Nigeria: FIRS Generated N4.69 Trillion in 2014

The Federal Inland Revenue Service (FIRS) on Thursday said it surpassed its 2014 target by N400 billion or 9.32 per cent, generating about N4.69 trillion in Federal Government taxes.

According to its quarterly revenue report released in Abuja, the revenue derived from a combination of petroleum profit and non-oil taxes, including income tax, gas income, capital gain tax, stamp duty and Value Added Tax (VAT), was, however, N106 billion less than previous year's N4.80 trillion.

A breakdown of the figure revealed that petroleum profit tax was the cash cow, contributing N2.45 trillion, or 52.96 per cent of total revenue, while the remaining N2.24 trillion, or 47.04 per cent, was collected from non-oil taxes.

Of the non-oil taxes, N1.18 trillion was collected from company income tax, followed by N802.95 billion in VAT collections, comprising Nigeria Customs Service Import VAT and Non-Import VAT, during the period. Another N10.83 billion came from gas income, N2.59 billion from capital gain tax and N10.94 billion from stamp duty during the review period.

Other non-oil taxes collected within the year, the report continued, included Education Tax, N189.61 billion; N53.28 billion from Consolidated Account and N9.91 billion from National Information Technology Development Fund (NITDEF) levy.

A further breakdown showed that the 2014 second quarter collections were the highest at N1.45 trillion, followed by N1.19 trillion the following quarter, while the first quarter yielded N1.05 trillion and N1.0 trillion between October and December.
Source>> http://allafrica.com/stories/201501300959.html

The country earned a total sum of N980.48bn from taxes between July and September this year, figures obtained from the Federal Inland Revenue Service have revealed.

The tax figures for the third quarter obtained by our correspondent on Friday in Abuja were prepared by the Planning, Reporting and Statistics Department of the FIRS.

However, the document stated that the N980.48bn was N162.52bn lower than the quarterly target of N1.14tn set by the Federal Government in the 2015 fiscal period.

According to the document, the N980.48bn tax collected for the three months showed that N654.61bn, representing 66.76 per cent, was generated from non-oil taxes while the balance of N325.86bn or 33.24 per cent was earned through the Petroleum Profit Tax.

A breakdown of the tax revenue showed that the sum of N250.25bn was earned in September.

This shows a decline of N130.76bn when compared to the monthly target of N381.01bn for 2015.

In terms of tax collection according to types, the document said that in the month of September, the country earned N111.96bn from the PPT, representing 44.74 per cent of the entire collection for the month.

Others are Company Income Tax, N65.28bn representing 26.09 per cent; gas income, N826m or 0.33 per cent; capital gains tax, N263m or 0.11 per cent; and stamp duty, N766m or 0.31 per cent.

Similarly, the Value Added Tax generated N56.39bn or 22.54 per cent; education tax, N10.26bn or 4.1 per cent and Nigerian Information Technology Development Fund, N84m or 0.03 per cent.
Source>> http://businessnews.com.ng/2015/11/09/fg-earns-n980bn-from-taxes-in-three-months/?wt=2

mrvitalis:
@op why would u let hate and selfishness blind u from basic truth
.. . How much was oil buy this time last year
...... what was the exchange rate by this time last year
..... What was the total non oil revenue? Can u compare both. ....
.... The customs revenue is not even included yet
... I hate when people claim blind eyed to truth
....

obailala:
Petroleum Profit Tax which normally forms the largest chunk of FIRS revenue has taken a significant dip (up to 60%) in 2015 for reasons we are all aware of, hence the large difference. A general look at the figures shows there is a significant increase in non-oil taxes from what we had in 2014.

Nigeria urgently needs to diversify its economy.

jmoore:

[img]http://elizabethlieutenant.files./2013/10/f1-kimi-shush.gif[/img]

chinchum:
common! stop with the daft gif.

[s]He made a valid point, and what you could do was to post mumu gif, and bury your head in sand like an ostrich.[/s]

Until analysis of a data is done, dishing out the data does not really tell the story. For now, the effect of reforms in FIRS will hardly be noticed ,until IMO the second quarter of 2016. I trust the new henchman in FIRS, he will do a yeo mans job, he did well in LIRS.

jmoore:
Exchange rate on 30th September 2014 1 USD = 163.7528 NGN

Exchange rate on 30th September 2015 1 USD = 199.1056 NGN