By NKIRUKA NNOROM

The Federal Inland Revenue Service, FIRS, Friday, said it collected a total sum of N524.122 billion worth of taxes from both oil and non-oil related businesses in the month of July, 2012.

The figure, according to data obtained from the Planning, Reporting and Statistics Department, FIRS, was 42.19 per cent increase over N302.956 billion projected by the agency for the period.

Out of this, the Oil & Gas business accounted for 57.69 per cent of the total taxes collected within the period, while non-oil taxes accounted for the remaining 42.31 per cent. Available statistics showed that while the government had targeted monthly tax collection of N155.452 billion from oil & gas sector, it received N302.373 billion instead, which amounted to 57.69 per cent contribution. Similarly, a total sum of N221.749 billion was raked in from non-oil sector, as against the projected figure of N147.504 billion, representing 42.31 per cent contribution.

Under the oil & gas category, the Petroleum Profit tax which was expected to yield about N149.48 billion, ended up bringing in N301.501 billion into the government coffers, which represents 57.52 per cent contribution. Gas Income tax yielded N872.2 million compared to the targeted sum of N5.975 billion, which is 0.17 per cent contribution.

On the non-oil sector, the Company Income tax attracted N133.673 billion, which is 25.50 per cent contribution, while Capital Gains tax accounted for 78 per cent of taxes collected from non-oil sector, as the government raked in N4.098 billion, as against its initial target of N245.8 million.

Total tax collections from Stamp Duty tax declined by 0.19 per cent to N983 million from N1.474 billion projected. Total federation account (a+b) experienced 84.16 per cent improvement from the monthly target of N224.467 billion to N441.127 billion.

Under the VAT pool, the total value added tax collected by the Nigeria Customs Service on imports (NCS-Import VAT) during the period stood at N16.927 billion, as against N20.072 billion projected, while value added tax on non-imported goods (Non-Import VAT) was N36.984 billion from initial target of N46.833 billion, representing 3.23 and 7.06 per cent respectively. This, therefore, brought the total VAT pool to N53.912 billion as against the projected N66.905 billion, a 10.29 per cent shortfall over the projected figure.

The EDT for the period rose by 4.73 per cent to N24.81 billion from targeted N8.069 billion. The federal government’s consolidated account attracted N4.041 billion, compared to projected N2.757 billion, amounting to 0.77 per cent increase while NITDEF decreased by 0.05 per cent to N233.2 million from the month’s target of N758.3 million.