For the first time since the outbreak of the Covid-19 pandemic, the Federal Inland Revenue Service, FIRS has yet again proven its viability by raking in a mouth-watering sum of ₦650 billion in revenue from activities in the just concluded month of June 2021.

In another outstanding feat, this doubles as the first time the agency under the current management team of Muhammad Nami’s chairmanship will remit such a sum to the federal coffers as revenue from its operations.

Without wasting time, the FIRS has attributed the quantum leap to digital innovations newly implemented chief of which is the TaxProMax Solution. The TaxProMax beyond its core functionality is aimed at easing the tax processes with little or no human manipulation.

Recall that in the just-concluded month of June 2021, Taxmobile.Online analyzed the introduction of the new online Tax Administration Solution (TaxProMax) as an effort to ease tax compliance and modernize tax administration in the country.

https://thenationonlineng.net/nigeria-to-tax-global-tech-digital-giants/

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.

In a statement by FIRS’ Director of Communications and Liaison Department, Mr. Abdullahi Ahmad recently released in Abuja. the effectiveness of TaxProMax has rubbed off positively on the agency’s operations.

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.”

Important Announcement!

Earlier this month, the FIRS had granted taxpayers a one-off one-month extension 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.

Following the end of the month review, the FIRS chairman urged affected taxpayers to take advantage of the extension as it provides an opportunity to all taxpayers whose company income tax returns were due in June to now file up to July 31.

Going fully digital?

Recall again that the FIRS during the same month under review has made it possible to check for the authenticity of Tax Clearance Certificates (TCC) through an online platform to nip in the bud, the activities of fraudsters who make fake TCCs for Nigerian businesses.

All you need now to verify is an internet connection on your desired device, the company name, registration number, and boom you have the Tax Clearance Certificates (TCC) confirmation on your screen.

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2 thoughts on “June 2021 Highlight: FIRS Generates Highest Revenue Since Covid-19 Outbreak, Current Management

  1. Am not surprised that Firs was able to achieve such a leap in revenue.
    Those are part of the advantages from adopting modern digital innovation and IT in tracking Taxpayers and eliminating sharp practices in the tax arena.
    Also with the global pandemic of covid -19 direct interface with Taxpayers and potential Taxpayers is no longer the way to go and funds are required to meet up with government spending .
    Revenue agencies needs to continue to invest in IT and adopt modern technology to ensure a seamless flow in Collection of Taxes .

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