|
Getting your Trinity Audio player ready...
|
The Federal Inland Revenue Service (FIRS) at the first quarter 2018 recorded a 33.57% increase in revenue amounting to a total of ₦1.17 trillion from the collection of various taxes.
Tunde Fowler, the Executive Chairman of the FIRS, revealed that the agency has collected the sum of ₦1, 171, 588, 583, 152.96 from January to March 2018, against ₦778.19 billion recorded in the corresponding period of 2017 which is 69 .5% 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% in 2018 when compared with the collection performance for the corresponding period in 2017.
The breakdown of the revenue collection shows that Petroleum Profit Tax (PPT) collection rose by 91% from N338.29bn in the first quarter of 2017 to N644.76bn in the first three months of this year; while Company Income Tax (CIT) rose by 30% from N155.57bn to N202.16bn.
An aggregate of N269.09bn was collected as Value Added Tax (VAT) in the first quarter of 2018, compared to N221.38bn in the first quarter of last year, representing a 22 % difference. Stamp Duty collection jumped by N1.43bn from N3.08bn to N4.45bn, while Capital Gains Tax (CGT) recorded a 179 % rise from N110.94bn in the first quarter of 2017 to N309.17bn in the first quarter of 2018.
However, the education tax collections fell by N8.06bn in the first three months of this year to N25.87bn from N33.93bn in the first quarter of 2017. Similarly, the National Information Technology Development Fund (NITDF) levy plunged by 9%, as only N163.6m was generated in the first three months of 2018 compared with N179.17m realised in the first quarter of 2017. Similarly affected was the consolidated revenue, which dipped by N931.37m from the N25.7bn recorded in the first quarter of last year to N24.77bn in the first quarter of this year.
An analysis of the revenue collection performance indicated that taxes from non-oil sources accounted for 63 per cent, while oil tax accounted for 37 per cent of the total.
