Revenue: FG To Raise N6tn From Petroleum Tax, VAT - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Editor 2
April 14, 2019
The FederalGovernment, through the Federal Inland Revenue Service, plans to generate 4.3trillion naira from petroleum profit tax and 1.7trillion naira through theValue Added Tax in 2019.
The amount is part ofthe 8.8trillion naira tax revenue needed by the government to finance the 2019 budget.
Details of how therevenue would be generated are contained in the Medium Term ExpenditureFramework Tax Revenue Projections for 2019-2021.
The document wassubmitted to the National Assembly by the Executive Chairman of FIRS, TundeFowler.
In the document, theFIRS said the 8.8 trillion naira would be realised through two major taxrevenue components.
Further breakdown ofthe oil tax revenue showed that the entire 4.3 trillion naira is expected tocome from petroleum profit tax.For the non oil taxrevenue, an analysis of the document shows that 1.7 trillion naira is expectedto be earned from company income tax.