The Federal Inland Revenue Service has reported a tax revenue collection of N5.5 trillion between January and June of 2023.
This represents the Service’s largest tax revenue collection in the first half of any fiscal year.
On Thursday, July 20, 2023, at a meeting with the National Economic Council held at the Presidential Villa in Abuja, the Executive Chairman of FIRS, Mr. Muhammad Nami, presented the forecast for tax collection for the year 2023 to 2024.
The study stated that the FIRS collected more than 100% of its targeted objective of N5.3 trillion for the first half of the year, exceeding its goal.
According to a breakdown of the data, tax revenue from the oil industry was N2.03 trillion, while N3.76 trillion in non-oil taxes were collected.
The Service made a remarkable accomplishment by collecting a record N1.65 trillion in tax revenues for the month of June 2023, making this the largest monthly tax revenue total ever.
This achievement, according to Mr. Nami, was due to increased voluntary tax compliance made possible by the adoption of computerized tax administrative procedures.
He praised taxpayers for their readiness to abide by tax laws and emphasized the importance of their contributions to the development of the country’s economy.
The executive chairman of FIRS voiced hope, promising the country that brighter days for tax revenue collecting lay ahead.
This half-year performance was made possible, he said, “by improved voluntary tax compliance by taxpayers, the ongoing automation of our tax administration processes, including the updated VAT filing processes, and our dogged engagement with stakeholders in both the formal and informal sectors of the economy.”
It is important to remember that the FIRS recorded the highest-ever overall tax collection of N10.1 trillion in 2022.
This accomplishment demonstrates the FIRS’s commitment and dedication to carrying out its mandate to increase tax revenue production for national development.
