In spite of the global economic challenges caused by the COVID-19 pandemic, the Federal Inland Revenue Service (FIRS) achieved over 100 per cent of its revenue collection target for 2021.<\/p>\n
The FIRS collected a total of N6.405 trillion in the year 2021.<\/p>\n
Executive Chairman of FIRS, Muhammad Nami, made this known while giving the \u201cFIRS 2021 performance update,\u201d adding that despite the limitations faced in 2020\/2021, the Service achieved over 100 per cent of its collection target.<\/p>\n
Nami said: \u201cThe 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.<\/p>\n
\u201cCompanies 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.<\/p>\n
\u201cNon-oil sector contributed 68.64 per cent of the total collection in the year, while the oil sector\u2019s contribution was 31.36 per cent of the total collection.<\/p>\n
\u201cThe Service issued certificates for the sum of N147.8 billion tax credit 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.\u201d<\/p>\n
Johannes Wojuola, Special Assistant on Media and Communication to the Executive Chairman, FIRS, in a statement, further explained that in line with the law, 2021 income tax revenue was a function of the outcome of business activities in 2020.<\/p>\n
It also explained that during that period, the country entered into a second economic recession within five years as a result of the five months lockdown caused by the coronavirus pandemic.<\/p>\n
It noted that in compounding the economic challenges of the COVID-19 pandemic, business activities were disrupted by the #EndSARS protests.<\/p>\n
It, however, stressed that the deployment of technological tools by the FIRS in its operations was a game-changer for the Service.<\/p>\n
\u201cUpon the coming into office of the current management, the FIRS began strategic administrative and operational reforms; and the implementation of new policies that would improve its capacity to fulfil its mandate.<\/p>\n
\u201cThe deployment of a new automated tax administration system, the \u201cTaxPro Max\u201d in June 2021 was a game-changer which enabled taxpayers to experience ease with registration, reporting, payment and issuance of Tax Clearance Certificates.<\/p>\n
\u201cThis had made the Service experience greater efficiency in the deployment of resources, thereby, leading to improved revenue collection.<\/p>\n
\u201cThis was in spite of the strong opposition to FIRS statutory mandates by certain interests, which posed a major setback in the full implementation of its reforms,\u201d Nami said.<\/p>\n","protected":false},"excerpt":{"rendered":"
In spite of the global economic challenges caused by the COVID-19 pandemic, the Federal Inland Revenue Service (FIRS) achieved over 100 per cent of its revenue collection target for 2021.…<\/p>\n","protected":false},"author":1,"featured_media":91266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-91265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n