Money

FIRS generates N650bn in June, highest monthly revenue in COVID-19

Published

2 years ago

July 8, 2021

The Federal Inland Revenue Service (FIRS) says it has collected taxes amounting totalling N650 billion in June this year.

In a statement issued by the service on Wednesday, the Executive Chairman of FIRS, Mr Muhammad Nami, said this is the highest revenue the agency earned in a single month since the COVID-19 pandemic started.

According to him, the TaxProMax Solution enabled the agency to rake in a huge amount this last month.

He stated that the solution was deployed as part of efforts to modernize tax administration and ease tax compliance in the country. Nami 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.”

The TaxProMax platform, was unveiled on June 7, 2021, to facilitate the filing of naira-denominated tax returns in the country. Nami 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 June 30, 2021.