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FG Earned N5 Trillion From Taxes In 2012 – FIRS - Politics - Nairaland

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FG Earned N5 Trillion From Taxes In 2012 – FIRS by Nobody: 8:49am On Jan 28, 2013
The Federal Inland Revenue Service on Sunday said it generated the sum of N5.007tn from taxes in the 2012 fiscal year for the Federal Government.

The amount is the highest cumulative tax collected in the history of the FIRS and represents an increase of N379.4bn or 8.20 per cent over the N4.628tn collected in 2011.

The 2012 tax revenue is also N1.365tn or 37.05 per cent higher than the Federal Government’s target of N3.635tn contained in that year’s budget.


These were contained in a statement issued on Sunday by the Director, Communications and Liaison Department, FIRS, Mr. Emmanuel Obeta.

Of the amount, the statement put taxes from non-oil sector at N1.806tn, representing 36.07 per cent of all taxes collected within the period under review.

The statement read in part, “The contribution of non-oil taxes increased from N1.557tn or 33.65 per cent in 2011 to N1.806tn or 36.07 per cent in 2012. The N5.007tn is the highest cumulative tax collected in the history of the FIRS.


“This performance reflects the Service’s unwavering commitment to its vision of making taxation the pivot of national development. It is note-worthy in this regard, that all the non-oil components of the taxes collected by the Service maintained the rising trend seen in previous years.”

Giving a breakdown of the collection, the statement said Companies Income Tax returned N847.5bn in 2012; Value Added Tax was N710.5bn as against N659.15bn in 2011; while Education Tax recorded N188.43bn as against N130.74bn in 2011.

The statement also said the National Information Technology Development Fund accounted for N9.13bn as against the N8.67bn in 2011, adding that a total sum of N51.59bn was realised from Personal Income Tax, Pre-Operational Levy, Capital Gains Tax and Stamp Duty.


These, FIRS said, were all pooled together into the Federal Government’s Consolidated Revenue Fund Account.

The Minister of State for Finance, Dr. Yerima Ngama, had during the last Federation Accounts Allocation Committee meeting, said the country’s finances were in good standing as the Federal Government surpassed its revenue targets in all revenue lines.

He said, for instance, the sum of N91.7bn was transferred to the Excess Crude Account, bringing the balance in the account to $9.24bn, adding that the amount in the ECA was enough to augment revenue shortfall for three months.

Source
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by vin4ever(m): 8:50am On Jan 28, 2013
Naija.
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Nobody: 8:58am On Jan 28, 2013
Too meager for a country like Nigeria.
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by grafikii: 9:20am On Jan 28, 2013
And how much did we earn from oil, yet some hat wearing mofos we keep shouting niger Delta money.

2 Likes

Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Nobody: 9:26am On Jan 28, 2013
5trillion? Doesn't that suggest that the average Nigerian is getting richer by the year?? Good thing it is,but it seems the taxes go back to the pockets of our corrupt officials.

2 Likes

Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Lankaline(m): 9:27am On Jan 28, 2013
How does this one concern me!!,,?
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by trix1: 9:35am On Jan 28, 2013
grafikii: And how much did we earn from oil, yet some hat wearing mofos we keep shouting niger Delta money.

did you read this part?

HNosegbe:

The statement read in part, “The contribution of non-oil taxes increased from N1.557tn or 33.65 per cent in 2011 to N1.806tn or 36.07 per cent in 2012.

or you just saw the heading and commented?

2 Likes

Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Ngwakwe: 9:35am On Jan 28, 2013
Of the amount, the statement put taxes from non-oil sector at N1.806tn, representing 36.07 per cent of all taxes collected within the period under review.


grafikii: And how much did we earn from oil, yet some hat wearing mofos we keep shouting niger Delta money.
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by gregg2: 9:40am On Jan 28, 2013
Nigeria is a poor country!
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by greatgod2012(f): 9:47am On Jan 28, 2013
gregg2: Nigeria is a poor country!





you think so?
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Nobody: 9:50am On Jan 28, 2013
My comments:

1. N5trillion is about $33billion, about 8% of the value of Apple. It's chicken change, really, for a country of 160-odd million people.

