Breaking News

FIRS nets N1.782trn In 6 months

ABUJA— The Federal Inland Revenue Service, FIRS, has collected a total sum of N1. 782 trillion tax revenue between January and July 2017. This figure represents an increase in tax revenue of N224.140 billion when compared to N1.558 trillion amount collected within the same period in 2016.

The FIRS Executive Chairman, Tunde Fowler, spoke in Abuja, yesterday, when he appeared before the Senate Committee on Finance on the agency’s 2017 budget.

Of the amount, Petroleum Profits Tax, PPT, stood at N636,006, while the service realised N1.146 trillion from non-oil taxes, Companies Income Tax CIT, Value Added Tax, VAT, Stamp Duties, among others for the period under review.

Tunde Fowler

In the preceding year, FIRS recorded N504,834 in PPT and the non-oil tax collection for the period stood at N1.053 trillion.

Virtually, all the tax types in the period under review recorded a positive variance as against the preceding year. For instance, in the period January to June 2017, FIRS collected N551,690 billion in Companies Income Tax, CIT, against 514, 840 billion in 2016, N467, 710 billion from Value Added Tax, VAT, for the first two quarters this year against N396, 510 billion in 2016. It collected N58, 936 billion in Education Tax (EDT) January- June 2017 against N34, 817 billion in 2016.

The service also collected N4, 841 billion in January to June 2017 from Stamp Duty,  against N2, 701 billion in 2016. N936,300 million in Capital Gains Tax, CGT, January-June 2017 against N72, 821 billion in 2016. It did N8,575 billion in Nation Information Technology Development Fund, NITDEF.

FIRS reported a remittance to Consolidated Account of N54, 226 billion in the period, while it realised N26,145 billion in the preceding year.

The Senators asked questions on FIRS VAT automation projects, six online solutions and its nationwide offices projects.

It directed the agency to provide more details about its building projects and its revenue automation programmes.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.