FIRS reform yields N30billion tax remittances from FCT in 2011

Ongoing reforms in the country’s service tax system has yielded huge dividend to the government as Federal Inland Revenue Service (FIRS) says it collected and remitted about N29.99billion in taxes due to the Federal Capital Territory Administration (FCTA) for the year ended 2011.

This amount, which shows a significant increase in the figure of N23.24billion collected in 2010, represents Pay-As-You-Earn (PAYEE) and Personal Income Tax (PIT) collected from the residents of the territory.

Details of the collection show that about N1.97 billion was realized in January, February, N2.19 billion; March, N3.51billion; April, N2.20billion; May, N2.63billion; June, N2.38billion; July, N1.99billion; August N2.51 billion; September, N2.52billion; October, N2.20billion and November N2.90 billion, while N2.93 billion was collected December,

Remarkably, the FIRS is taking steps to bring more potential taxpayers into the tax net through establishment of Satellite Tax Offices (STO) across FCT major markets in 2012.

FIRS Executive Chairman, Ifueko Okauru, said the reform process was designed to help transform the service tax operations and expand the country’s revenue base, adding that part of the effort to significantly improve taxpayer’s education and services, processes and procedures as well as bring tax administration closer to taxpayers in order to enhance voluntary tax compliance.

Statutorily, the Taxes and Levies (Approved List for Collection) Act, Cap T2, Laws of the Federation of Nigeria (LFN) 2007 empowers the FIRS to collect companies income tax (CIT), withholding tax on companies, petroleum profit tax(PPT), value added tax (VAT), capital gains tax and education tax from residents and non – residents as well as stamp duties on corporate organisations and residents of the Federal Capital Territory on behalf of the Federal Government.

Similar, the Federal Government is also authorized to collect personal income tax from members of the armed forces , police as well as staff of Ministry of Foreign Affairs

Section 2(1) and (2) of the Personal Income Tax, Cap P8, LFN, 2004 imposes personal income taxes on residents of the FCT, while First Schedule of the FIRS Establishment Act 2007 empowers the FIRS to administer a number legislations, including the Companies Income Tax Act Cap.60 LFN, 1990; Petroleum Profits Tax Cap.354 LFN, 1990; Personal Income Tax Act Cap. 104, 1993, Capital Gains Tax Act Cap. 42 LFN, 1990; Value Added Tax Act 1993 No. 102, 1993 and Stamp Duty Act Cap. 411 LFN, 1990.


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: Revealed!!! The Only Way Left of Getting an Extra Large Manhood and also Last Up to 38Mins+. Get the Insider Secret Here

TEXT AD: New Discovery Reveals 3 Secret Fruits that Help Men Last 25mins in Bed and Increase Manhood Size. Click Here!

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.