25.1 C
Lagos
Thursday, September 28, 2023

FIRS Recovers N4trn Tax Liabilities From NNPC Limited

Must read

- Advertisement -
- Advertisement -
Listen now

The Federal Inland Revenue Service (FIRS) has recovered more than N4 trillion tax liabilities from the Nigeria National Petroleum Company Limited (NNPCL).

It has also collected N8.5 trillion in new taxes so far this year, bringing the total collection to N12.5 trillion.

Immediate Past Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami gave the update on tax collection and administration while handing over to his successor, Dr. Zacch Adedeji, yesterday in Abuja.

Nami said FIRS assessed, reconciled and recovered over N4 trillion outstanding tax liabilities and sequestered funds from NNPCL on behalf of the government.

He said FIRS generated over N12.5 trillion for the Federal Government between January and September 14, 2023, including N4 trillion recovered from NNPCL and another N8.5 trillion cash collected as tax revenue during the period.

He explained that the N12.5 trillion was exclusive of amounts invested by taxpayers under the Road Infrastructure Tax Credit Scheme and tax implications of waivers by government from January, 2023 to date.

Adedeji said FIRS under him will create a tax system that is both innovative and trustworthy.

He said the focus would be to incorporate quality data into the operations of the tax system to improve its efficiency and effectiveness.

Adedeji said by utilizing data, the tax system will track its progress, set benchmarks, make informed decisions, and ultimately enhance its performance.

He said the use of data will provide accurate insights that will lead to better outcomes in terms of the output of the tax system.

Adedeji stressed: “We will build a tax system that is smart and modern, one with unquestionable integrity and will earn the trust as well as admiration of stakeholders.

“Under me, we will not force things down the throat of our stakeholders. I will always be ready to engage with them, work with and through them to jointly build a tax administration that we will all be proud of and one that enjoys the trust and confidence of all.

“We have a duty to make it clear and certain to the taxpayers why they should perform their tax obligation without waiting for the enforcement team to knock on their doors. On our part, we must ensure we simplify the tax system to make it easy for people to pay.

“In all of our operations, quality data will be a key component. We shall increase the use of data to allow us to measure progress, establish benchmarks, make informed decisions and enhance performance excellence.

“Data and of course evidence from its use will give us accurate insights that will make our output better. Reliable data will also aid accountability.”

- Advertisement -
- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article