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FG earned N756.7bn from taxes in Q1 – FIRS

By on June 6, 2015

A total sum of N756.7bn was earned by the country from taxes in the first three months of this year, figures obtained from the Federal Inland Revenue Service have revealed.

The tax income figures for the first quarter was prepared by the Planning, Reporting and Statistics Department of the FIRS and were obtained by our correspondent on Thursday.

The document stated that the N756.7bn was N264.8bn lower than the 2014 quarterly target of N1.02tn, which was set by the Federal Government.

A breakdown of the N756.7bn showed that N368.59bn, representing 48.71 per cent, was generated through Petroleum Profit Tax, while the balance of N388.11bn, representing 51.29 per cent, was earned from non-oil taxes.

Further breakdown of the non-oil taxes showed that Value Added Tax, with N193.38bn or 25.56 per cent, accounted for the highest collection from non-oil sources.

Company Income Tax, with N160.92bn, representing 21.27 per cent, followed.

Others are gas income of N5.92bn, representing 0.78 per cent; Capital Gains Tax, N248.6m; Stamp Duty, N1.98bn; and Education Tax, N7.21bn.

The Acting Executive Chairman, FIRS, Mr. Samuel Ogungbesan, had shortly after his appointment in March said the service would encourage voluntary payment of taxes by granting incentives to firms and individuals that complied.

He had said the incentive, which might come in the form of one per cent bonus, would not only help to encourage compliance with tax laws, but would also improve tax revenue to the government.

According to him, while the service is considering rewarding taxpayers, those that are in the habit of evading taxes will first be enlightened on the importance of payment of taxes.

He said if after the enlightenment, any firm or individual that failed to pay their taxes would face the full wrath of the law.

Odugbesan had stated, “The duty of every Nigerian at the 1st of January is to go to the tax office and pick a form and assess himself. We are undergoing a self-assessment tax regime at the moment.

 

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