The Federal Inland Revenue Service FIRS says it has generated a total of N1.17 trillion in the first quarter of this year from the collection of various taxes against N778.19 billion recorded in the corresponding period of 2017.
According to the Executive Chairman of the FIRS, Tunde Fowler revealed that the agency has collected the sum of N1, 171, 588, 583, 152.96 from January to March 2018, which is 69 .5 percent of the total target to date.
This shows that there is an increase of N393, 395, 141, 988 .50, representing an overall increase of 51 percent in 2018 when compared with the collection performance for the corresponding period in 2017.
The breakdown shows that Petroleum Profit Tax collection rose by 91 percent from N338 .29 billion Q1 2017 to N644.76 billion Q1 2018 while companies’ Income Tax grew by 30 percent from N155 .57 billion in Q1 2017 to N202.16 billion Q1 2018.
N269. 09 billion was collected as Value Added Tax Q1 2018 compared to N221.38 billion Q1 2017, representing a 22 percent growth. Stamp duty collection rose by N1 .43 billion from N3 .08 billion in Q1 2017 to N4.45 billion in Q1 2018.
Capital Gains Tax recorded a 179 percent increase from N110.94 billion Q1 2017 to N309 .17 billion in Q1 2018. Education tax collections reduced from N33.93 billion Q1 2017 to N25.87 billion Q1 2018.
The Federal Inland Revenue Service (FIRS) is the only Federal government institution saddled with the primary responsibility of collection and payment of Federal government taxes across Nigeria.