The Federal Tax Service (FIRS) has set a revenue target of N10.1 trillion for 2022.
Mohammed namiFIRS executive chairman revealed it Wednesday when he appeared before the House of Representatives finance committee in Abuja.
Of that figure, Nami said 2,053 billion naira goes to the federal government while the rest goes to state and local government.
He said the project income for 2022 is about 5,000 billion naira above that of 2021 due to the registration of social media platforms, including Twitter.
âThe total collection that we are trying to generate and disburse to the appropriate accounts, including the federation account in 2022, is N10.1 trillion,â he said.
“On 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 service called the international tax service that deals with these cases,” he said. .
âTwitter and others are already signing up with us, so we are aware of that. We therefore expect that the impact of these recordings will be felt positively by the FIRS and that is why the targets are increasing. “
Speaking on the performance of the 2020 budget, the executive chairman said that the FIRS had raised a total of 4950 billion naira against 5.076 naira budgeted.
“The service has achieved a total revenue collection of 4.950 billion naira against 5.076 billion naira budgeted representing 98%,” he added.
âOf the total collection, non-petroleum and petroleum components contributed N 3,435 trillion and N 1,515 trillion, respectively.
“Therefore, the collection cost (4% net of 2% NCS VAT of the Nigerian Customs Service) of 130.45 billion naira was met on the budget of 180.76 billion naira to finance the three operational expenses. of the year, âhe said.
Reviewing the performance of the 2021 budget, Nami said FIRS achieved 43% of projected revenue as of June.
âThe 2021 service approved by the MTEF, revenue collection was 6.40 trillion naira, or 1.64 trillion naira (26%) and 4.76 trillion naira (74%) for oil and non – oil respectively, âhe said.
âThe service as of June 30, 2021 (semester) reached 2,762 trillion naira, which represents 43% of the approved projected revenue collection. Non-oil revenue collection during the period was 2.18 trillion naira compared to 1.5 trillion naira collected during the corresponding period, representing an increase of 41.2 percent.
“While the oil revenue collected for the same period was 644 billion naira compared to 971 billion naira collected in the corresponding period, which represents a 33.68 percent drop in oil collection.”