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FIRS posts ₦1.17 trillion revenue in Q1 2018

Fikayo OwoeyebyFikayo Owoeye
5 years ago
in Business News, Politics
FIRS goes after tax debtors, Tax defaulters, Value Added Tax, FIRS, Federal Inland Revenue Service, Minimum Wage, Tunde Fowler

Mr Babatunde Fowler Executive Chairman of Federal Inland Revenue Service (FIRS)

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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.

 

 

 

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