A review of the third quarter of 2014 fiscal year by the Federal
Inland Revenue Services, FIRS, has revealed that it generated N1.19
trillion from taxes.
Businessday reports that this disclosure was contained in a report
released in Abuja, where the FIRS said the revenue was generated from
oil and non oil taxes.
The breakdown of the report reads, N594.79 billion, representing 49.6
per cent of the revenue, was generated from Petroleum Profit Tax (PPT),
while N604.43 billion, representing 50.4 per cent, was collected from
non-oil taxes.
The collection from non-oil taxes showed that company income tax
accounted for N273.13 billion, N192.08 billion from Value Added Tax
(VAT), while N115.17 billion was realized from education tax.
N4.56 billion was generated from gas income tax, the consolidated
account during the period of the review stood at N13.62 billion.
N1.52 billion was generated from capital gain tax, while the stamp duty accounted for N2.37 billion during the period.
News of Agency Nigeria NAN, reports that N1.45 trillion was collected
in the second quarter, signifying a decline of about N260 billion when
compared to the third quarter.
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