Nigeria’s tax revenue increases 42% to N2.5 trillion in six months
London, July 13, 2018 (AltAfrica)-The Federal Inland Revenue Service has announced that it realised a total of N2.5 trillion (N2,529,615,174,601.25) from various taxes from January to June 2018.
The amount shows that the service has realised 75% of its total target for the year, which is an improvement over what was realised at the corresponding period in 2017.
A report on the revenue performance by the agency, submitted to the Minister of Finance, Kemi Adeosun, confirmed that the N2.5 trillion has an increase of N746 billion (N746,107,323,247.26) representing 42 per cent, when compared to the N1.8 trillion (N1,783,507,851,353.99) total tax revenue realised in the corresponding period in 2017.
An analysis of the total amount shows that N1.2 trillion (N1,168,627,365,306.67) was collected as Petroleum Profit Tax (PPT) as against N636 billion (N636,170,585,753.57), resulting in a variance of N532 billion (N532,456,779,553.10).
From the Company Income Tax (CIT), the FIRS realised a total of N680billion (N680,093,730,362.25), which was N128 billion (N128,151,996,465.68) more than the N552 billion (N551,941,733,896.57) in the previous year.
The Value Added Tax (VAT) yielded a total of N537 billion (N536,525,540,228.39) in the period under review, which was N69 billion (N68,841,756,240.06) more than the N468 billion (N467,683,783,988.33) realised in 2017.
The revenue from stamp duties was N7.5 billion (N7,492,592,658.35), which was N2.3 billion (N2,346,472,953.70) higher than what was realized in 2017 from Stamp Duties which was a total of N5.1 billion (N5,146,119,704.65).
The FIRS said it realised N1 billion (N1,006,543,151.07) from capital Gains Tax , an analysis of which shows that the amount was N65 million (N64,916,270.95) more than the N942 million (N941,626,880.12) in 2017.
From NITDEF, a total of N9 billion (N9,249,618,573.91) was realised, resulting in an increase of N736 million (N736,357,883.29) when compared to the total of N8,513,260,690.62 in 2017.
The Consolidated Tax Revenue for January to June 2018 was N49 billion (49,428,732,991.50); an amount that was higher than the N54 billion (N54,242,367,529.34) by a total of N4,813,634,537.84.
With continuous revenue generation strategies, the FIRS expressed optimism that its effort will have a significant outcome, particularly in increasing revenue for 2018.