FIRS ‘collected N2.19t in 2009’

Source: The Nation Newspaper Published:Friday, January 22nd, 2010

The Federal Inland Revenue Service collected N2.19t in 2009.

The Director of Corporate Communications, FIRS, Mr. Etim Bassey, disclosed this to our correspondents in an interview in Abuja.

FIRS, according to him, collected a total of 184billion in December 2009.

He, however said that FIRS overshot its annual target by N288.6billion last year.

Asked how many companies evaded tax in the year under review; he noted that "there is no statistics of tax evaders."

Bassey had on January 6, 2010 responded via a text message that: "We cannot give you that now because we have not reconciled yet." He noted on Wednesday, that the year’s data is now available.

The Nation

had learnt from another reliable source that FIRS could only make the figure public after its Enlarged Management Meeting (EMM).

Besides, a Report on Taxes Collected by FIRS for the month of November, 2009 was presented to the Federation Account Allocation Committee (FAAC) that was held on December 9 to 10, 2009. Our correspondent learnt that grand total of revenue collected between January and November 2009 was put at N1, 841,372,019,035.62 (N1.84 trillion).

FIRS said "Total revenue collected of November, 2009 for the Federation amounted to N241.50billion. The collection was higher than the monthly budget of N150.48billion by N91.02billion or 60.49 per cent.

"Furthermore, the total collection for the month under review was also higher than the total collection of N210.50bilion for the month of October 2009 by N31.00billion or 14.73%.

Furthermore, when compared with the collection of N213.75billion in the same period in 2008, it showed that the collection was higher by N27.75billion or 12.98%."

But the report noted that out of the total revenue generated for November 2009, Petroleum Profit Tax (PPT) contributed N133.94billion or 55.46 percent of the total tax revenue generated, while Company Income Tax (CIT) and Value Added Tax (VAT) contributed N107.56billion or 44.54 per cent.

The breakdown of the collection was as follows: PPT was N848,599,702,521.26, Company Income Tax CIT N556,076,178,600.46 and Non-Import VAT was N328,696,981,888.96 while Import VAT was N107,999,156,024.94.

FIRS in the report that was dated December 8 said in November, the collection for PPT amounted to N133.94billion, which represented 251.63 percent performance level.

　

The collection, said the report, was higher than the monthly budget of N53.23 billion by N80.71 or 151.63 percent. It was also higher than the previous month’s collection off N108.19billion by N25.75billion or 23.80 percent.

According to FIRS, the increase in PPT collection compared to the last month of October was attributable to "Collection from Production Sharing Contract (PSC) and Modified Carry Arrangement (MCA) of $576,288,820.55 as against $419,937,443.51 paid in the month of October."

It also said that improved crude oil production and the relative peace in the Niger Delta occasioned by the federal government amnesty to militants were accountable for the leap in PPT.

While commenting on CIT collections, FIRS noted that collection in the month amounted to N67.96billion, which represented 138.92 per cent performance level. This collection, said FIRS, was above the monthly budget of N48.92billion by N19.04billon or by 40.13 per cent.

The collection, fell bellow the monthly budget of N48.33billion by N8.73billion or 18.06 percent. It was lower than of October’s that was N41.44billion by N1.48billion or 4.44 percent due to the general slide in economic activities and the low volume of imports that affected the collection of the tax.

FIRS that has the hosting right for the Common Wealth Association of Tax Administrators (CATA) is seeking to host the association in October, said Bassey, who added that the organization is yet to get the approval from CATA.

Comments

Sorry no comments found for this article

Your Comment

Full Name:

Email address:

Location:

Comment:

Todays News