in

FIRS Rakes In ₦1.1tr In First Quarter of 2020

The Federal Inland Revenue Service (FIRS) on Thursday said it collected a revenue of N1,115,491,053,374.68 in the first quarter of 2020.

The figure represents a 10.4% increase compared to N1,046,889,787,060.27 that was collected within the same period last year.

The Service described the feat as encouraging since the global economic climate has been quite turbulent this year, worsened by a sharp fall in global crude oil prices as a result of COVID-19.

FIRS recorded a 568% increase in Capital Gains Tax from N96,408,740.90 in Q1 2019 to N643,935,849.06 in Q1 2020 gave the Service’s revenue its biggest lift, as a direct result of blockage of leaks in that revenue flow by the wide-ranging reforms launched at the FIRS by its newly appointed Executive Chairman, Mr. Muhammad Nami.

Similarly, the Service recorded a 522% increase in collection from the NITDEF to bag N690,532,855.85 in Q1 2020, compared to N111,037,797.16 in Q1 2019

Since taking the mantle of leadership at the FIRS, Mr. Nami has instituted a regime of policy reforms anchored on deployment of Information Communication Technology (ICT) to block tax leaks and motivated members of staff at the FIRS by restoring a number of their statutory roles hitherto outsourced to private consultants back to the staff.

Also in the period under review, Gas Income Tax increased by 286% in Q1 2020, which amounted to N11,491,627,575.89 compared to N2,977,345,332.31 raked in in Q12020

Similarly, Company Income Tax (CIT) collected in Q1 2020 jumped 135% to N95,733,194,644.91 from the corresponding figure of N40,696,980,658.52 recorded in Q1 2019.

Stamp Duty collection in Q1 2020 is N4,602,037,497.81, a 36% increase to the Q1 2019 figure of N3,386,648,663.85

In the education sector, the FIRS recorded an 81% increase in its collection of Education Tax, N13,102,045,604.74 in Q1 2020 compared to N7,229,644,397.68 in Q1 2019.

Both NCS and Non-Import VAT also increased by 11% in Q12020 N63,296,684,819.79 and N261,245,617,218.98 respectively from the Q1 2019 figures of N57,008,866,617.53 and N236,030,481,054.83 in that order.

However, Petroleum Income Tax, Withholding Tax and Personal Income Tax all took a dip in the period under review, a development tax analysts attributed to fluctuations in the price of crude oil in the international market as well as the interregnum witnessed between passing the 2019 Finance Act into law and its coming to effect on February 1, 2020.

Moving forward and as on-going reforms and deployment of more ICT platforms at the FIRS take root in Q2 2020, the Service expects a brighter outlook in revenue collections.

Loading...

Written by PH

Leave a Reply

Your email address will not be published.

CAPTCHA


CIBN Donates N20m To Combat COVID-19 In Lagos

CEO Of Nigeria’s Migo Accepted Into Global Endeavor Network