FIRS generates N1.45tr revenue in second quarter •Customs collects N463.74b in first half 2014 Federal Inland Revenue Service (FIRS) on Wednesday said it generated N1.45 trillion revenue from tax in the second quarter of 2014. According to FIRS’ report on its operation during the period, which was obtained by the News Agency of Nigeria (NAN) in Abuja, the revenue was realized from oil and non-oil taxes. The report said that N639.26 billion representing 43.93 per cent of the collected revenue was generated from Petroleum Profit Tax (PPT) while N815.9 billion or 56.07 per cent was collected from non-oil taxes. The breakdown of the collection from non-oil taxes showed that N556.3 billion was realised from company income tax, N197.25 billion from Value Added Tax (VAT) and N38.06 billion from Education Development Tax (EDT). It also indicated that collection from consolidated account during the period was N12.03 billion, N7.6 billion from technology development fund and N2.5 billion from gas income. Stamp duty, the report revealed, accounted for N1.86 billion of the revenue while N290.4 million was realized from capital gain tax during the period. It stated that N312.49 billion was collected in April, N569.21 billion in May and N573.45 billion in June. NAN reports that the tax revenue collected by the service during the period showed an increase of 15.54 per cent from about N1.05 trillion realized in the first quarter. Also, the Nigeria Customs Service (NCS) on Wednesday said it collected N463.74 billion revenue from duties and levies in the first half of 2014. This is contained in the Service’s “Monthly Revenue Report” obtained by the News Agency of Nigeria (NAN) in Abuja. The report stated that N197.73 billion was collected in the first quarter while N265 billion was collected in the second quarter. It stated that N276.23 billion of the revenue was remitted to the Federation Account while N187.51 billion was transferred to non-federation account. It said that N246.72 billion was collected from import duty, N16.78 billion from excise duty and N93.10 billion from Value Added Tax (VAT). The report added that N94.40 billion was collected from levies, N11.52 billion from Common External Tariff (CET) special levy and N1.21 billion from other fees. A monthly breakdown of the revenue collection during the period showed that N70.58 billion was collected in January, N63.87 billion in February and N63.37 billion in March. In April, N87.58 billion was realised, N95.04 billion in May and N83.29 in June.
Posted on: Thu, 24 Jul 2014 17:38:13 +0000
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