The country earned a total sum of N980.48bn from taxes between July and September this, figures obtained from the Federal Inland Revenue Service have revealed.

The tax figures for the third quarter obtained by our correspondent on Friday in Abuja were prepared by the Planning, Reporting and Statistics Department of the FIRS.

However, the document stated that the N980.48bn was N162.52bn lower than the quarterly target of N1.14tn set by the Federal Government in the 2015 fiscal period.

According to the document, the N980.48bn tax collected for the three months showed that N654.61bn, representing 66.76 per cent, was generated from non-oil taxes while the balance of N325.86bn or 33.24 per cent was earned through the Petroleum Profit Tax.

A breakdown of the tax revenue showed that the sum of N250.25bn was earned in September.

This shows a decline of N130.76bn when compared to the monthly target of N381.01bn for 2015.

In terms of tax collection according to types, the document said that in the month of September, the country earned N111.96bn from the PPT, representing 44.74 per cent of the entire collection for the month.

Others are Company Income Tax, N65.28bn representing 26.09 per cent; gas income, N826m or 0.33 per cent; capital gains tax, N263m or 0.11 per cent; and stamp duty, N766m or 0.31 per cent.

Similarly, the Value Added Tax generated N56.39bn or 22.54 per cent; education tax, N10.26bn or 4.1 per cent and Nigerian Information Technology Development Fund, N84m or 0.03 per cent.

The Acting FIRS Executive Chairman, Mr. Babatunde Fowler, had said the agency would soon carry out a special audit of all companies operating in the country in order to increase the level of compliance with the relevant tax law.

The audit exercise, according to him, will be carried out within 30 days and will take into consideration the various year ends and peak points of activities of the various companies.

Fowler said the FIRS had entered into collaboration with the professional service providers, states board of internal revenue, noting that this would mark a turning point for taxation as well as reduce the country’s reliance on oil

He said the focus of the service now was to expand the nation’s tax net, build capacity of tax administration and share information that would promote voluntary compliance.

He said, “We have a duty to advise taxpayers; we equally have an obligation to government in ensuring an increase in revenue collection.

“It’s time to stop all forms of unwholesome practices in tax-related issues because Nigerians need us at this critical time to reposition the country for more resources.

“We don’t have all the answers; we need to reposition the entire process. All we are asking for is cooperation to move the nation’s tax system to another level.”

In the area of tax evasion, he said the FIRS would go after multinational companies, individuals and other corporate organisations that were evading the payment of taxes in the country.

Statistics obtained from the service revealed that out of the 450,000 companies in Nigeria, only 125,000 representing 27.7 per cent pay taxes.

Going by this figure, it implies that about 325,000 companies are evading tax, thus denying the government of huge revenue annually.

Fowler said his administration would not take the issue of tax evasion lightly as he was aware that some foreign companies operating in Nigeria were being investigated in England for evading taxes.

He said with the renewed effort to strengthen tax administration, the era where companies kept three types of accounts – one for the banks, one for shareholders and another for tax administrators – was over.

[Punch]

FG earns N980bn from taxes in three months - Nigeria Business News
http://businessnews.com.ng/2015/11/09/fg-earns-n980bn-from-taxes-in-three-months/?wt=2

This is only possible with an upright man like GMB on the throne. Babatunde Fowler is working.

Wailers I hope by Now u understand waht Blocking Leakages Mean....


NB Revenues from FIRS nd Customs alone if not Diverted Is enough to Hold dis con3.

Ok yet to repair damaged roads na wahala

Great

"The audit exercise, according to him (Fowler), will be carried out within 30 days and will take into consideration the various year ends and peak points of activities of the various companies .

Good news


another headache nii sha...

Fowler is working
All I want is for this fund to be channelled to improve the decaying infrastructures and Deteriorating economy

So firs wasn't dead afterall?

IAMTHEHERO:
All these monies PMB is getting from FIRS, CRUDE SALES and CUSTOMS, please can someone tell me where he is putting them in. No CONSTRUCTION, NO INFRASTRUCTURAL DEVELOPMENT,NO JOB, permit me to say this; people are really suffering under this regime.

calm down, monies have not started going out yet. All the money d inside TSA for now.

Revenue is increasing and the standard of living in Nigeria is decreasing

PRYCE:
So firs wasn't dead afterall?

Of course not.... They were making a killing but we know how things went down prior to now....

Did you ever hear anyone put a figure to revenue from taxation before now?

As for me, I'm still a passenger on the PMB train....

modath:



Of course not.... They were making a killing but we know how things went down prior to now....

Did you ever hear anyone put a figure to revenue from taxation before now?

As for me, I'm still a passenger on the PMB train....

And All this time I thought you were a bigot....

PRYCE:
And All this time I thought you were a bigot....

