Economy

FIRS generates N650bn revenue in June

The Federal Inland Revenue Service (FIRS) says it has generated N650 billion revenue in June.

Ahmad said that this was the highest revenue realised in single month since the COVID-19 pandemic started and the assumption of office of the current management.

He quoted the Executive Chairman 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 slow economic recovery,” he said.

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 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 News Agency of Nigeria (NAN) recalls that TaxProMax platform, which took off on June 7, is a channel for filing Naira-denominated tax returns in the country.

News Agency of Nigeria

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