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FIRS rakes in N2.5 trn in six months

FIRS rakes in N2.5 trn in six months

By Emma Ujah, Abuja Bureau Chief

The Federal Inland Revenue Service  (FIRS)  has raked in N2.529 trillion from various taxes from January to June 2018.

The amount shows that the Service had realized 75% of its total target for the year, which is an improvement over what was realized at the corresponding period in 2017.

A report on the revenue performance by the Agency, submitted to the Minister of Finance, Mrs. Kemi Adeosun, confirmed that the N2.529 trillion has an increase of N746,107  billion, representing 42%, when compared to the N1.783 billion total tax revenue realized in the corresponding period in 2017.

The Special Adviser to the Minister of Finance, Mr. Oluyinka Akintude disclosed this in a statement, yester-day.  An analysis of the total amount shows that N1.168 trillion was collected as Petroleum Profit Tax (PPT) as against N636.170 billion resulting in a variance of N532.456 billion.

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 N 941,626,880.12 in 2017.

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Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design &development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

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