{"id":73002,"date":"2021-08-19T09:10:49","date_gmt":"2021-08-19T08:10:49","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=73002"},"modified":"2021-08-19T09:10:49","modified_gmt":"2021-08-19T08:10:49","slug":"twitter-and-digital-platforms-to-pay-tax-firs-targets-n10-1trn-revenue-in-2022","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/08\/19\/twitter-and-digital-platforms-to-pay-tax-firs-targets-n10-1trn-revenue-in-2022\/","title":{"rendered":"&#8216;Twitter and digital platforms to pay tax&#8217; &#8211; FIRS targets N10.1trn revenue in 2022"},"content":{"rendered":"<p>A revenue target of N10.1 trillion has been set for 2022 by the Federal Inland Revenue Service (FIRS).<\/p>\n<p>This was disclosed on Wednesday by the executive chairman of FIRS, Mohammed Nami<span data-preserver-spaces=\"true\">\u00a0when he appeared before the house of representatives committee on finance in Abuja.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Of the figure, Nami said N2.053 trillion is for the federal government while the rest will go to the state and local government.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said the projected revenue for 2022 is about N5 trillion above that of 2021 because of the registration of social media platforms, including <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/05\/twitters-suspension-in-nigeria-worrisome-us\/\">Twitter<\/a>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe total collection that we are trying to generate and remit to the appropriate accounts, including the federation account in 2022, is N10.1 trillion,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOn the issue of the digital economy, your suggestions are noted, we also have them as part of what we are doing because we already have a department called the international tax department that is handling those cases,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cTwitter and others are already registering with us, so we are aware. So we expect that the impact of those registrations would be felt positively by FIRS and that is why the targets are going up.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Speaking on the 2020 budget performance, the executive chairman said FIRS collected a total of N4.950 trillion against budgeted N5.076.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe service achieved a total revenue collection of N4.950 trillion against budgeted N5.076 trillion representing 98%,\u201d he added.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOut of the total collection, non-oil and oil components contributed N3.435 trillion and N1.515 trillion respectively.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cConsequently, the cost of collection (4% net of 2% Nigerian Customs Service NCS VAT) of N130.45 billion was achieved against the budget of N180.76 billion to fund the three operational expenditure heads for the year,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Reviewing the 2021 budget performance, Nami said FIRS had achieved 43 percent of the projected revenue as of June.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe service 2021 approved MTEF projected revenue collection was N6.40 trillion representing N1.64 trillion (26 percent) and N4.76 trillion (74 percent) for oil and non-oil respectively,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe service as of June 30, 2021 (half-year) achieved N2.762 trillion representing 43% of approved projected revenue collection. The non-oil revenue collection during the period was N2.118 trillion against N1.5 trillion collected in the corresponding period representing 41.2 percent increase.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhile the oil revenue collected for the same period was N644 billion against N971 billion collected in the corresponding period representing 33.68 percent decrease in the oil collection.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A revenue target of N10.1 trillion has been set for 2022 by the Federal Inland Revenue Service (FIRS). This was disclosed on Wednesday by the executive chairman of FIRS, Mohammed Nami\u00a0when he appeared before the house of representatives committee on finance in Abuja. Of the figure, Nami said N2.053 trillion is for the federal government [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":55922,"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":[16178,1180,10470,538,3370],"class_list":["post-73002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-digital-platforms","tag-firs","tag-mohammed-nami","tag-nigeria-customs-service","tag-twitter"],"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>&#039;Twitter and digital platforms to pay tax&#039; - FIRS targets N10.1trn revenue in 2022<\/title>\n<meta name=\"description\" content=\"A revenue target of N10.1 trillion has been set for 2022 by the Federal Inland Revenue Service (FIRS).\" \/>\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\/2021\/08\/19\/twitter-and-digital-platforms-to-pay-tax-firs-targets-n10-1trn-revenue-in-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&#039;Twitter and digital platforms to pay tax&#039; - FIRS targets N10.1trn revenue in 2022\" \/>\n<meta property=\"og:description\" content=\"A revenue target of N10.1 trillion has been set for 2022 by the Federal Inland Revenue Service (FIRS). 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