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.

Coronation Research
Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

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