FIRS: Nigeria Targets Social Media To Help Generate $25 Billion Tax Revenue By 2022

FIRS: Nigeria Targets Social Media To Help Generate $25 Billion Tax Revenue By 2022
FIRS: Nigeria Targets Social Media To Help Generate $25 Billion Tax Revenue By 2022

 

Nigerians plans a medium to generate N10.1 trillion (about $ 25 billion) of revenue in 2022, social media platforms, including Twitter, have started proper tax registration under the Nigerian Federal Internal Revenue Service (FIRS).

The revenue target and tax record were revealed by FIRS Chief Executive Mohammed Nami on Wednesday when he appeared before the House of Representatives finance committee in Abuja Nami pointed out that N2.053 billion is for the federal government, while the rest will go to the state and local government.

He said projected revenue for 2022 is roughly N5 trillion more than 2021 due to the registration of social media platforms, including Twitter, The total collection that we are trying to generate and remit to the corresponding accounts, including the federation account in 2022, is 10.1 trillion naira,” he said.

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“On the subject of the digital economy, their suggestions are noted, we also have them as part of what we are doing because we already have a department called the Department of International Taxes that is handling these cases,” he said.

“Twitter and others are already signing up with us, so we are up to date. Therefore, we hope that FIRS will positively feel the impact of those registrations and that is why the targets are increasing. ”
Speaking about the performance of the 2020 budget, the CEO said that FIRS raised a total of N4.950 billion against the N5.076 budget.
“The service achieved a total revenue collection of N4.950 trillion compared to N5.076 trillion budgeted which represents 98%,” he added.

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“Of the total collection, the non-oil and oil components contributed with N3.435 billion and N1.515 billion respectively.
“Consequently, the collection cost (4% net of 2% VAT from the Nigerian Customs Service NCS) of N130.45 billion was achieved against the budget of N180.76 billion to fund the three heads of operating expenses. of the year.

Reviewing the performance of the 2021 budget, Nami said that FIRS had achieved 43 percent of projected revenue as of June.
“The MTEF projected revenue collection service approved for 2021 was N6.40 billion representing N1.64 billion (26 percent) and N4.76 billion (74 percent) for oil and non-oil, respectively,” he said.

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“The service as of June 30, 2021 (half a year) reached N2.762 billion, which represents 43% of the approved projected revenue collection. Non-oil revenue collection during the period was N 2.118 trillion compared to N 1.5 trillion collected in the corresponding period, representing an increase of 41.2 percent.
“While the oil revenue collected for the same period was 644 billion naira against 971 billion naira collected in the corresponding period, which represents a 33.68 percent decrease in oil collection.”