According to the report, tax money from non-oil sources was collected at N3.76 trillion from January to June 2023, exceeding the target of N2.98 trillion but falling short of the goal of N2.3 trillion for tax revenues from the oil business.
Mr. Nami also noted in his presentation that the Service earned N1.65 trillion in tax revenue overall in June 2023. The Service has now collected more tax money each month than ever before with this amount.
“As we seek to achieve our annual goal, this is a terrific head start. And it was accomplished in spite of persistent obstacles including the influence of the 2023 General Elections and the redesign of the currency on the economy in the first and second quarters of 2023, according to Mr. Nami.
“This half-year performance was achieved as a result of improved voluntary tax compliance by taxpayers, the continued improvement of automation of our tax administration processes, including the updated VAT filing processes; as well as our dogged engagement with stakeholders in both the formal and informal sectors of the economy,” the executive chairman continued.
As he discussed the expectations for the second half of the year, the FIRS Executive Chairman gave the nation the assurance that there will be “better days ahead” in terms of tax revenue collection.
