FG received N 4.62 trillion in Taxes in 2011

The Federal Government made N4.62tn from tax collections in 2011, the Federal Inland Revenue Service has said.

The figure represents an increase of N990bn or 27.27 per cent over the N3.63tn revenue target set for the agency.

It also represents an increase of N1.79tn or 71 per cent over the N2.83tn, which the agency generated in 2010.

The total collection figure is the reconciled amount with the Central Bank of Nigeria.

A breakdown of the N4.62tn indicates that N1.51tn was collected as taxes from non-oil sources, an increase of N200bn over the N1.31tn recorded in 2010.

The performance, according to FIRS, is a demonstration of the success of the ongoing reforms in the organisation.

The reforms are targeted at repositioning the Nigerian tax system by making taxation the pivot for the nation’s sustainable development.

The breakdown of the non-oil tax revenue shows a collection of N663.02bn of Company Income Tax; Capital Gains Tax, N770m; Stamp Duty, N6.42bn; and Value Added Tax, N659.15bn.

A further breakdown of VAT amount shows that N492.06bn was collected as non-import VAT, while the balance of N167.09bn was received as import VAT from the Nigeria Customs Service.

FIRS also said that Education Tax generated N130.74bn, while the National Information Technology Development Fund accounted for N8.67bn.

In the same vein, Personal Income Tax contributed N43.47bn, while the Pre-Operational Levy yielded N400m.

Meanwhile, the Executive Chairman, FIRS, Mrs. Ifueko Omoigui-Okauru, has restated the organisation’s determination to intensify its tax drive to expand the revenue base of the country this year.

Omoigui-Okauru made the promise when she appeared before the Senate Committee on Finance to review the FIRS 2011 budget performance as well as the presentation of the 2012 proposal to members of the committee for consideration.

She said there were challenges associated with the growth in the nation’s revenue base, adding that with more focus on capacity building, the plans for more revenue collection would be achieved.

“Driving revenue requires professional skills more so that there is a rethink to increase tax revenue from stamp duties and CGT as part of the efforts to expand the revenue generation profile of the country,” she said.

One Comment

1. 

   Anonymous

   February 14, 2012 at 2:17 pm

   WHERE IS TH EMONEY .

   ENOUGH OF THIS PAPER /MEDIA REPORTS.

   WHERE IS THE PHYSICAL CASH .?????.

   WHY ?

   cOS IF WE ADD THE LOSS IN TH EOIL AND GAS SECTOR + THE ONES RATS IN VARIOUS OFFICES COLLECTED .

   YOU WIL SEE THAT NIGERIA OUGHT TO HAVE MORE THAN 20 TRILLION