The Federal Inland Revenue Services (FIRS) realized N2,529,615,174,601.25 as various taxes between January and June 2018, according to the agency’s revenue performance report for the first half of the year, submitted to the Ministry of Finance.
The figure is over 75percent of the FIRS’s total target for the year.
The N2.529t represents an increase of N746,107,323,247.26 (or 42% ) over the N1,783,507,851,353.99 total tax revenue realized in the corresponding period in 2017.
An analysis of the total amount shows that N1,168,627,365,306.67 was collected as Petroleum Profit Tax (PPT) as against N636,170,585,753.57 – a difference of N532,456,779,553.10.
From the Company Income Tax (CIT), the FIRS realized a total of N680,093,730,362.25, which is N128,151,996,465.68 more than the N551,941,733,896.57 in the previous year.
The Value Added Tax (VAT) yielded a total of N536,525,540,228.39 in the period under review, which was N68,841,756,240.06 more than the N467,683,783,988.33 realized in 2017.
The Education Tax brought in N77,191,051,329.11 compared to the N58,868,372,910.79 in 2017, showing an increase of N18,322,678,418.32
The revenue from Stamp Duties was N7,492,592,658.35, which was N2,346,472,953.70 higher than what was realized in 2017 from Stamp Duties which was a total of N5,146,119,704.65.