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FAAC: FG, States, LGCs Share N906bn In October

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FAAC: FG, States, LGCs Share N906bn In October
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The Federation Account Allocation Committee (FAAC), On Wednesday, Shared The Sum Of N906.955 Billion Among The Three Tiers Of Government As Federation Allocation For The Month Of October.

This is contained in a communique issued in Abuja after the FAAC retreat and meeting in Asaba.

The communique indicated that the N906.955 billion total distributable revenue comprised distributable statutory revenue of N305.070 billion, distributable Value Added Tax (VAT) revenue of N323.446 billion, and Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion.

It also comprised Exchange Difference revenue of N202.887 billion and Augmentation of N60.000 billion.

The Communiqué said the total revenue of N1,346.519 trillion was available in the month of October 2023.

“Total deductions for cost of collection was N53.483 billion; total transfers, interventions, and refunds was N386.081 billion.

“Gross statutory revenue of N 660.090 billion was received for the month of October 2023. This was lower than the N1,014.953 billion received in the month of September 2023 by N354.863 billion.

“The gross revenue available from the Value Added Tax (VAT) was N347.343 billion. This was higher than the N303.550 billion available in the month of September 2023 by N43.793 billion,” the communique said.

It further said that from the N906.955 billion total distributable revenue, the Federal Government received a total of N323.355 billion, the state governments received N307.717 billion and the Local Government Councils (LGCs) received N225.209 billion.

“A total sum of N50.674 billion (13 percent of mineral revenue) was shared to the relevant states as derivation revenue.

“From the N305.070 billion distributable statutory revenue, the Federal Government received N147.574 billion, the state governments received N74.852 billion and the LGCs received N57.707 billion.

” The sum of N24.937 billion (13 percent of mineral revenue) was shared to the relevant states as derivation revenue.

“The Federal Government received N48.517 billion, the state governments received N161.723 billion and the LGCs received N113.206 billion from the N323.446 billion distributable VAT revenue.

“The N15.552 billion EMTL was shared as follows:

“The Federal Government received N2.333 billion, the state governments received N7.776 billion and the LGCs received N5.443 billion,” It said.

It said that the Federal Government received N93.323 billion from the N202.887 billion Exchange Difference revenue, while the state governments received N47.334 billion, and the LGCs received N36.493 billion.

“The sum of N25.737 billion (13 percent of mineral revenue) went to the relevant states as derivation revenue,” it said.

It explained that the augmentation of N60.000 billion was shared as follows:

“Federal Government received N31.608, the state governments received N16.032 billion and the LGCs received N 12.360 billion,” it said.

The communique said that Import Duty, Petroleum Profit Tax (PPT VAT, CET Levies, and EMTL increased significantly while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases.

“Oil and Gas Royalties decreased marginally,” it said

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Economy

Kano unveils eeZitax platform for filling tax returns, urges compliance

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Kano unveils eeZitax platform for filling tax returns, urges compliance

The Kano State Internal Revenue Service (KIRS) has unveiled unveiled eeZitax, an online platform for filling returns.

Zaid Abubakar, Executive Chairman of KIRS, made the announcement on Friday in Kano.

According to him, taxpayers can access the platform at etax.kirs.gov.ng, where they can follow prompts to complete and submit their annual tax returns electronically.

“A user guide is available at https://etax.kirs.gov.ng/manuals. The deadline for filing annual tax returns is January 31, 2025,” he explained.

He reminded taxpayers that failure to file returns by this date constitutes an offence under Section 41(1) and (2) of the Personal Income Tax Act 2011 (as amended).

The KIRS Chairman urged all employers to file their tax returns before the deadline to avoid penalties.

Abubakar then stressed that the returns should detail each employee’s total emoluments, any applicable tax reliefs, and the total tax deducted.

The chairman further announced that all corporate organisations were required to file their tax returns through the new online platform.

He also warned that non-compliance with the deadline will attract a penalty of N500,000 as provided under Section 81(3) of the Personal Income Tax Act 2011 (as amended.

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Economy

Kano revenue service unveils initiative to boost revenue growth

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The Kano State Internal Revenue Service (KIRS) has launched a new initiative aimed at significantly increasing the state’s revenue generation.
The initiative, unveiled at a ceremony on Monday, is part of the state government’s efforts to diversify its revenue sources.
Dr. Zaid Abubakar, Executive Chairman of KIRS, who spoke at the event, said the strategy focuses on enhancing revenue generation and improving service delivery.
He explained that the initiative would concentrate on improving tax collection, enhancing compliance, and optimizing technology in revenue management.
“Our vision is to become the most referenced sub-national revenue authority in Africa and to build a world-class tax system that is both sustainable and efficient, with a focus on optimizing revenue collection to drive economic growth in the state,” Abubakar said.
He emphasized the agency’s commitment to delivering value-added services to taxpayers, simplifying the tax process while ensuring fairness and transparency.
On the agency’s mission, he stated that KIRS seeks to create a tax system that benefits both the government and citizens by improving efficiency and ensuring optimal revenue generation.
“Our mission is to build a system that promotes accountability, fosters growth, and provides excellent services to the people of Kano State,” he added.
The Executive Chairman also outlined the core values that will guide the agency’s operations: professionalism, integrity, excellent service, efficiency, and collective responsibility.
Earlier, Muhammad Abba-Aliyu, Executive Director of Compliance and Enforcement, emphasized the importance of collective responsibility and called on all stakeholders to support KIRS’s initiatives for sustainable development in Kano State.

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Economy

Kano adopts Single Interstate Road Tax Sticker, Haulage Fee to curb multiple taxation

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The Kano Internal Revenue Service(KIRS) has inaugurated the Single Interstate Road Tax Sticker (SIRTS) and the Single Haulage Fee (SHF) to address multiple taxation from motorists on the highways.

Dr Zaid Abubakar, the Executive Chairman of KIRS, while unveiling the stickers on Saturday in Kano said that the project was initiated by the Joint Tax Board (JTB).

The chairman noted that the initiative of the Joint Tax Board (JTB), would end multiple taxation and improve the ease of doing business for transporters.

According to him, the Single Haulage Fee is to end illegal tax collection, and extortion on the highways, as well as block revenue leakages in the country.

“Today, we flaged off the harmonized collection scheme sticker which consist of interstate road tax sticker and single haulage fee.

“It will reduce multiple taxes collected from motorists on the highways and generate revenue for the state government.

“People are always complaining in the high way that they are forced to pay a high amount of money in the name of road taxes.

“JTB decided to come up with the interstate sticker to avoid that multiple taxation.

“Now, over 20 states of the federation have joined the system,” he said.

Earlier, the commissioner of finance, Alhaji Ibrahim Jibril, said the essence of implementing the Single Interstate Road Tax Sticker and the Single Haulage Fee was to end illegal tax collection, and extortion on the highways, as well as block revenue leakages in the country.

The commissioner said that the unified tax system would curb harassment of transport operators on the road by different unions.

Jibril further added that the approach would promote ease of doing business in the state and the country as a whole.like it was done in the civilized parts of the world.

Some of the stakeholders who spoke at the event, commended JTB and KIRS for the laudable initiative.

They said the initiative would reduce incidences of double taxation through the sales of multiple stickers while enhancing the ease of doing business in the country.

They added that the single interstate road sticker would remove all the roadblocks; across the nation, transporters face different kinds of roadblocks, taxes which is not good for their business.

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