FIRS Achieves 75 percent of its 2018 target

Babatunde Fowler, FIRS boss (File Photo)

According to Federal inland Revenue Service (FIRS)’s revenue performance report for the first half of the year, submitted to the Ministry of Finance, Kemi Adeosun, ₦2,529,615,174,601.25 have been realized as various taxes between January and June 2018.

The N2.529t represents an increase of N746,107,323,247.26 (or 42% ) over the ₦1,783,507,851,353.99 total tax revenue realized in the corresponding period in 2017. The sum is the total target of the agency this years.

According to analysis of the total amount, indicates that ₦1,168,627,365,306.67 was received as Petroleum Profit Tax (PPT) contrary to N636,170,585,753.57 – a difference of N532,456,779,553.10.

N128,151,996,465.68 more than the N551,941,733,896.57 in the previous year was received by the agency as Company Income Tax (CIT) making it a total among gotten from company tax as  N680,093,730,362.25.

N536,525,540,228.39 in the period under review, came from Value Added Tax (VAT), a figure that is  N68,841,756,240.06 more than the N467,683,783,988.33 realized in 2017.

Compared to N58,868,372,910.79 received last year, Education Tax yielded N77,191,051,329.11, representing an increase of N18,322,678,418.32.

The revenue from Stamp Duties was ₦7,492,592,658.35, which was ₦2,346,472,953.70 higher than what was realized in 2017 from Stamp Duties which was a total of ₦5,146,119,704.65.