The Federal Inland Revenue Service (FIRS) recorded a 7 percent growth in its collection target for the first quarter of 2020 when compared to the first quarter of 2019.
FIRS in a statement said it collected N1.12 trillion in the first quarter of 2020 compared to Q1 2019 collected of N1.05 trillion.
According to FIRS, “a massive 568% increase in Capital Gains Tax from N96.41 million in Q1 2019 to N643.94 million in Q1 2020 gave the Service’s revenue its biggest lift.”
This according to FIRS is a direct result of blockage of leaks in that revenue flow by the wide-ranging reforms launched by the newly appointed Executive Chairman, Mr. Muhammad Nami, immediately he assumed office in December 2019.”