Business - Business & Economy - News - July 7, 2021

FIRS records historic tax collection of over N650bn in June, says Chairman

MEDIATRACNET

The Federal Inland Revenue Service has continued to bridge the gap in  shortfall in the Federal Government revenue with a historic remittance into the Federation Accounts of over N650 billion collection in tax revenues in June 2021.
The Chairman of FIRS, Muhammad Nami, who disclosed this in  Abuja in a statement signed by the Service’s spokesperson, Abdullahi Ahmad, said the collection was not only the highest revenue realized in a single month since the COVID-19 pandemic broke out, but also since the assumption of office of his management.
“This feat was achieved as a result of the efficiency and effectiveness of the recently introduced 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.
As part of the efforts of his management to modernize tax administration in the country, the Chairman said the FIRS recently introduced the Tax Administration Solution (TaxProMax) for ease of tax compliance by tax payers.
The Solution, he said, “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,” he said.
The TaxProMax platform, accessible at www.taxpromax.firs.gov.ng, took off on June 7, 2021, to provide a channel for filing Naira-denominated tax returns in the country.
Nami urged taxpayers of the one-off one-month extension granted earlier this month for the filing of their Company Income Tax returns by taxpayers with December 31, 2020 accounting year-end whose statutory tax returns were due not later than June 30, 2021.
He urged taxpayers that have turned in their tax returns 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”

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Hello FCTA, Is Anybody Home?

PHOTO:FCT Minister, Mohammed Bello By Akpandem James The Federal Capital Development Autho…