FIRS Tax Revenue Collection Rises above N6trn
As revenue collection rises above N6 trillion, the Federal Inland Revenue Service (FIRS) has listed Nigeria’s top-performing taxpayers in the year 2021; commended taxpayers for their exceptional efforts in contributing toward providing the necessary funds for the government to meet its social contract despite the harsh economic conditions imposed by the COVID-19 pandemic.
In a statement signed by the Executive Chairman, Muhammad Nami, the Federal Tax authority appreciated the country’s taxpayers, noting that without them the Service would not have been able to achieve the feat it recorded in 2021 when it surpassed its tax collection target for the year and crossed the N6trillion threshold for the first time.
“The FIRS is pleased to celebrate the top-performing taxpayers who contributed to her success in 2021,” the release stated. “The Service surpassed its tax collection target in 2021, and in doing so, crossed the N6 trillion threshold for the first time.”
The Service further stated that the tax revenue collection of N6.405 trillion in 2021 was made possible courtesy of the leadership of President Muhammadu Buhari, the support of the Ministry of Finance, Budget and National Planning, and the National Assembly too.
“The feat recorded by the Service was made possible by the uncommon leadership of the President, Commander-in-Chief of the Armed Forces of Nigeria – Muhammadu Buhari, the active support of our supervisory Ministry, the backing of the National Assembly and its leadership as well as the cooperation of all other stakeholders in the tax area.
“To everyone who contributed to FIRS’ success in 2021, we say thank you.
“Of particular importance is the contribution of our much esteemed taxpayers; they defied the very harsh global economic conditions imposed by the lingering COVID-19 pandemic to produce a heroic performance in tax payment, compliance and support.
“The combined efforts of all taxpayers made it possible for the Service to achieve the tax revenue collection of 2021 which provided our governments with necessary funds to meet their social contracts with the citizens,” the FIRS noted.
The list of top-performing taxpayers included the Nigeria Liquefied Petroleum Gas Company Ltd, which was recognized as the Most Supportive Taxpayer; while the Nigeria National Petroleum Company was listed as the Highest Taxpayer.
Others on the list of Top-Performing Taxpayers included Mobil Producing Limited, Star Deep Water Petroleum, MTN Nigeria Communications Plc, Shell Petroleum Development Company Limited, Chevron Nigeria Limited, Total E & P Nigeria Limited, Airtel Networks Limited, Nigeria Petroleum Development Company Limited, Nestle Nig. Plc, Dangote Cement, Nigeria Breweries Plc, Total Upstream Nigeria Ltd, Indorama Eleme Petrochemicals Ltd, NIG Agip Oil Co. Ltd, British American Tobacco Marketing, Guaranty Trust Bank Plc, Stanbic IBC Bank Plc and Lafarge Africa Plc.
The FIRS also appreciated the Northern Cables Processing and Manufacturing Limited (NOCACO) and Ikeja Electric Plc for being the most improved in tax filing and VAT compliance respectively.
The revenue authority urged taxpayers to join hands with the FIRS to make taxation the pivot of the nation’s development and economic growth. READ: Dangote Industries Revenue to Hit N6trn in 2023 – GCR Ratings
Recall that the country’s top-performing taxpayers were scheduled to be unveiled, recognized and awarded by President Muhammadu Buhari at an exclusive dinner during the FIRS 2022 National Tax Week; this was however cancelled in honour of the victims of the unfortunate attack on the Kaduna-Abuja railway on the 28th of March, 2022. # FIRS Tax Revenue Collection Rises above N6trn
