Tax Fetches FG N1.19trn In Q3, 2014

Joseph Bakare/Yemisi Izuora

The Federal Inland Revenue Service (FIRS) said it generated N1.19 trillion from taxes in the third quarter of 2014, According to a report released in Abuja.

The FIRS said the revenue was generated from oil and non-oil taxes. A breakdown shows that 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.

Also 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.

It said the collection from consolidated account during the period stood at N13.62 billion, while N4.56 was realised from gas income tax.

Stamp duty, according to the report, accounted for N2.37 billion during the period, while N1.52 billion was generated from capital gain tax.

It said N1.45 trillion collected in second quarter, indicating a decline of about N260 billion.

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