FIRS rakes in record N650b tax in June

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FIRS rakes in record N650b tax in June

Nigeria’s tax revenue generating institution, the Federal Inland Revenue Service (FIRS) has raked in a record N650 billion in June 2021.

In a statement issued on Wednesday in Abuja by its Director, Communications and Liaison Department, Mr Abdullahi Ahmad, the FIRS said the tax haul was the highest revenue realized in a single month since the COVID-19 pandemic started and the assumption of office of its current management.

The statement explained that as part of its efforts at modernizing tax administration in the country, the FIRS recently introduced the Tax Administration Solution (TaxProMax) for ease of tax compliance.

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According to the statement, “this feat was achieved as a result of the efficiency and effectiveness of the TaxProMax Solution, which we introduced, notwithstanding the challenges and resistance faced in the early stages of its adoption, and the downturn orchestrated by slow economic recovery”.

It 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 accounts, among other features.”

It further explained that  the TaxProMax Solution provides a single-view to Taxpayers for all transactions with the Service”.

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

FIRS also 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.

“Taxpayers should 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,” the statement concluded.

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