I dont get you?

money gradually coming in

God bless PMB God bless Nigeria, Change is on the way . Anyone can dissent

After they say Nigeria is broke

be removing #1000 from my money monthly,smh

kk, *shrugs*


sheh, approximately na 1trilon naira be that only from taxes along. After dem go say the Nigerian economy is nosediving


Thunder Fire Our Political Leaders Wey Dey Chop/Steal Our Money

Another Mystic Revelation from the TSA policy.
Expect more
God Bless PMB

Wailers, let see how you will blame Buhari this time

From Nigerians Habi?

wachakuta:


The country earned a total sum of N980.48bn from taxes between July and September this, figures obtained from the Federal Inland Revenue Service have revealed.

The tax figures for the third quarter obtained by our correspondent on Friday in Abuja were prepared by the Planning, Reporting and Statistics Department of the FIRS.

However, the document stated that the N980.48bn was N162.52bn lower than the quarterly target of N1.14tn set by the Federal Government in the 2015 fiscal period.

According to the document, the N980.48bn tax collected for the three months showed that N654.61bn, representing 66.76 per cent, was generated from non-oil taxes while the balance of N325.86bn or 33.24 per cent was earned through the Petroleum Profit Tax.

A breakdown of the tax revenue showed that the sum of N250.25bn was earned in September.

This shows a decline of N130.76bn when compared to the monthly target of N381.01bn for 2015.

In terms of tax collection according to types, the document said that in the month of September, the country earned N111.96bn from the PPT, representing 44.74 per cent of the entire collection for the month.

Others are Company Income Tax, N65.28bn representing 26.09 per cent; gas income, N826m or 0.33 per cent; capital gains tax, N263m or 0.11 per cent; and stamp duty, N766m or 0.31 per cent.

Similarly, the Value Added Tax generated N56.39bn or 22.54 per cent; education tax, N10.26bn or 4.1 per cent and Nigerian Information Technology Development Fund, N84m or 0.03 per cent.

The Acting FIRS Executive Chairman, Mr. Babatunde Fowler, had said the agency would soon carry out a special audit of all companies operating in the country in order to increase the level of compliance with the relevant tax law.

The audit exercise, according to him, will be carried out within 30 days and will take into consideration the various year ends and peak points of activities of the various companies.

Fowler said the FIRS had entered into collaboration with the professional service providers, states board of internal revenue, noting that this would mark a turning point for taxation as well as reduce the country’s reliance on oil

He said the focus of the service now was to expand the nation’s tax net, build capacity of tax administration and share information that would promote voluntary compliance.

He said, “We have a duty to advise taxpayers; we equally have an obligation to government in ensuring an increase in revenue collection.

“It’s time to stop all forms of unwholesome practices in tax-related issues because Nigerians need us at this critical time to reposition the country for more resources.

“We don’t have all the answers; we need to reposition the entire process. All we are asking for is cooperation to move the nation’s tax system to another level.”

In the area of tax evasion, he said the FIRS would go after multinational companies, individuals and other corporate organisations that were evading the payment of taxes in the country.

Statistics obtained from the service revealed that out of the 450,000 companies in Nigeria, only 125,000 representing 27.7 per cent pay taxes.

Going by this figure, it implies that about 325,000 companies are evading tax, thus denying the government of huge revenue annually.

Fowler said his administration would not take the issue of tax evasion lightly as he was aware that some foreign companies operating in Nigeria were being investigated in England for evading taxes.

He said with the renewed effort to strengthen tax administration, the era where companies kept three types of accounts – one for the banks, one for shareholders and another for tax administrators – was over.

[Punch]

FG earns N980bn from taxes in three months - Nigeria Business News
http://businessnews.com.ng/2015/11/09/fg-earns-n980bn-from-taxes-in-three-months/?wt=2

IAMTHEHERO:
All these monies PMB is getting from FIRS, CRUDE SALES and CUSTOMS, please can someone tell me where he is putting them in. No CONSTRUCTION, NO INFRASTRUCTURAL DEVELOPMENT,NO JOB, permit me to say this; people are really suffering under this regime.

He's using it to pay his photographer

Well

Whats new here?

sweet

False! My Pals that work in BudgIt oya come tell me the real figure.

Mtcheew! No even reach mtn 1.4tr change

It is big enough to finance its budget

Wow , this is the real change

They take our money, yet we suffer in lack of basic social amenities, God pls com to our aid. Punish this old aged criminals and deliver us from them all

modath:



I dont get you?

You said you are a passenger in Buhari's Train!... did you mean something else other than you don't understand some of Buhari's dealings too?

To those calling GMB a fool...a dullard...an idiot...thats an Elderly man for fυcks sake!!
How would you feel if someone calls ur dad or grand dad a fool, a dullard or an idiot ??
And i know You lots are igbos (christians) Even ur bibble says you should give respect to those in Leadership positions...

What you sow you shall reap...