Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

FIRS shatters 2021 record, collects N10.1 trillion in 2022

William UkpebyWilliam Ukpe
3 days ago
in Business News, Economy, Tax
FIRS shatters 2021 record, Collects N10.1 Trillion In 2022
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Federal Inland Revenue Service (FIRS) has announced the highest tax revenue in its history, collecting N10.1 trillion in tax revenues in 2022. 

A statement seen by Nairametrics said the FIRS earned N4.09 trillion in oil revenues (41%) and N5.96 trillion in non-oil revenues (59%). This is against a target of N10.44 trillion set for the year.

  • “Companies Income Tax contributed N2.83 trillion, Value Added Tax N2.51 trillion, Electronic Money Transfer Levy N125.65 billion and Earmarked Taxes N353.69. Non-Oil taxes contributed 59% of the total collection in the year, while oil tax collection stood at 41% of the total collection,” the statement explained.

How this was actualised: The Executive Chairman of the FIRS, Muhammad Nami, said this was made possible through “dogged implementation of strategic reforms over the past 2 years, a renewed commitment by officers of the service, accompanies with a boosted morale, as well as the innovative deployment of technology for automation of both tax administration and operational processes”. 

In 2023, he said the service would build on the current reforms, achieve full automation and continue to establish a resilient service that would continue to provide sustainable tax revenue to FG 

2021 performance: Nairametrics reported last year that The 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. 

“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.” 

Related

Tags: firs

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Standard
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Q4 2022: Unilever Nigeria Plc reports 385% rise in pre-tax profits.
  • Olam Agri To Raise Public Health Standard With 1 Trillion Servings Of Fortified Food
  • Nigerian military destroys 39 illegal refineries in 2 weeks, arrests oil thieves

Follow us on social media:

Recent News

Unilever reports N5.99 billion in FY 2022

Q4 2022: Unilever Nigeria Plc reports 385% rise in pre-tax profits.

January 26, 2023
Olam Agri To Raise Public Health Standard With 1 Trillion Servings Of Fortified Food

Olam Agri To Raise Public Health Standard With 1 Trillion Servings Of Fortified Food

January 26, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics