Federal Inland Revenue Service generates N650bn

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Federal Inland Revenue Service generates N650bn

By Favour Nnabugwu

 

 

In a renewed efforts to take in money for the government  the Federal Inland Revenue Service (FIRS) has generated N650 billion in June 2021.

Executive Chairman of FIRS, Mr Muhammad Nami, in a statement, today, as the the highest revenue realized in a single month, since the COVID-19 pandemic started.

According to him, “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”.

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 stated, “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.

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 30th June 2021.
He urged them to take advantage of the extension to file up to the 31st July 2021.

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