The Federal Inland Revenue Service, FIRS, has generated N1.12 trillion, in tax revenue, in the first quarter of 2020, representing about 7 percent increase in the same quarter of 2019, when it collected N1.04 trillion, in tax.
This was disclosed by the Director, Communications and Liaison Department in the FIRS, Dr. Abdullahi Ismaila Ahmad.
A breakdown showed that it recorded an impressive 568 percent increase in Capital Gains Tax, from N96,408,740.90 in Q1 2019, to N643,935,849.06 in Q1 2020, which gave the Service’s revenue its biggest lift.
Dr. Ahmad said that the gains recorded was a direct result of blockage of leakages in the revenue flow by the wide-ranging reforms launched at the FIRS, by its newly appointed Executive Chairman, Mr. Muhammad Nami, immediately he assumed Office, in December 2019.
He stated that similarly, the Service recorded 522 percent increase in collection from the NITDEF, to bag N691,206,855.85, in Q1 2020, compared to N111,037,797.16, in Q1 2019.
Also, in the period under review, he noted that Gas Income Tax increased by 286 percent in Q1 2020, which amounted to N11,491,627,575.89, compared to the N2,977,345,332.31 raked in last year.
He said that as current reforms and deployment of more ICT platforms at the FIRS take root, the Service expects a brighter outlook in revenue collection.