FIRS generates N2.53tn from taxes in six months

Published July 14, 2018
Executive Chairman, FIRS, Mr. Tunde Fowler


Akinpelu Dada

The Federal Inland Revenue Service has announced that it realised a total of N2,529,615,174,601.25 from various taxes between January and June this year.


The amount, according to a statement by the Ministry of Finance on Friday, shows that the FIRS has realised 75 per cent of its total revenue target for the year, an improvement over what was recorded in the corresponding period in 2017.



A report on the revenue performance by the agency, which was submitted to the Minister of Finance, Mrs Kemi Adeosun, confirmed that the N2.53tn was an increase of N746.1bn or 42 per cent over the N1.78tn total tax revenue realised in the corresponding period of last year.

An analysis of the revenue performance shows that N1.17tn was collected as Petroleum Profit Tax in the first half of this year against the N636bn realised for the corresponding period of 2017, indicating a difference of N532.46bn.

From Company Income Tax, the FIRS realised a total of N680bn, which was N128bn more than the N551.9bn in the same period of the previous year.

Value Added Tax yielded a total of N536.5bn in the period under review, which was N68.8bn more than the N467.68bn realised in the first half of 2017.

Education Tax brought in N77.2bn, which was N18.3bn compared to the N58.87bn in the corresponding period of 2017.

The revenue from Stamp Duties was N7.5bn, which was N2.35bn higher than what was realised in the first six months of last year.

The FIRS said it realised N1bn from Capital Gains Tax, which was N65m more than the N941.6m recorded in the first half of 2017.

From the National Information Technology Development Fund, a total of N9.25bn was realised between January and June 2018, resulting in an increase of N736m when compared to the total of N8.5bn made in the same period of 2017.



The Consolidated Tax Revenue for January to June 2018 was N54.2bn; an amount that was higher by N4.8bn than the N49.42bn of the first half of 2017.

With continuous revenue generation strategies, the FIRS expressed optimism that its efforts would have a significant outcome, particularly in increasing revenue for 2018.

http://punchng.com/firs-generates-n2-53tn-from-taxes-in-six-months/

So where are positive effects on the masses?
We are only seeing figures, no physical impact. Nigerian government doesn't deserve to be paid tax to because it's not having any effect. No light, no security of lives and properties, no roads, no job for graduates, so what's the point of paying taxes?

Olanireti:
So where are positive effects on the masses?
We are only seeing figures, no physical impact. Nigerian government doesn't deserve to be paid tax to because it's not having any effect. No light, no security of lives and properties, no roads, no job for graduates, so what's the point of paying taxes?

You may chose not to see what Govt is doing with the Tax collected including the Abuja Metro rail that was just commissioned and several ongoing projects all over Nigeria.
But let me lend you my 2 cents, it is the law that you must pay tax on earned income. Failure not to pay Tax is a criminal offence that could land you in jail.

Here is a link to the Tax Act

http://lawnigeria.com/LawsoftheFederation/PERSONAL-INCOME-TAX-ACT.html

Convert the amount to dollar and compare it to gej tenure. What is the positive effect on the masses

good feat
hope it will be used and disbursed in the right place

RMB/YUAN KING IS HERE

But DAT morafvcka says he'll keep borrowing...
Where r dese money

That's so small for a country like Nigeria

May God punish ineffectual buffoon for telling people not to pay tax.
Because oil money is there to steal.

Ineffectual buffoon were not ready to work but to steal.

Redoil:
Convert the amount to dollar and compare it to gej tenure.
What is the positive effect on the masses

how many infrastructure your ineffectual buffoon built in 6yrs when dollars were BTW 150-166 naira, even oil price was selling at 120-140 dollars.

Good job FG

useless IPoB juwus will not take this news kindly

Good development. Fowler till 2023.

