FIRS collects N1.05trn in first quarter

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ABUJA – () said collected N1.05 trillion revenue in first quarter of 2014.

said amount exceeded its target for period by N50.9 or 5.06 per cent.

This is contained in the Quarterly Revenue Report of the , which made available to the News Agency of Nigeria (NAN) in Abuja on Friday.

According to the report, the revenue derived from petroleum profit , non- taxes, including income , gas income, capital gain , stamp duty and Value Added (VAT).

showed that N638.1 collected from petroleum profit as against the target of N447.4 while N418.3 was collected from non- taxes as against its N558 billion target during the period.

It indicated that petroleum profit tax contributed 60.4 per cent of the revenue while 39.6 per cent came from non- taxes.

A breakdown of the collection showed that income tax contributed N174.3 , N2.4 from gas income, N783.8 million from capital gain tax and N2.8 from stamp duty.

The VAT, comprising Nigeria Customs Import VAT and Non-import VAT, according to the period, contributed N212.4 billion or 20.1 per cent of the non-oil taxes collection during the period.

non-oil taxes collected were Education Tax, N12.6 billion; N12.9 billion from Consolidated Account and N144 million from Fund (NITDEF) levy.

In the monthly collection during the period, the report showed that N346.5 billion was collected in January, N401.4 billion in February and N 308.5 billion in March.

A breakdown of the monthly collection showed that the collected N191 billion from petroleum tax and N155.4 billion from non-oil taxes, respectively, in January, and N268.2 billion and N133.2 billion from both sources in February.

In March, the report further showed, N178.8 billion came from petroleum tax while N129.7 billion was collected from non-oil taxes. (NAN)