Nigeria generated N1.2 trillion in tax revenues in the second quarter of 2020, marginally lower than N1.27 trillion quarterly target, data from Federal Inland Revenue Service (FIRS) have shown.

The figure also indicated a decrease when compared to  N1.4 trillion tax collections in second quarter of 2019.

These figures are contained in Q2 performance report published by the service.

Details of the collection showed that petroleum profit taxes generated N440 billion, a huge increase when compared to N71 billion targeted.

Non-oil taxes, however, did not meet its N1.1 trillion target as it generated N848 billion in the quarter.

According to the report, Company Income Tax generated N324.3 billion in second quarter while Gas Income tax generated N77.7 billion.

Details also showed that import VAT collected by Nigeria Customs Service (NCS) generated N81.62 billion, while Non-import VAT generated N245.6 billion, and Capital gains tax generated N617.4 million.

The stamp duty now being collected by the service generated N62.6 billion during the period, as against a target of N4.3 billion.

Stamp duty was collected by Nigeria Postal Service (NIPOST) until the amendment of the Finance bill 2019 which shifts the responsibility to FIRS.

PT