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Monday, May 16, 2022

FIRS collects N650 bln tax revenue in June, highest single month income

The Federal Inland Revenue Service (FIRS) has collected a total tax revenue of over N650 billion in June 2021.

The amount collected represents the highest revenue collection in a single month since the COVID-19 pandemic started and the assumption of office of the current management.

In a statement issued in Abuja on Wednesday. Executive Chairman, Muhammad Nami, was quoted as saying the feat was achieved due to the recent introduction of a digital solution applicatoon TaxProMax.

“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.”

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

He noted that the Solution “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.”

The TaxProMax platform, which took off on 7th June 2021, is a channel for filing Naira-denominated tax returns in the country.

The FIRS boss 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 30th June 2021.

He urged taxpayers 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 31st July 2021.”

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