The Federal Inland Revenue Service FIRS says it has generated a total of ₦1.17 trillion in the first quarter of this year from the collection of various taxes against ₦778.19 billion recorded in the corresponding period of 2017.
According to the Executive Chairman of the FIRS, Tunde Fowler revealed that the agency has collected the sum of ₦1, 171, 588, 583, 152.96 from January to March 2018, which is 69 .5 percent of the total target to date.
This shows that there is an increase of ₦393, 395, 141, 988 .50, representing an overall increase of 51 percent in 2018 when compared with the collection performance for the corresponding period in 2017.
The breakdown of revenue collected shows
- Petroleum Profit Tax collection rose by 91 percent from N338 .29 bn Q1 2017 to ₦644.76 billion Q1 2018
- Companies ’ Income Tax grew by 30 percent from ₦155 .57 billion in Q1 2017 to ₦202.16 billion Q1 2018.
- ₦269. 09 billion was collected as Value Added Tax Q1 2018 compared to ₦221 .38 billion Q1 2017, representing a 22 percent growth.
- Stamp duty collection rose by ₦1 .43 billion from ₦3 .08 billion in Q1 2017 to ₦4.45 billion in Q1 2018.
- Capital Gains Tax recorded a 179 percent increase from ₦110.94 billion Q1 2017 to ₦309 .17 billion in Q1 2018.
- Education tax collections reduced from ₦33.93 billion Q1 2017 to ₦25.87 billion Q1 2018.
The Federal Inland Revenue Service(FIRS) is the only Federal government institution saddled with the primary responsibility of collection and payment of Federal government taxes across Nigeria.