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FIRS Generates N650 Billion Revenue In One Month

The Federal Inland Revenue Service (FIRS) has revealed that it generated N650 billion revenue in the month of June 2021.

The Publisher Nigeria learnt that this happens to be the highest revenue generated by the agency in a single month since the outbreak of the coronavirus pandemic and the assumption of the current management in office.

This is contained in a statement issued by FIRS Director of Communications and Liaison Department, Mr Abdullahi Ahmad, on Wednesday in Abuja.

Ahmad quoted the Executive Chairman of FIRS, Mr Muhammad Nami, as saying, ‘’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 the slow economic recovery.”

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 December 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 July 31.

It can be recalled that in June 2021, FIRS announced the introduction of a new online Tax Administration Solution (TaxProMax) as part of its effort to ease tax compliance and modernize tax administration in the country.

The new online platform which is for naira denominated transactions is to enable seamless registration, filing, payment of taxes, automatic credit of withholding tax and other credits to the Taxpayer’s accounts, among other features.

The FIRS boss said that the online platform also provides a single-view to taxpayers for all transactions with the Service.

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The FIRS had also last month, announced the launch of an online portal to address the issue of fake Tax Clearance Certificates (TCC)

The agency added that the launch of the portal was to fight the activities of fraudsters who made fake TCCs for Nigerian businesses adding that they had unveiled a state-of-the-art and user-friendly online portal that detected any TCC not duly issued by the FIRS.