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)
Capital Gains Tax (CGT)
NCS Value Added Tax (VAT)
Education Tax (EDT)
PIT and POL
Oil Tax (1600 billion)
Petroleum Profit Tax (PPT)
Gas Income (GI)
Parts of this article originally appeared in Premium Times.