The Federal Inland Revenue Service has released its 2015 Q1 results showing tax revenues dropped 25% quarter on quarter. See breakdown
- A total sum of N756.7bn was earned by the country from taxes in the first three months of this year.
- The N756.7bn was N264.8bn lower than the 2014 quarterly target of N1.02tn, which was set by the Federal Government.
- A breakdown of the N756.7bn showed that N368.59bn, representing 48.71 per cent, was generated through Petroleum Profit Tax, while the balance of N388.11bn, representing 51.29 per cent, was earned from non-oil taxes.
- Non-Oil taxes thus dropped 7% when compared to N418 billion same period last year
- Value Added Tax, with N193.38bn or 25.56 per cent, accounted for the highest collection from non-oil sources.
- Company Income Tax, with N160.92bn, representing 21.27 per cent, followed.
- Others are gas income of N5.92bn, representing 0.78 per cent; Capital Gains Tax, N248.6m; Stamp Duty, N1.98bn; and Education Tax, N7.21bn.
