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FIRS Generates Highest Monthly Revenue of N650bn Since Covid

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The Executive Chairman of Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, yesterday disclosed that over N650 billion was generated as tax revenue in June by the agency.

He said the amount represented the highest revenue realised in a single month since the start of the COVID-19 pandemic.

He added that it was also the biggest revenue haul since the assumption of office of the current management of the agency.

In a statement issued yesterday by the Director of Communications and Liaison Department, FIRS, Mr. Abdullahi Ahmad, Nami attributed the performance to the efficiency and effectiveness of the technology, TaxProMax solution deployed notwithstanding the challenges and resistance faced in the early stages of its adoption as well as the downturn occasioned by slow economic recovery.

He pointed out that as part of its efforts at modernising tax administration in the country, the FIRS recently introduced the solution for ease of tax compliance.

According to him, the technology “enables seamless registration, filing, payment of taxes and automatic credit of withholding tax as well as other credits to the Taxpayer’s accounts, among other features. It also provides a single-view to Taxpayers for all transactions with the service”.

He further reminded taxpayers of the one-off one-month extension granted earlier this month for the filing of Company Income Tax (CIT) returns with December 31, 2020 accounting year-end whose statutory tax returns were due not later than June 30, 2021.

Nami also encouraged them to take advantage of the extension as it “provides an opportunity to all taxpayers whose company Income Tax returns were due in June 2021 to file up to the July 31, 2021”

The TaxProMax platform, which took off on June 7, is a channel for filing naira-denominated tax returns in the country.

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