FG nets N1.17trn non-oil tax in 9 months

The Federal InlandRevenue Service(FIRS) reform aimed at repositioning the Nigerian tax system has continued to yield result with the collection of N1.17 trillion as non-oil tax from January to September 2011.The breakdown of the non-oil tax performance trend shows a collection of N30.52 billion in Gas Income (GI), N505.88 billion of Company Income Tax (CIT), N9.19 billion of Capital Gains Tax (CGT) and Stamp Duty (SD) recorded N4.51 billion.Also, the Value Added Tax (VAT) which is part of the non-oil receipt recorded N377. 86 billion in Non-Import VAT and Nigeria Customs Service (NCS) Import VAT of N125. 08 billion.Education Tax accounted for N74. 91 billion while National Information Technology Development Fund (NITDF) recorded N7.8 billion collections.Equally, Personal Income Tax recorded N39.92 billion and Pre-Operational Levy yielded N0.34 billion.However, the total tax yield with the inclusion of Petroleum Profit Tax(PPT) from January to September, 2011 stood at N3.37 trillion, a ratio of 64 to 36 of oil and non-oil revenue collections.
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