…Seals companies in P’Harcourt
The Federal Inland Revenue Service (FIRS) says it generated about N778.19 billion revenue in the first quarter of 2017.
The impressive figure was contained in a progress report which the FIRS sent to the Federal Ministry of Finance, its supervising ministry on Tuesday in Abuja.
The report, which showed the revenue performance for the first quarter of 2017, also gave a breakdown of money collected.
According to the report, the Service collected N338.3 billion as Petroleum Profit Tax between January and March, as against the N176.7 billion collected in the period under review in 2016.
Similarly, Value Added Tax (VAT) revenue increased from N198.7 billion in first quarter of 2016, to N221.37 billion in first quarter of 2017.
The report showed that the biggest improvement was from Education tax collection, where the FIRS surpassed its 2016 figure by 311.7 per cent.
According to the agency, in first quarter of 2017, it collected about N33.9 billion as Education tax revenue as against the N8.24 billion generated in the same period in 2016.
This was as the service said it achieved 284.3 per cent improvement in Stamp Duty collections, having generated N3 billion in first quarter of 2017, as against the N785 million generated in 2016.
The report also showed that consolidated tax revenue for the first quarter of the year grew by 123 per cent, from N11.5 billion in 2016 to N25.7 billion in the same period of 2017.
The service also recorded success in boosting its collection of National Information Technology Development Fund (NITDEF) levy, which went up from N129 million in 2016 to N179.2 million in 2017.
The report, however, showed that the FIRS did not record any improvement in Company Income Tax and Capital Gains Tax collections.
The service collected N155.6 billion as Company Income Tax in 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 per cent 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.
“The strategies put in place are still on course and progressively yielding,’’ the FIRS said.
In April, FIRS said that four million individuals have been included in the tax net, bringing the total to about 20 million individuals.
This still leaves a gap of about 40 million taxable individuals and corporate organisations both in the formal and informal sectors of the economy.
Meanwhile, the Federal Inland Revenue Service (FIRS), Tuesday, sealed the premises of tax-owing companies in Port Harcourt, Rivers State including Fejudam Services Limited, which is owing Company Income Tax totaling N22.5million incurred between 2009 and 2015.
Mrs. Anita Erinne, leader of the FIRS enforcement team, presented a warrant of distraint to officials of the company before ordering the premises sealed off.
On Monday, the FIRS enforcement team sealed two companies in the city.
One of the firms, Gani International Services Nigeria Limited, situated at plot 97 Trans-Amadi Industrial Layout, is owing N117. 4million which according to Mrs. Erinne, is made up of Company Income Tax, Education Tax and Value Added Tax between 2008 to 2013.
A senior official of the company told the enforcement team he was unaware of the debt.
Equally sealed was Specialty Drilling Fluid, which has a tax debt of N506.1million incurred through non-remittance of Value Added Tax between 2012 to 2016.
On arrival at the company’s office at 184C Trans-Amadi Industrial Layout, the security men stopped the FIRS team from entering. Phone calls to the company’s officials also went unanswered, leaving the enforcement team with no option than to force itself in.