The Federal Inland Revenue Service (FIRS) has said it realised a total of N524.12 billion through oil and non-oil tax revenue as at July 2012.
Data obtained from the agency’s Planning, Reporting and Statistics department showed that the FIRS surpassed its target in the month under review, compared with its monthly target of N302.96 billion.A breakdown of the figures showed that while actual amount generated from oil and gas tax stood at N302.37 billion, the FIRS also raked in N221.75 billion from non-oil tax revenue.
The monthly targets for both oil and gas and non-oil tax revenue were N155.45 billion and N147.50 billion respectively.
The FIRS had initiated various measures to upgrade its tax collection so as to effectively block leakages in the country’s tax system thus generating more revenue for the Federal Government.
The modalities, the agency had said were part of the reforms carried out by the service in the tax system.