2. There is need for the Federal Government to explain to us the rationale for further borrowing when its revenue targets are being exceeded.

3. If the FG can raise such monies from taxes, what are the states doing?

4. The government should extend the tax net to cover "luxury" items such as private jets, yachts, mansions and other items of ostentation purchased by the elites. There's no reason we shouldn't slam a 40% tax rate on private jet purchases by our politicians, businessmen and pastors, for instance.

5. Specific proportions of these funds should be set aside for infrastructure and savings for the future. I expect such excess revenues to be transferred to the Sovereign Wealth Fund to ensure that something is left for our children.
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by OmerianConsult: 9:51am On Jan 28, 2013
And what did they do with it? Didn't half of it go into private pockets?

1 Like

Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by daryoor(m): 10:02am On Jan 28, 2013
5 trilly, ok o. i neva chop morning food sha.

2 Likes

Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Boss13: 10:04am On Jan 28, 2013
Lankaline: How does this one concern me!!,,?

It should concern you because taxes are a source of revenue for government. If our country is earning money from taxes and oil. It means more source of income and more money. More money should translate to more provision of social infrastructure and basis amenities. More social infrastructures would give rise to increased economic growth and better living for Nigerians. Also, we will could get our real sectors to be productive - that's is multiple incomes and more money at the disposal of government to provide the basic needs of nigeria. However, if these monies are stolen, it would only enrich the thief and the cycle is broken. I hope you understand now.

3 Likes

Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by ozonaija(m): 10:06am On Jan 28, 2013
*Passing by*
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Chanchit: 10:07am On Jan 28, 2013
This news would have been a good news had it been we know it would be put into good use.

2 Likes

Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Boss13: 10:08am On Jan 28, 2013
HNosegbe: My comments:

1. N5trillion is about $33billion, about 8% of the value of Apple. It's chicken change, really, for a country of 160-odd million people.

2. There is need for the Federal Government to explain to us the rationale for further borrowing when its revenue targets are being exceeded.

3. If the FG can raise such monies from taxes, what are the states doing?

4. The government should extend the tax net to cover "luxury" items such as private jets, yachts, mansions and other items of ostentation purchased by the elites. There's no reason we shouldn't slam a 40% tax rate on private jet purchases by our politicians, businessmen and pastors, for instance.

5. Specific proportions of these funds should be set aside for infrastructure and savings for the future. I expect such excess revenues to be transferred to the Sovereign Wealth Fund to ensure that something is left for our children.

Thank you my brother. We need explanation on how these tax revenues would be utilized. Some economies in the world survive only with taxes. Nigeria can do better, we just have porous tax system. God has blessed this country. I strongly believe if we have a good structured government we can grow at a rate that will baffle the world in just 5 years.
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Nobody: 10:10am On Jan 28, 2013
HNosegbe: My comments:

1. N5trillion is about $33billion, about 8% of the value of Apple. It's chicken change, really, for a country of 160-odd million people.

2. There is need for the Federal Government to explain to us the rationale for further borrowing when its revenue targets are being exceeded.

3. If the FG can raise such monies from taxes, what are the states doing?

4. The government should extend the tax net to cover "luxury" items such as private jets, yachts, mansions and other items of ostentation purchased by the elites. There's no reason we shouldn't slam a 40% tax rate on private jet purchases by our politicians, businessmen and pastors, for instance.

5. Specific proportions of these funds should be set aside for infrastructure and savings for the future. I expect such excess revenues to be transferred to the Sovereign Wealth Fund to ensure that something is left for our children.
how many countries reach the value of apple?

1 Like

Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Boss13: 10:10am On Jan 28, 2013
J12: Too meager for a country like Nigeria.

