FIRS generates record N650B revenue in June

Mr. Nami new FIRS Chairman

Mr Muhammad Nami, chairman of FIRS

Mr Muhammad Nami, chairman of FIRS: record revenue in June
Mr Muhammad Nami, chairman of FIRS: record revenue in June

By Mustapha Sumaila

The Federal Inland Revenue Service (FIRS) said it generated N650 billion in June, the highest revenue realised in a month since the COVID-19 pandemic started.

It was also the highest monthly return since the assumption of office of the current management led by Muhammad Nami.

“This feat was achieved as a result of the efficiency and effectiveness of the TaxProMax Solution, notwithstanding the challenges and resistance faced in the early stages of its adoption, and the downturn orchestrated by slow economic recovery,” Executive Chairman FIRS, Nami said.

Nami recalled that as part of FIRS efforts at modernising tax administration in the country, the agency introduced the Tax Administration Solution (TaxProMax) for ease of tax compliance.

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He noted that the solution had made it possible for 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.

According to him, it also provides a single-view to taxpayers for all transactions with the Service.

Nami reminded taxpayers of the one-off one-month extension granted earlier this month for the filing of Company Income Tax returns by taxpayers with Dec. 31, 2020 accounting year-end whose statutory tax returns were due not later than June 30.

He, however, urged taxpayers to take advantage of the extension as it provided an opportunity to all taxpayers whose company income tax returns were due in June to file up to the July 31.

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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