Revenue: FG To Raise N6tn From Petroleum Tax, Vat - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Abubakar Abubakar
April 14, 2019
The Federal Government, through the Federal Inland Revenue Service, plans to generate 4.3 trillion naira from petroleum profit tax and 1.7trillion naira through the Value Added Tax in 2019.
The amount is part of the 8.8trillion naira tax revenue needed by the government to finance the 2019 budget.
Details of how the revenue would be generated are contained in the Medium Term Expenditure Framework Tax Revenue Projections for 2019-2021.
The document was submitted to the National Assembly by the Executive Chairman of FIRS, Tunde Fowler.
In the document, the FIRS said the 8.8 trillion naira would be realised through two major tax revenue components.
Further breakdown of the oil tax revenue showed that the entire 4.3 trillion naira is expected to come from petroleum profit tax.
For the non oil tax revenue, an analysis of the document shows that 1.7 trillion naira is expected to be earned from company income tax.