The Federal Inland Revenue Service (FIRS) granted various tax incentives that amounted to N1.81 trillion in the 2022 financial year, an official report has shown. PREMIUM TIMES reports.

In its 2022 annual report and financial statement, the tax agency said it granted tax incentives, different from tax credits, to support businesses and enhance business and economic performance in the country.JAMB Result

The FIRS, in the year 2022, collected a total of N10.1 trillion in both oil (N4.2 trillion) and non-oil (N5.9 trillion) revenues as against a target of N10.44 trillion.NYSC Portal

The actual oil tax revenue collection of N4.2 trillion exceeds the set target of N3.32 trillion while the N5.9 trillion non-oil revenue tax represented 90 per cent of its budget, the agency said.

It is the first time that the FIRS crossed the 10-trillion naira mark in tax revenue collection. The agency would have exceeded its target if not for the tax waived on account of various tax incentives.

Breakdown of tax incentives

1. Loans granted for agriculture: N3.19 billion;JAMB Portal

2. Government bonds: N132.35 billion

3. Government Treasury Bills: N212 billion

4. Pioneer Incentive: N388.83 billioninformationguidenigeria

5. VAT Exemptions: N1.068 trillion.

At the end of the year 2022, the total tax incentives in these categories totalled N1.8 trillion.

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