…Says oil firms now default in tax payment

From ADETUTU FOLASADE-KOYI, Abuja

Acting Executive Chairman of the Federal Inland Revenue Service (FIRS), Samuel Ogungbesan, yesterday said the Federal Government got about N1.842 trillion revenue generated from taxes in the first half of 2015. Ogungbesan said the money was paid into the Federation Account shared by the three tiers of government.

The FIRS boss said this while briefing Senate President, Dr. Bukola Saraki, on the activities of his agency, accompanied by his senior management officers. Ogungbesan, however, noted that Nigeria could have got more if not for the numerous social, political and economic challenges.

In a breakdown given to the Senate President, he said the agency raised N697 billion from Petroleum Profit Tax; N778 billion from the Company Income Tax and N376
billion as Value Added Tax, adding also that between N12 billion and N15 billion import VAT was still being expected from the Nigerian Customs Service (NCS). The agency’s annual target for the oil and gas sector is N1.4 trillion with an expected monthly target of N123.74 billion.

“We have oil but most of the foreign companies are not picking up our oil anymore because they have developed their own oil. Oil and gas, which is key to the economy, has not been doing too well. This is as a result of many factors. Many of these are completely outside our control, including the crash of price of oil in the international market.

“Although it started gathering some momentum in the last three months, as at today, it is $59 per barrel. What is within our purview is basically what intervention we can make to shore up from the revenues in the non-oil sector.”

Ogungbesan said his agency had perfected arrangement with the operators of the non-oil sector on how they could be making contributions to government on a.regular basis instead of the current annual or bi-annual remittances so that there would always be money to fund the budget.

Responding, Saraki noted that the country’s over dependence on oil could no longer be a way forward for the country, stressing the need to look at the area of taxes
which is more stable and reliable. The Senate President cautioned the FIRS management on the implementation of the luxury tax, especially as it concerned the private jet owners because the issue is sensational.


http://sunnewsonline.com/new/fg-rakes-in-n1-8trn-in-6-months-firs/

Lalasticlala...Ishilove...

Ok

Ok, but the figures still indicate a heavy reliance on oil related revenues. Diversification remains the way to go.

Yes... But wait they say the treasury is dry

N1.4 trillion, N1.8 trillion, N778 billion, N324 billion


All those thrash are mere 'newspaper figures' The Real truth is that we are suffering

I met virtually empty treasury according to d.ullardinho the dribbler.

Niwdog:
g

INTROVERT:
Ok

Niwdog:
g

glimpse33:

Niwdog:
g

Who are these people?

Acting Executive Chairman of the Federal Inland Revenue Service (FIRS), Samuel Ogungbesan, yesterday said the Federal Government got about N1.842 trillion revenue generated from taxes in the first half of 2015. Ogungbesan said the money was paid into the Federation Account shared by the three tiers of government.

I thought we were broke considering the pronouncement of poverty from the present administration? Someone is looking for a way to loot the treasury before declaring assets.

Dorrobucci:
Who are these people?

na your course mates for nairaland

Heroesworths:
Yes... But wait they say the treasury is dry

They were preparing the ground to loot, disregard it.

Let me invite the world renowned economist, Prof. Ngeneukwuenu.

Dorrobucci:
Who are these people?

they are fellow nairalanders.

Lalasticlala...Can we take this to homepage as we did the one on deficit... Ishilove, Seun, Obinoscopy...

We need Finance, Trade and Investment and National Planning Ministers asap

Dorrobucci:
Who are these people?

they are nairalanders gatekeepers especially dat Introvert..Kai I hate dat girl

Mogidi:
Let me invite the world renowned economist, Prof. Ngeneukwuenu.

Mogidi oooooooooo

Good!!

Praises should go to whom praises is due....

Goodluck Jonathan!


I rest my case!!

Credit goes to PMB.

ok

Let me just buy this plot of land. Will comment on it later

We are getting there.

J

Why must we always be dependent on oil?
We have ground nut up north,
We have Coacoa West side,
We have Tourist attractions "nature" middle bekt.
We have gas for commercial & industrial consumption down south, but 70% are still running on keresene and firewood.
We have coal and commerce/ other mineral resource's in the east.
We have enomous wildlife in the north
Can't we diversify and harness this meabs?

Good job GEJ


thunder strike who go give buhari D credit

[size=18pt]The Wailing Wailers[/size] will start Hyperventilating any moment from now

Ok

Hmm....anyway #prayforGaza

I say "Fucck You" to Federal Government. What have you provided for Nigerians that you seek to collect tax ? What have you fuccking provided since 1914 ?