Yemisi Izuora
The Federal Inland Revenue Service (FIRS), said it collected N1.123 trillion revenue in the First Quarter (Q1) of 2020.
The FIRS made the disclosure in a statement issued by Mr Abdullahi Ismaila, Director, Communications and Liaison Department of the service in Abuja on Thursday, April 2.
He said the service recorded a 7 per cent increase in its collection target for the first quarter of 2020; in spite of the global economic challenge owing to the COVID-19 pandemic.
Ismaila stated that there was an unprecedented increment in the first quarter of 2020; when compared to the same period in the last fiscal year, 2019’s first quarter.
“A comparative analysis of the two periods shows that the FIRS collected N1.123 trillion in the first quarter of 2020; N1.046 trillion for the first quarter in 2019.
“A massive 568 percent increase in Capital Gains Tax from N96.408 million in Q1 2019 to N643.935 million in Q1 2020 which gave the Service’s revenue its biggest lift.
“No doubt as a direct result of blockage of leaks in that revenue flow by the wide-ranging reforms inaugurated at the FIRS by its newly appointed Executive Chairman, Mr Muhammad Nami; immediately he assumed office in December 2019,” he said.
He noted that similarly; the service recorded a 522 percent increase in collection from the NITDEF to bag N690.532 million in Q1 2020; compared to N111.037 million in Q1 2019.
The director recalled that since he took the mantle of leadership at the FIRS; Nami has instituted a regime of policy reforms anchored on the deployment of Information Communication Technology (ICT) to block tax leakages and motivated members of staff by restoring a number of their statutory roles hitherto outsourced to private consultants.
“Also within the period under review, Gas Income Tax increased by 286 percent in Q1 2020; which amounted to N11.491 billion compared to N2.9 billion raked in in Q12020.
“Similarly, Company Income Tax (CIT) collected in Q1 2020 jumped by 135 percent to N95.733 billion corresponding figure of N40.696 billion recorded in Q1 2019.
“Stamp Duty collection in Q1 2020 is N4.602 billion, which represents a 36 percent increase to the Q1 2019 figure of N3.386 billion.”
