The Federal Inland Revenue Service (FIRS) said on Thursday that it generated N4.69 trillion from taxes for the federal government in 2014. FIRS said in its Quarterly Revenue Report issued in Abuja that the figure surpassed its target for the year by about N400 billion. The report showed that the 2014 revenue was about N106 billion less than that of 2013, which stood at N4.80 trillion. According to the News Agency of Nigeria (NAN), the revenue was derived from petroleum profit and non-oil taxes, including income tax, gas income, capital gain tax, stamp duty and Value Added Tax (VAT).
The report also indicated that N2.45 trillion, representing 52.96 per cent, was collected from petroleum profit tax while N2.24 trillion, representing 47.04 per cent, was collected from non-oil taxes during the period. A breakdown of the total collection showed that company income tax contributed N1.18 trillion; N10.83 billion from gas income; N2.59 billion from capital gain tax and N10.94 billion from stamp duty. The VAT, comprising Nigeria Customs Service Import VAT and Non-Import VAT, according to the period, contributed N802.95 billion of the total non-oil taxes collection during the period.