FIRS generates N2.11tn revenue in seven months
Written by stylemonument on September 5, 2017
The Federal Inland Revenue Service, through tax collection, generated the sum of N2.11tn as revenue from January to July this year.
This is contained in a progress report of the FIRS for the period under review released on Monday, showing the revenue performance and impact of the new tax regime.
The aggregate revenue projected in the 2017 budget is N4.94tn, out of which oil revenue is expected to contribute N1.98tn.
This is based on an estimated crude oil production of 2.2 million barrels per day at an exchange rate of N305 to a dollar.
Non-oil revenue for the year is projected at N1.37tn, which represents about 28 per cent of the budgeted revenue.
Independent revenues, various recoveries and mining will account for the balance of about N1.58tn.
A breakdown of the report showed that the FIRS collected N720.28bn as Petroleum Profit Tax from January to July this year, while the Value Added Tax revenue collected in the same period was N548.22bn.
The Federal Government had also collected the sum of N679.9bn as Company Income Tax and N91.4bn as Education Tax in the first seven months of the year.
The report also showed that the consolidated tax revenue for the first seven month of the year was N62.3bn, which has already superseded the N59.8bn generated from the area in the entire 2016 financial year.