reforms, framed around the four-focus points that the service was able to achieve this collection.

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