Home Business FIRS records highest revenue collection; N10.1b in 2022

FIRS records highest revenue collection; N10.1b in 2022

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The Federal Inland Revenue Service (FIRS) recorded the highest tax collection in its history with its figure of N10.1 trillion revenue in 2022.

In a report by its Executive Chairman, Mr Muhammad Nami, which was released to the public on Monday after his briefing with President Muhammadu Buhari, the agency said: “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”.

According to the FIRS, “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”.

It said that N146.27 billion was 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”.

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