FIRS Generated N778.19bn in First Qtr of 2017

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...
- Advertisement -

The Federal Inland Revenue Service (FIRS) has said 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 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, according to Freedomonline .com, 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.

- Advertisement -

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.

Read Also:  Igbaroola V. FIRS & 4 ORS.: FHC Confirms the Supremacy Of The CITN Act With Regards To The Regulation Of The Tax Profession In Nigeria

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.

- Advertisement -

“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.

Read Also:  SEC orders Oando GCEO Wale Tinubu, others to resign

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.

- Advertisement -

 

 

 

 

 

(Thisdaylive)

- Advertisement -
FIRS Generated N778.19bn in First Qtr of 2017 - Brand SpurFIRS Generated N778.19bn in First Qtr of 2017 - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

FIRS Generated N778.19bn in First Qtr of 2017 - Brand SpurFIRS Generated N778.19bn in First Qtr of 2017 - Brand Spur

Latest News

Ogun State facilitates more capital to boost Fish Production

Ogun State Ministry of Industry, Trade and Investment will continue to facilitate access to capital and work with relevant...

Abiodun Reads Riots Act to Ogun State Water Corporation

The Governor of Ogun State, Prince Dapo Abiodun, has given a marching order to the General Manager of the Ogun State water corporation, Engineer...

Lagos Examinations Board reschedules Y2020 BECE Resit Test

The Lagos State Examinations Board has rescheduled the Year 2020 Basic Education Certificate Examination (BECE) resit test earlier fixed for Saturday, December 5, 2020,...

Africa Magic Partners Infinix, Pepsi to bring back Turn Up Friday

Africa Magic has continued to make headway in the Nigerian entertainment industry and has increased its drive and effort with the return of entertaining...

#AriyaRepete2020: Ariya Repete Returns With ‘‘Omoluabi Special’’

Nigeria’s foremost talent hunt competition for indigenous music, Ariya Repete, returns with yet another edition. Announced on Wednesday, November 11, 2020, this year’s edition...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -FIRS Generated N778.19bn in First Qtr of 2017 - Brand SpurFIRS Generated N778.19bn in First Qtr of 2017 - Brand Spur