The Federal Inland Revenue Service (FIRS) has disclosed that the total tax yield with the inclusion of Petroleum Profit Tax (PPT) from January to September, 2011 stand at N3.37 trillion a ratio of 64 to 36 of oil and non-oil revenue collections.
The PPT accounted for N2.19 trillion of the total figures. From the PPT amount, the month of August recorded the highest take of N315.78 billion followed by N307.05 billion collected in June, FIRS said in a statement issued at the weekend in Abuja.
The Service collected N306.78 billion in July, N265.66 billion in September, N254.78 billion in February, N236.75 billion in January, N184.19 billion in April, N165.89 billion in March and N156.94 billion in May.
“With this impressive performance and achievement of 90 per cent of the Service’s annual target of N3.74 trillion, it is expected that FIRS will not only meet, but surpass its annual target”, the statement said.
However, the Service also disclosed that in line with the reform aimed at repositioning the nation’s tax system, the tax system has continued to yield result with a collection of N1.17 trillion in Non-oil taxes from January to September 2011.
The breakdown of the Non-oil taxes performance trend showed a collection of N30.52 billion in Gas Income (GI), N505.88 billion of Company Income Tax (CIT), N9.19 billion of Capital Gains Tax (CGT) and Stamp Duty (SD) recorded N4.51 billion.
Also, the Value Added Tax (VAT) collection which is part of the non-oil receipt recorded N377. 86 billion in Non-Import VAT and Nigeria Customs Service (NCS) Import VAT of N125.08 billion.
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