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FIRS generates N5 trillion in 2012

28 January 2013, 07:35

Abuja - The Federal Inland Revenue Service (FIRS) has closed the 2012 financial year with a total collection of N5.007 trillion, according to an official statement.

The statement signed by Mr Emmanuel Obeta, the Director, Communications and Liaison Department of the service, on Sunday in Abuja noted that it was the highest cumulative tax collected in the history of the FIRS.

According to the statement, N1.806 trillion about 36.07 per cent came from non-oil taxes.

"Oil taxes contributed N3,201 trillion or 63,93 per cent and was N3,070 trillion in 2011.

"These sums are significantly higher than the budget target N3.635 trillion for all its taxes.’’

It stated that compared with 2011, the all-taxes figure grew by N379.4 billion or 8.20 per cent.

"FIRS collected N4,628 trillion in 2011.

The contribution of non-oil taxes increased from N1,557 trillion or 33,65 in 2011 to N1,806 trillion or 36,07 per cent in 2012.

"This performance reflects the service’s unwavering commitment to its vision of making taxation the pivot of national development."

It is noted that compared with the N715,4 billion collected in 2011, Companies Income Tax (CIT) returned N847,5 billion in 2012.

The statement said that the Value Added Tax (VAT) was N710,5 billion as against N659,15 billion in 2011, while Education tax (EDT) recorded N188,43 billion from the N130,74 billion in 2011.

According to the statement, the National Information Technology Development Fund (NITDF) accounted for N9,13 billion as against the N8,67 billion it returned in 2011.

" The sum of N51.59 billion was realised from Personal Income Tax (PIT), Pre-Operational Levy (POL), Capital Gains Tax (CGT) and Stamp Duty (SD), it said, adding that all was pooled together in the Federal Government’s Consolidated Revenue Fund account."

However, the statement noted the total tax yield with the inclusion of Petroleum Profit Tax (PPT) for the year ended 2012 stood at N5,007 trillion compared to N3.635 trillion of the annual provisional budgets.

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