{"id":140594,"date":"2022-01-27T18:27:50","date_gmt":"2022-01-27T17:27:50","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=140594"},"modified":"2022-01-27T18:27:50","modified_gmt":"2022-01-27T17:27:50","slug":"firs-generates-n6-4-trn-revenue-in-2021","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/01\/27\/firs-generates-n6-4-trn-revenue-in-2021\/","title":{"rendered":"FIRS generates N6.4 trn revenue in 2021"},"content":{"rendered":"<p>The Federal Inland Revenue Service (FIRS) has raked N6.4 trillion as revenue in 2021, the highest in its history.<\/p>\n<p><span data-preserver-spaces=\"true\">The 2021 revenue collection surpassed the N5.3 trillion generated in 2019 when<\/span><span data-preserver-spaces=\"true\">\u00a0Babatunde Fowler was the head.<\/span><\/p>\n<p>This was contained in a statement released on Thursday by the special assistant on media and communication to the chairman of <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/20\/firs-well-ensure-100-automation-of-tax-administration-processes-in-2022\/\">FIRS<\/a>, J<span data-preserver-spaces=\"true\">ohannes Oluwatobi Wojuola.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to Wojuola, Muhammad Nami, executive chairman of FIRS, said that despite the limitations faced in 2020\/2021, the agency achieved over a hundred percent of its collection target.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\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,\u201d Nami said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201dCompanies 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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cNon-oil sector contributed 69 percent of the total collection in the year, while oil sector\u2019s contribution was 31 percent of the total collection.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\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<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In another report released titled \u201cFIRS 2021 Performance Update\u201d, the agency explained that in line with the law, 2021 income tax revenue was a function of the outcome of business activities in 2020.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn that year, the country entered into a second economic recession within 5 years. The recession was occasioned by 5-months of lockdown caused by the Coronavirus pandemic,\u201d the report said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cTo compound the economic challenges of COVID-19 pandemic, business activities were disrupted by the End-SARS protests.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It further stated that the deployment of technological tools was a game-changer for the Service.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cUpon the coming into office of the current management, the Federal Inland Revenue Service (FIRS) began strategic administrative and operational reforms; and the implementation of new policies that would improve its capacity towards the fulfilment of its mandate.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe deployment of a new automated tax administration system, the \u201cTaxPro Max\u201d in June 2021 was a game-changer.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWith 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.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Inland Revenue Service (FIRS) has raked N6.4 trillion as revenue in 2021, the highest in its history. The 2021 revenue collection surpassed the N5.3 trillion generated in 2019 when\u00a0Babatunde Fowler was the head. This was contained in a statement released on Thursday by the special assistant on media and communication to the chairman [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":140596,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[28608,1180,28609,28607],"class_list":["post-140594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-babatunde-fowler","tag-firs","tag-johannes-oluwatobi-wojuola","tag-n6-4-trillion"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FIRS generates N6.4 trn revenue in 2021<\/title>\n<meta name=\"description\" content=\"The Federal Inland Revenue Service (FIRS) has raked N6.4 trillion as revenue in 2021, the highest in its history.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/27\/firs-generates-n6-4-trn-revenue-in-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FIRS generates N6.4 trn revenue in 2021\" \/>\n<meta property=\"og:description\" content=\"The Federal Inland Revenue Service (FIRS) has raked N6.4 trillion as revenue in 2021, the highest in its history. 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