Nigeria collects N1.12trn in taxes
Nigeria has collected more than N1.12 trillion in taxes, 10.4 per cent increase in the first quarter of 2020 compared to the same period of 2019.
The Federal Inland Revenue Service (FIRS) reported in a statement issued by its spokesman, Mr Abdullahi Ahmad.
He said that the revenue collection for Q1 2020 was higher than the N1.046 trillion recorded in the same period of 2019.
The country, he said, made N643.9 billion from Capital Gains Tax during the period.
FIRS recorded a 522 per cent increase in collection from the NITDEF to cap at N691.206 billion in Q12020, compared to N111 billion in Q1 2019.
During the period, he said that Gas Income Tax increased by 286 per cent, which amounted to N11.49 billion compared to N2.97 billion raked in the first quarter of 2019. Similarly, Company Income Tax (CIT) collected in Q1 2020 increased by 135 per cent to N95.7 billion from the corresponding figure of N40.696 billion recorded 2019.
Stamp Duty collected in 2020 was N4.75 billion, a 40 per cent increase to the Q1 2019 figure of N3.4 billion.