It is a improvement. It shows someone is working. With time it will get better. The problem is what will the money be use for. I know too much money creates problems for nigeria

1 Like

Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Nobody: 10:14am On Jan 28, 2013
Where is the money?
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by ceejay80s(m): 10:18am On Jan 28, 2013
And those thief go say we no get money
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by grafikii: 10:18am On Jan 28, 2013
U must be a mofo yourself, u didn't bother to read the post before commenting, smh, Yoruba mumu.
@topic
What do they do with the money, u guess is as good as mine
grafikii: And how much did we earn from oil, yet some hat wearing mofos we keep shouting niger Delta money.
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Nobody: 10:20am On Jan 28, 2013
gregg2: Nigeria is a poor country!
and you never add anything before.
For me, this shows people are richer today than they were before. If you donot know this and you are poor, then it is becos you have been busy bothering yourself about negativities.
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by anishe(m): 10:24am On Jan 28, 2013
How can I join the FIRS workforce? Anybody with useful link?
I need it abeg and with people like me on board, the FIRS is sure to wax stronger.
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by brownlord: 10:28am On Jan 28, 2013
5 tri, and wake up wit only 3k i just pay 1500 from ekpoma to akure remaining just 1500 for my hand and yet i dey go serve in the name of nysc my fatherland, sorry my step fatherland cos na america be my fatherland, jolathan una dey mad, wey our moni? Chei we don suffer
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by ubong560(m): 10:29am On Jan 28, 2013
What goes around comes around. Collect frm d poor and give to d rich. D money still find its way to d pocket of d three tiers of govt and yet we cant afford good 2square mill of eba and egusu soup daily. No physical infrastructural development. Eye-popping mansions are erected everywhere by d same pple incharge of d mgt of d fund. God dey watch o!
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by akintun: 11:10am On Jan 28, 2013
D money is so small
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Symphony007: 11:14am On Jan 28, 2013
This is a prolific attestation to my premise that nigeria has a fast rising middle class and a growing industial sector, no matter what any simpleton or skeptic says, this country is on an upward trijectory..all that is left now is to fix our power sector and create a stable environment for investors who need virgin lands like ours to invest and make sure that all this new revenue is put into good use like creating a safety net for the poor and make sure more rise into the middle class.

2 Likes

Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by anitank(f): 11:14am On Jan 28, 2013
daryoor: 5 trilly, ok o. i neva chop morning food sha.
Me too. Come let's drink garri
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Nobody: 11:19am On Jan 28, 2013
anitank:
Me too. Come let's drink garri
joyfully!!!

1 Like

Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by katordidi(m): 11:20am On Jan 28, 2013
and Nigerians 're not thrilled by this 5 trillion.
Re: FG Earned N5 Trillion From Taxes In 2012 – FIRS by Namiad(m): 11:20am On Jan 28, 2013
HNosegbe: My comments:

1. N5trillion is about $33billion, about 8% of the value of Apple. It's chicken change, really, for a country of 160-odd million people.

2. There is need for the Federal Government to explain to us the rationale for further borrowing when its revenue targets are being exceeded.

3. If the FG can raise such monies from taxes, what are the states doing?

4. The government should extend the tax net to cover "luxury" items such as private jets, yachts, mansions and other items of ostentation purchased by the elites. There's no reason we shouldn't slam a 40% tax rate on private jet purchases by our politicians, businessmen and pastors, for instance.

5. Specific proportions of these funds should be set aside for infrastructure and savings for the future. I expect such excess revenues to be transferred to the Sovereign Wealth Fund to ensure that something is left for our children.
it seems u are poor...is only d poor that talk they way u did.moreover,that was was how tax started..from taxing d rich nd govt seemed to make big bucks from it and d decided to tax d poor to mak bigger bucks
secondly,d govt is not transparent an accontable for d litte d hav taxed nd yet u still want them to tax more...

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