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picture-11     The Federal Inland Revenue service, FIRS said it collected N1.05 trillion in revenue during the first quarter of 2014. It said the amount exceeded its target for the period by N50.9 billion or 5.06%. This is contained in the quarterly revenue report of the service which was made available to News Agency of Nigeria, NAN. According to the NAN report, the revenue was derived from petroleum profit tax, non oil taxes, including income tax, gas income, capital gain tax, stamp duty and value added tax, VAT. It showed that N638.1 billion was collected from petroleum profit tax as against the target of N447.4 billion while N418.3 billion was collected from non-oil taxes as against its N558 billion target during the period. A breakdown of the total collection showed that company income tax contributed N174.3 billion, N2.4billion from gas income, 783.8million from capital gain tax and N2.8billion from stamp duty. The VAT comprising Nigeria Customs Service Import VAT and non-Profit VAT contributed N212.4 billion of the total non-oil taxes collection during the period. Other non-oil taxes collected were Educational Tax, N12.6 billion; N12.9 billion from Consolidated Account and N144 million from National Information Technology Development fund levy.  

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This article was first published on 8th May 2014

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