For any one who has paid more than a passing attention to the activities of the Federal Inland Revenue Service (FIRS) in the last four years, the agency's
For any one who has paid more than a passing attention to the activities of the Federal Inland Revenue Service in the last four years, the agency’s tax collection receipt in the first six months of 2023 would certainly not be surprising.
It is the highest ever tax collection by the service for the first six months of a fiscal year. But undeterred, the tax agency is convinced that it would better that number in the last six months of 2023. And listening to Muhammad Nami on the day, it would be difficult for anyone to bet against the agency exceeding that feat at the end of the fiscal year. This is because it collected a total of N1.65 trillion tax revenues in June 2023 alone, the highest tax receipt by the agency in a single month.A cursory look at FIRS trajectory since at least 2020 when the Muhammad Nami-led management assumed office shows that signs of a successful tax collection regime were there from the onset.
So the country had to rely more on non-oil taxes which rose astronomically as a result of the deployment of a tax reform built on a 4-pronged approach which includes: rebuilding FIRS’ institutional framework, improving collaboration with stakeholders, making the agency a customer-centric institution and finally to turn it into a data-centric institution.
A further breakdown shows that Companies Income Tax amounted to N1.896 trillion; Petroleum Profits Tax brought in N2 trillion; Value Added Tax raked in N2.07 trillion; Electronic Money Transfer Levy topped N114 billion while Earmarked Taxes recorded N208.8 billion; among others.
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