The Federal Inland Revenue Service (FIRS) has revealed that over N6.405 trillion was generated from tax in the 12 months of 2021.
The Executive Chairman of the FIRS, Mr Muhammad Nami, in the FIRS 2021 Performance Update stated that the target set for the year was N6.401 trillion.
According to him, despite the limitations faced in 2020/2021, FIRS achieved over 100 per cent of its collection target.
Breakdown of the taxes collected showed oil generated N2.008 trillion while non-oil N4.396 trillion.
The FIRS chairman provided further breakdown as follows: 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.
“Non-oil sector contributed 68.64 per cent of the total collection in the year, while oil sector’s contribution was 31.36 per cent of total collection.
“The 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.”
On how it was able to beat its target, the FIRS boss said, “The deployment of a new automated tax administration system, the TaxPro Max in June 2021 was a game-changer.
“With the solution, taxpayers experienced the ease of registration, reporting, payment and issuance of Tax Clearance Certificates while the Service experienced greater efficiency in the deployment of resources thereby leading to improved revenue collection.”
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