When you convert this figure to Naira and compare it against a six month tax frame under the the Jonathan govt you will find out the Buhari govt is only trying to be mischievous with this cloaked information despite increasing tariffs over 100 percent on virtually everything form solar panels to anti malarials.... Don't be decieved by this sleight of hand information meant to hoodwink you like someone who diluted a quarter bottle of coke with water just to make it look full from a distance .

buhariguy:
how many infrastructure your ineffectual buffoon built in 6yrs when dollars were BTW 150-166 naira, even oil price was selling at 120-140 dollars.

dumb. He build all the road and railway worth a whooping sum that buhari and his gangs of forty thieves are commissioning every day for the past the past three years

deji17:


You may chose not to see what Govt is doing with the Tax collected including the Abuja Metro rail that was just commissioned and several ongoing projects all over Nigeria.
But let me lend you my 2 cents, it is the law that you must pay tax on earned income. Failure not to pay Tax is a criminal offence that could land you in jail.

Here is a link to the Tax Act

http://lawnigeria.com/LawsoftheFederation/PERSONAL-INCOME-TAX-ACT.html

Abuja metro line was 90 percent completes by Jonatan and 100 percent paid for by his govt ..

buhariguy:
how many infrastructure your ineffectual buffoon built in 6yrs when dollars were BTW 150-166 naira, even oil price was selling at 120-140 dollars.

I initiated and built 3 times more power plants that all other past govts combined while your Buhari has built non

Redoil:
dumb. He build all the road and railway worth a whooping sum that buhari and his gangs of forty thieves are commissioning every day for the past the past three years

which all road and railway,?
The one they award for 8yrs without laying a stone,?
Or the locomotive railway your ineffectual buffoon built, ?
Can't you see the modernize light rail with computerized structures?.

SalamRushdie:


I initiated and built 3 times more power plants that all other past govts combined while your Buhari has built non

which power plant, ?the one that could not generate up to 4,000mw.?
Can't you see how buhari has increase power generation to 7.5000mw?

buhariguy:
which all road and railway,?
The one they award for 8yrs without laying a stone,?
Or the locomotive railway your ineffectual buffoon built, ?
Can't you see the modernize light rail with computerized structures?.which power plant, ?the one that could not generate up to 4,000mw.?
Can't you see how buhari has increase power generation to 7.5000mw?

Keep fooling yourself , show me the power plant Buhari built that added any extra MW to the grid...you are fooling yourself and not me

This is evidence that Nigeria is being governed properly. Buhari is rebuilding Nigeria brick by brick. The only problem left in the economic sphere is the corrupt, lazy and decadent Banking sector who prefer to round trip money to unproductive areas of the economy.

Taxation is the first index that you are running a serious economy. It is a good thing that Nigeria's maturing beyond the infantile corruption, laziness and ignoble ease of the Jonathan years.

Let those who don't like paying taxes run to Europeans the US and phone back after 6 months about their experiences

What they don't tell you is 60% of that come from Igbos businesses that are hunted like deer in SE and across Nigeria. My uncle who runs a small building material shop showed me a receipt of almost 1 million paid in taxes, I almost fainted. A custom officer confided in me that over 60% of vehicles, machineries and goods imported into Nigeria are by Igbos, and responsible for most of the duties received by Customs. If you think they will let Igbos leave this country without serious war is an understatement!

SternProphet:
This is evidence that Nigeria is being governed properly. Buhari is rebuilding Nigeria brick by brick. The only problem left in the economic sphere is the corrupt, lazy and decadent Banking sector who prefer to round trip money to unproductive areas of the economy.

Taxation is the first index that you are running a serious economy. It is a good thing that Nigeria's maturing beyond the infantile corruption, laziness and ignoble ease of the Jonathan years.

Let those who don't like paying taxes run to Europeans the US and phone back after 6 months about their experiences

Custom duties and tariffs is very different variant of tax from what you are speaking of ...Custom duties have never been free

SalamRushdie:


Abuja metro line was 90 percent completes by Jonatan and 100 percent paid for by his govt ..

In your dreams. If it is about bad econonomy and security that PDP left behind , it is APC fault. If it is about completing abandoned project of 16 years, PDP started it.

bjayx:
But DAT morafvcka says he'll keep borrowing...
Where r dese money

Nigeria still need more money than FIRS is currently generating to have a meaningful infrastructure development