FIRS generates N1.2 trillion tax revenue in second-quarter of 2020

FIRS Chairman discussing on tax matter and Nigeria Tax revenue

Nigeria generated N1.2 trillion tax revenue in the second quarter of 2020, marginally lower than the N1.27 trillion quarterly target. Data from the Federal Inland Revenue Service (FIRS) have shown.

The figure also indicated a decrease when compared to the N1.4 trillion tax collections in the second quarter of 2019.

These figures contained in the Q2 performance report published by the service.

Details of the collection showed that the petroleum profit taxes generated N440 billion, a huge increase when compared to the N71 billion target.

The non-oil taxes, however, did not meet its N1.1 trillion target as it generated N848 billion in the quarter.

According to the report, Company Income Tax generated N324.3 billion in the second quarter while Gas Income tax generated N77.7 billion.

Details also showed that import VAT collected by the Nigeria Customs Service (NCS) generated N81.62 billion. While Non-import VAT generated N245.6 billion, and Capital gains tax generated N617.4 million.

The Service collected N62.6 billion in stamp duty during the period, as against a target of N4.3 billion.

Recalled that last month made clarification in a statement by its Director Communications and liaison Department of the FIRS, Abdullahi Ahmad.

Stamp duty was collected by the Nigeria Postal Service (NIPOST) until the amendment of the Finance bill 2019 which shifts the responsibility to the FIRS.

Despite this N1.2 trillion tax revenue, Nigeria has low tax revenue generation. As a result, government prioritizes more efficiency in tax collections.

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