FIRS rakes in N2.52tr from taxes in 6 month

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FIRS

The Federal Inland Revenue Service (FIRS), has said it collected N2, 529,615,174,601.25 from various taxes between January and June 2018.

The figure indicates that the FIRS had realized 75% of its total target for the year, an improvement over what was collected at the corresponding period in 2017.

According to the report on the revenue performance by FIRS, submitted to the Minister of Finance, Kemi Adeosun, confirmed that the N2, 529,615,174,601.25 has an increase of N746, 107,323,247.26, representing 42% when compared to the N1, 783,507,851,353.99 total tax revenue realized in the corresponding period in 2017.

An analysis of the total amount shows that N1, 168,627,365,30.67 was collected as Petroleum Profit Tax (PPT) as against N636, 170,585,753.57, resulting in a variance of N532, 456,779,553.10.

From the Company Income Tax (CIT), the FIRS realized a total of N680, 093,730,362.25, which was N128 ,151,996,465.68 more than the N551,941,733,896.57 in the previous year.

The Value Added Tax (VAT) yielded a total of N536, 525,540,228.39 in the period under review, which was N68, 841,756,240.06 more than the N467, 683,783,988.33 realized in 2017.

The Education Tax brought in N77,191,051,329.11 compared to the N58, 868,372,910.79 in 2017, showing an increase of N18, 322,678,418.32.

The revenue from Stamp Duties was N7, 492,592,658.35, which was
N2, 346,472,953.70 higher than what was realized in 2017 from Stamp Duties which was a total of N5, 146,119,704.65.

The FIRS said it realized N1 ,006, 543,151.07 from capital Gains Tax , an analysis of which shows that the amount was N64,916,270.95 more than the N941, 626,880.12 in 2017.

From NITDEF, a total of N9, 249,618,573.91 was realized, resulting in an increase of N736, 357,883.29 when compared to the total of
N8, 513,260,690.62 in 2017.

The Consolidated Tax Revenue for January to June 2018 was N49, 428,732,991.50; an amount that was higher than the N54, 242,367,529.34 by a total of N4, 813,634,537.84.

FIRS expressed optimism that with continuous revenue generation strategies, its effort will have a significant outcome, particularly in increasing revenue for 2018.