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FIRS Rakes in N2.43tr in First Half of 2012


News » Business
Nigeria

Image:FIRS

Nnamdi Duru
The revenue collection agency of the Federal Government, Federal Inland Revenue Service (FIRS), said it collected taxes worth N2.43 trillion on behalf of the FG in the first half of this year ended June 30, 2012.

The service said non-oil and oil related taxes totalling N1.17 trillion was collected in the first quarter of this year with an additional N1.26 trillion collected in the second quarter of the year.

Director, Communications and Liaison Department, Mr. Emmanuel Obeta, confirmed this in a statement on Monday, saying the amount so collected was N499.20 billion higher than what was collected for the corresponding period of last year.

Tax revenues collected by the services last year was N1.94 trillion. N955.19 billion was collected in the first quarter and an additional N985.30 billion was collected in the second quarter of last year.

According to Obeta, non-oil taxes totalled N838.58 billion, while oil related taxes amounted to N1.60 trillion. “This stride demonstrates the service’s resolve, not only to achieve the N5.085 trillion set target for the year but to also increase the non oil taxes and lessen Nigeria’s dependence on oil as its main revenue earner,” he said.

Breaking down the tax collected into the various categories, Obeta said Petroleum Profit Tax (PPT) collections peaked at N1.59 trillion, while Gas Income (GI) for the period under review was N9.04 billion.
He also stated that Companies Income Tax (CIT) collections peaked at N405.58 billion collection from, N3.35 billion was for Capital Gains Tax (CGT) and another N3.25 billion was for stamp duties in the same period.

Value Added Tax (VAT) pooled by the Nigeria Customs Service (NCS) was N353.83 billion, Education Tax (EDT) collected amounted to N32.8 billion, and National Information Technology Development Fund (NITDEF) accounted for N8.52 billion respectively.

Personal Income Tax (PIT) and Pre-operational Levy (POL) on the other hand yielded N28.56 billion, he added.

“A further breakdown of the collection performance trend shows that the service so far recorded the highest collection of N554.03 billion in June, followed by N466.86 in the month of February.

“Other collection for the period under consideration includes N385.17 billion in April, N369.38 billion in January, N336.21 billion in March and N328.02 billion in the month of May,” Obeta stated.

He recalled that the Acting Executive Chairman of FIRS, Alhaji Kabir Mashi, had on assumption of office in April charged both management and staff of the service to up the ante and ensure that the progressive history of tax revenue collection by the service over the years does not drop.

Article Credit:Thisday News

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Updated 6 Years ago
 

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