TAX may play a leading role in the nation’s economic diversification efforts, as the Federal Inland Revenue Service (FIRS), announced the collection of N4.645 trillion taxes from January to November.
This figure surpasses this year’s target set for the tax agency by the Federal Government, as well as beating the 2011 yearly collection.
Besides, N183.9 billion education tax revenue was remitted to the Tertiary Education Trust Fund (TetFund) from January to November 2012.
The amount, which represents two per cent accrual from the Education Tax (EDT) deductable from companies’ profits operating in the country, shows an increase collection of N55.9 billion when compared with the total collection of N128 billion in 2011.
These disclosures were contained in a report released at the weekend by the tax agency, signed by it’s Director of Communications and Liaison, Emmanuel Obeta, in Abuja.
Out of the N4.645 trillion collections for the period under consideration, Obeta said Oil tax revenue accounted for N2.978 trillion, while non-oil realisation stood at N1.669 trillion.
He gave more insight into the collections: “With this amount, the FIRS did not only surpass the N3.6 trillion provisional annual budget estimates for the year, but the total annual collection of N4.628 trillion for the year ended 2011.
“The collection represents an increase revenue collection performance of about N17, 070 billion when compared to the total collection for 2011. It also represents an increase in the Service tax revenue collection performance of about N485.43 billion when compared with the total realisation of N4.160 trillion for the same period in 2011.
“ Equally, the N183.9 billion so far remitted to the TetFund represents a considerable increase in the Service tax revenue collection and remittance when viewed against the N128 billion total remittance in 2011.
“A breakdown of the collection from January to November shows that N3.473 billion was realised in January, N1.751 billion in February, N2.638 billion in March, N7.817 billion in April and N2.325 billion in May.
“The Service recorded the highest collection of N57.196 billion in August, N42.481 billion in September, N23.973 billion in July, N22.717 billion in October, N18.180 billion in June and the month of November accounted for the lowest figure of N1.353 billion.”
FIRS has a statutory responsibility to assess, collect and account for revenue tax and has since 1994, when tetFund was established, remitted more than N591 billion to the Fund.
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