Home Business FIRS generated N77.19bn in first qtr of 2017 – Report
FIRS generated N77.19bn in first qtr of 2017 – Report
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FIRS generated N77.19bn in first qtr of 2017 – Report

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Image result for federal inland revenue service (firs)The Federal Inland Revenue Service says it generated N778.19 billion revenue in the first quarter of 2017.

A report by the FIRS sent to the Federal Ministry of Finance on Tuesday showed this.

According to the report, the FIRS collected N338.3 billion as Petroleum Profit Tax between January and March, as against the N176.7 billion collected in the same period in 2016.

Value Added Tax revenue increased from N198.7 billion in first quarter of 2016, to N221.37 billion in first quarter of 2017.

The report, however, showed that the FIRS did not record any improvement in Company Income Tax and Capital Gains Tax collections.

The Chairman of FIRS, Babatunde Fowler, pledged to improve tax collection by capturing more people and companies under the tax net.

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