- FIRS: Tax Revenue Hits N2.52tr in Six Months
The Federal Inland Revenue Service (FIRS) has announced that it realised N2.52 trillion from various taxes from January to June 2018.
The amount showed that the Service had realised 75 per cent of its total target for the year, which is an improvement over what was realised in the corresponding period in 2017.
A report on the revenue performance by the Agency, submitted to the Minister of Finance, Mrs. Kemi Adeosun, confirmed that the figure represented an increase of N746 billion, representing 42 per cent when compared to the N1.7 trillion total tax revenue realised in the corresponding period in 2017.
An analysis of the total amount shows that N1.6 trillion was collected as Petroleum Profit Tax (PPT) as against N636 billion resulting in a variance of N532 billion.
From the company income tax (CIT), the FIRS realized a total of N680 billion, which was N128 billion more than the N551 billion in the previous year. The Value Added Tax (VAT) yielded a total of N536 billion in the period under review, which was N68.8 billion more than the N467 billion realised in 2017.