FIRS gathers ₦2.5 trillion in 6-months: report

The Federal Inland Revenue Service (FIRS) has raked in ₦2.529 trillion from various taxes from January to June 2018.

The amount shows that the Service had realized 75% of its total target for the year, which is an improvement over what was realized at the corresponding period in 2017.

A report on the revenue performance by the Agency, submitted to the Minister of Finance, Mrs. Kemi Adeosun, confirmed that the ₦2.529 trillion has an increase of ₦746,107 billion, representing 42%, when compared to the ₦1.783 billion total tax revenue realized in the corresponding period in 2017.

The Special Adviser to the Minister of Finance, Mr. Oluyinka Akintude disclosed this in a statement, yester-day. An analysis of the total amount shows that ₦1.168 trillion was collected as Petroleum Profit Tax (PPT) as against ₦636.170 billion resulting in a variance of ₦532.456 billion.

From the Company Income Tax (CIT), the FIRS realized a total of ₦680,093,730,362.25, which was ₦128,151,996,465.68 more than the ₦551,941,733,896.57 in the previous year.

The Value Added Tax (VAT) yielded a total of ₦536,525,540,228.39 in the period under review, which was ₦68,841,756,240.06 more than the ₦467,683,783,988.33 realized in 2017.

The Education Tax brought in ₦77,191,051,329.11 compared to the ₦58,868,372,910.79 in 2017, showing an increase of ₦18,322,678,418.32

The revenue from Stamp Duties was ₦7,492,592,658.35, which was ₦2,346,472,953.70 higher than what was realized in 2017 from Stamp Duties which was a total of ₦5,146,119,704.65.

The FIRS said it realized ₦1,006,543,151.07 from capital Gains Tax , an analysis of which shows that the amount was ₦64,916,270.95 more than the ₦941,626,880.12 in 2017.

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