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We generated N5trillion from taxes in 2012 for FG – FIRS

By on January 28, 2013

Acting CEO at FIRS, Kabir Mashi

The Federal Inland Revenue Service (FIRS) over the weekend claimed that it made about N5.007tn from taxes only for the Federal Government in the 2012 fiscal year, adding that the amount was the highest tax ever collected by the agency, which represents about N379.4bn increase against the N4.628tn collected in 2011.

This was contained in the statement issued by the Director, Communications, and Liaison Department, FIRS, Mr. Emmanuel Obeta over the weekend.

It said the N5.007tn was more than the Federal Government’s target, which was set at N3.635tn and stated in the year’s budget. It recorded an excess of N1.365tn.

The statement said taxes from non-oil sector contributed about N1.806tn, showing an increment of 36.07 per cent of taxes collected in the year 2012.

Part of the statement reads, “The contribution of non-oil taxes increased from N1.557tn or 33.65 per cent in 2011 to N1.806tn or 36.07 per cent in 2012. The N5.007tn is the highest cumulative tax collected in the history of the FIRS.

“This performance reflects the Service’s unwavering commitment to its vision of making taxation the pivot of national development. It is note-worthy in this regard, that all the non-oil components of the taxes collected by the Service maintained the rising trend seen in previous years.”

The statement said Education Tax recorded N188.43bn more than the N130.74bn in 2011; Value Added Tax was N710.5bn as against N659.15bn in 2011and Income Tax returned N847.5bn in 2012.

It said N9.13bn came from the National Information Technology Development Fund more than the N8.67bn in 2011, adding that N51.59bn was from personal income tax Pre-Operational Levy, Capital Gains Tax and Stamp Duty.

Similarly, the Minister of State for Finance, Dr. Yerima Ngama earlier boasted during the last Federation Accounts Allocation Committee meeting that the country was in good standing with its finances, adding that it has exceeded its revenue target for the year 2012.

He confirmed that the about of N91.7bn was transferred to the Excess Crude Account, which rose its standing to $9.24bn.