A whopping N778.19 billion was generated as revenue in the first quarter of 2017 by the Federal Inland Revenue Service.
The Federal Inland Revenue Service (FIRS) says it generated N778.19 billion revenue in the first quarter of 2017.
This is according to a progress report by the FIRS sent to the
Federal Ministry of Finance, and obtained by the News Agency of Nigeria
(NAN) on Tuesday in Abuja.
The report, which showed the revenue performance for the first quarter of 2017, gave a breakdown of money collected.
According to the report, the FIRS collected N338.3 billion as
Petroleum Profit Tax between January and March, as against the N176.7
billion collected in the period under review in 2016.
Similarly, Value Added Tax (VAT) revenue increased from N198.7
billion in first quarter of 2016, to N221.37 billion in first quarter of
2017.
The report showed that the biggest improvement was from Education
tax collection, which the FIRS surpassed in 2016 by 311.7 per cent.
It said in first quarter of 2017, N33.9 billion was generated as
Education tax revenue as against the N8.24 billion generated in the same
period of 2016.
Also, the service said it achieved 284.3 per cent improvement in
Stamp Duty collections, as it generated N3 billion in first quarter of
2017, as against the N785 million generated in 2016.
The report also showed that consolidated tax revenue for the first
quarter of the year grew by 123 per cent, from N11.5 billion in 2016 to
N25.7 billion in the same period of 2017.
The service also recorded success in boosting its collection of
National Information Technology Development Fund (NITDEF) levy, which
went up from N129 million in 2016 to N179.2 million in 2017.
The report, however, showed that the FIRS did not record any
improvement in Company Income Tax and Capital Gains Tax collections.
The service collected N155.6 billion as Company Income Tax in first
quarter of 2017, while it collected N166.85 billion in the same period
of 2016.
It said N110.9 million was generated from Capital Gains in 2017 as
against the N859.1 billion generated in the same period of 2016.
“The analysis shows that we have recorded an increase of N214
billion, representing an overall increase of 38 per cent in 2017, when
compared with the collection performance of the corresponding period in
2016.
“We attained this collection performance in spite of several
challenges, as we have continued to vigorously pursue our strategies
internally, while improving collaboration with relevant stakeholders to
boost our collections.
“The strategies put in place are still on course and progressively yielding,’’ the FIRS said.
It will be recalled that the FIRS Chairman, Mr BabaTunde Fowler
pledged to improve tax collection by capturing more people and companies
under the tax net.
In April, he said that four million individuals have been included
in the tax net, bringing the total to about 20 million individuals.
This still leaves a gap of about 40 million taxable individuals and
corporate organisations both in the formal and informal sectors.
-NAN
Subscribe to Tonygists by Email
Reliance Training and Management Consulting, a dynamic, fast growing indigenous entity, was established and duly registered with the aim to nurture, develop and innovate people and organisations through customized training, development and management consulting services, with excellent performance, deep sense of commitment, transparency, honesty and responsibility, to demonstrate the highest standard of technical and operational expertise.
Reliance is competently positioned to provide technical knowledge and skills relevant to practical management and business problems, to stimulate the creativity and innovation necessary to build a better community, a better nation and a better world with a committed mind set to contributing our best to the maximization of personal potentials and skills toward optimizing productivity and achieving organisational goals.
for more information click RELIANCE TRAINING AND MANAGEMENT CONSULTING
No need to visit Tonygists just use the android application click for more info Tonygists android application
Visit some of the website built by tonygists
1. south south penpushers : south south pen pushers
2. kingdom builders : Kingdom builders
Tonygists bro: honest zone
Are You On youtube? subscribe to Hot GIST Channel Latest Updates - @Hot Gist
Are You On youtube? subscribe to Gospel World (which is also owned by Tony Gists) youtube Channel Latest Updates - @Gospel world
Are you on audio mack? Follow Tonygists on audio mack to listen and download to the latest Mfm sermons Latest Updates - @Tonygists
Follow Tonygists on LinkedIn to get more jobs opportunities Latest Updates - @Tonygists
Are You On youtube? subscribe to Honest Ose Channel Latest Updates - @Honest Ose
Are You On youtube? subscribe to Honest Web Solutions Channel Latest Updates - @Honest Web Solutions
Are You On youtube? subscribe to Xtremely Honest Channel Latest Updates - @Xtremely Honest
Are You On Twitter? Follow Us Now For Latest Updates - @tonygists
Are You On FACEBOOK? Like Our Page For Latest Updates - tonygists
Are You On FACEBOOK? Join Our Group For Latest Updates And Interactions - TonyGists
© 2024 Tonygists | Portions are © 2024 Associated Press. All rights reserved. This material may be published, broadcast, rewritten, or distributed.
