The FIRS has released the figures for its operations in the first half of the year. The report shows a total revenue generation through taxation in the first half of the year of about N2.43 trillion as compared to the total collection of N1.94 trillion for the corresponding period last year.
An analysis of the report showed that the Service collected recorded N955.19 billion in the first quarter and N985.30 billion in the second quarter. Revenue from non-oil sources accounted for about N838.58 billion, while receipts from oil taxes accounted for the remaining N1.60 trillion.
“This stride demonstrates the Service’s resolve, not only to achieve the N5.085 trillion target set for the year, but also to increase the non-oil taxes and lessen Nigeria’s dependence on oil as its main revenue earner,” Premium Times quotes Mr. Obeta, the Director, Communications and Liaison Department as saying.
The report shows the following breakdown of the activities of the Service
Non-Oil Revenue (835.29 billion)
Companies Income Tax (CIT)
N405.58 billion
Capital Gains Tax (CGT)
N3.35 billion
Stamp Duties
N3.25 billion
NCS Value Added Tax (VAT)
N353.83 billion
Education Tax (EDT)
N32.8 billion
NITDEF
N8.52 billion
PIT and POL
N28.56 billion
Oil Tax (1600 billion)
Petroleum Profit Tax (PPT)
N1590 billion
Gas Income (GI)
N9.04 billion
Parts of this article originally appeared in Premium Times.
