… Petroleum Profit Taxes Rake In N440Bn, Stamp Duties Surpass Target By N58.3 Bn
Nigeria has generated N1.2 trillion Naira in tax revenues in the second quarter of 2020, a target slightly lower than the N1.27 trillion quarterly target, the Federal Inland Revenue Service (FIRS) has revealed.
The data also indicated a decrease when compared to the N1.4 trillion tax collections in the second quarter of 2019.These figures are contained in the Q2 performance report published by the FIRS.
Details of the collection showed that the petroleum profit taxes generated N440 billion, a huge increase when compared to the N71 billion target. The non-oil taxes, however, did not meet its N1.1 trillion target as it generated N848 billion in the quarter.
According to the report, Company Income Tax generated N324.3 billion in the second quarter while Gas Income tax generated N77.7 billion.
Details also showed that import VAT collected by the Nigeria Customs Service (NCS) generated N81.62 billion, while Non-import VAT generated N245.6 billion, and Capital gains tax generated N617.4 million.
The stamp duty now being collected by the service generated N62.6 billion during the period, as against a target of N4.3 billion.
Stamp duty was collected by the Nigeria Postal Service (NIPOST) until the amendment of the Finance bill 2019 which shifts the responsibility to the FIRS.
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