FIRS exceeds tax revenue target by N234bn

In the month of May, the Federal Inland Revenue Service (FIRS) exceeded by 69.8 percent or N234 billion the 2014 government monthly tax revenue target.

Total tax revenue collection (oil and non-oil) shows a target of N335.15 billion against N569.21 billion actual collection.

Non oil accounted for 62.12 percent of contribution to the total collection, while Petroleum Profit Tax (PPT) accounted for 37.88 percent.

The FIRS had a target of N149.145 billion for Petroleum Profit Tax but actual collection was N215.63 billion; for the non-oil taxes, it targeted N186.01 billion but collected N353.58 billion.

Figures from the planning, reporting and statistics department of the FIRS show that the revenue agency had target of N85.85 billion for Company Income Tax (CIT) revenue, but it collected N280.64 billion.

Also, for Gas Income, there was a target of N8.02 billion, but only N927.5 million was collected; it had targeted Capital Gains Tax revenue of N850.8 million but it collected N117 million, while under Stamp Duty revenue, which it set target of N705 million, it realised N721.5 million.

In the VAT pool, the Nigerian Customs Service (NCS) – import VAT revenue, the FIRS collected N17.75 billion against the set target of N17.93 billion. For the non-import VAT, it set a target of N53.81 billion, but collected N47.66 billion.

Iheanyi Nwachukwu