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Nigeria’s tax agency collects N778bn in Q1 2017, records 284.3% increase in Stamp Duty

The tax collected by the agency increased by N214 billion, which represents 38 percent increase when compared with the collection performance of the corresponding period in 2016.

Mr Babatunde Fowler, FIRS Chairman

This information was disclosed in a progress report submitted by the agency to its supervisory Ministry, the Federal Ministry of Finance on Tuesday, June 13, 2017, in Abuja.

According to the report, the agency collected N338.3 billion in Petroleum Profits Tax (PPT), N221.37 billion in Value Added Tax (VAT), N3 billion in Stamp Duty, N33.9 billion in Education Tax, N155.6 billion in Company Income Tax and N179.2 million as National Information Technology Development Fund (NITDEF) levy.

The PPT increased by 91.45% from N176.7 billion within the same period in 2015. Similarly, the VAT also increased by 11.41% from N198.7 billion in 2016.

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Based on the report, the Education tax revenue showed the biggest improvement of 311.7% when compared with the class of tax collected in 2016. Education tax increased from N8 billion in Q1 2016 to N33.9 billion within the period under review.

Also, the Stamp Duty collections experienced 123% increased from N785 million in 2016 to N3 billion in Q1 2017. The current economic recession also affected the value of taxes that could be collected as company income.

The service collected N155.6 billion as Company Income Tax in the first quarter of 2017, while it collected N166.85 billion in the same period of 2016. It said N110.9 million was generated from Capital Gains in 2017 as against the N859.1 billion generated in the same period of 2016.

“The analysis shows that we have recorded an increase of N214 billion, representing an overall increase of 38 percent in 2017 when compared with the collection performance of the corresponding period in 2016.

“We attained this collection performance in spite of several challenges, as we have continued to vigorously pursue our strategies internally while improving collaboration with relevant stakeholders to boost our collections.

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“The strategies put in place are still on course and progressively yielding,’’  the FIRS stated in the report.

It would be recalled that Mr Babatunde Fowler, FIRS Chairman upon appointment in August 2015 promised to improve tax collection by capturing more people and companies under the tax net.

At present, there are about 20 million individuals and corporate organisations currently within the net of Nigeria.

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