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firsThe Federal Inland Revenue Service (FIRS) has reported N5.007 trillion ($32 billion) as the Nigerian government revenue from taxes, in 2012. The figure grew by N379.4 billion ($2.4 billion) from the revenue received in 2011. The government reformed the tax code in 2012, closing certain loopholes and worked better with states revenue service. Foreign Direct Investment also grew in 2012, with indigenous and existing businesses expanding, hiring and growing in revenue. FIRS submitted that, “The contribution of non-oil taxes increased from N1.557 trillion ($10 billion) or 33.65% in 2011 to N1.806 trillion ($12 billion) or 36.07% in 2012. 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.” “Income Tax was N847.5 billion ($5.4 billion), Value Added Tax was N710.5 billion ($4.52 billion) up from N659.15 billion ($4.2 billion) in 2011 and Education sector tax was N188.43 billion ($1.1 billion), from 130.74 billion ($827 million) in 2011.” “Capital Gains Tax, Personal income tax Pre-Operational Levy, and Stamp Duty contributed a total of N51.59 billion ($320 million) while the National Information Technology Development Fund exceeded its 2011 amount of N8.67 billion ($51 million) by over N500 million ($3.2 million).”

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This article was first published on 29th January 2013 and updated on February 7th, 2013 at 9:46 am

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