FIRS generates N650bn in June — highest monthly revenue since COVID-19 outbreak

The Federal Inland Revenue Service (FIRS) says it generated N650 billion revenue in June 2021.

This is contained in a statement signed by Abdullahi Ahmad, FIRS director of communications and liaison department, on Wednesday.

According to the statement, the figure is the highest revenue realised in a single month since the COVID-19 outbreak in Nigeria and the assumption of office by the current management.

Muhammad Nami, FIRS chairman, said: “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 said the tax administration solution (TaxProMax), introduced in June, was developed to ease tax compliance in the country.

He said the platform had made it possible for seamless registration, filing, payment of taxes, and automatic credit of withholding tax and other credits to the taxpayer’s accounts, among other features.

He also said the TaxProMax provides a single-view to taxpayers for all transactions with the FIRS.

Nami asked taxpayers to take advantage of the one-month extension granted earlier this month to file company income tax returns with December 31, 2020 accounting year-end.

He added that the extension is an opportunity to all taxpayers whose company income tax returns were due in June to file up to July 31.

The FIRS highest revenue generation for a full-year was in 2018 when it generated N5.32 trillion.