FIRS rakes in historic N650bn profit in June

The Federal Inland Revenue Service (FIRS) said that it made over N650 billion in June 2021, the highest revenue realised in a single month since the assumption of office of the current administration.

This was disclosed by the Executive Chairman of the FIRS, Mr. Muhammad Nami, in a press statement signed on his behalf by Dr. Abdullahi Ismaila Ahmed, Director of Communications and Liaison Department of the FIRS, and obtained by Prime Business Africa.

In the statement, Nami was quoted as saying that “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 adaption, and the downturn orchestrated by slow economic recovery.”

He recalled that as part of 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 “enables seamless registration, filing, payment of taxes and automatic credit of withholding tax as well as other credits to the Taxpayer’s account, among other features. It also provides a single view to Taxpayers for all transactions with the Service.”

According to the FIRS, the TaxProMax platform, which took off on June 7, 2021, is a channel for filing Naira-denominated tax returns in the country. The TaxProMax platform is accessible at www.taxpromax.firs.gov.ng.”

FIRS has granted a one-off one-month extension for the filing of Company Income Tax returns to taxpayers with December 31, 2020 accounting year-end whose statutory tax returns were due not later than June 30, 2021. urging them to take advantage of the extension, Nami said “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.”