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FIRS collects N650bn revenue in June, highest since start of COVID-19

July 8, 2021512 views0 comments

The Federal Inland Revenue Service (FIRS) has reported that it collected N650 billion in revenue for the month of June 2021, the highest amount realized in a single month since the start of the pandemic and the assumption of office of the current management of the revenue-generating body.

FIRS collects N650bn revenue in June, highest since start of COVID-19Muhammad Nami, executive chairman of the FIRS, made this disclosure in Abuja while attributing the result to the efficiency and effectiveness of the TaxPromax solution, recalling the efforts of the service at modernizing tax administration in the country which led to the introduction of the Tax Administration Solution by the FIRS for ease of tax compliance.

 

The TaxPromax platform, which was introduced last month, is a channel for filing naira-denominated tax returns in the country.

 

“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. 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,” Nami stated.

 

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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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