The Federal Inland Revenue Service (FIRS) has announced that it generated N4.2 trillion between Jan. and Sept. 2021, in spite of the challenges posed by COVID-19.
The Executive Chairman of the FIRS, Mohammad Nami disclosed this during FIRS Special Day at the 2021 Lagos International Trade Fair (LITR), on Thursday, in Lagos.
The FIRS chief who was represented by the Assistant Director of Taxes, Bar Beach MSTO, Fatima Maiyaki, stated that the revenue generation had improved significantly in the country.
“It is with great pleasure that I wish to inform all present that our revenue generation has improved tremendously despite the challenges posed by COVID-19.
“The sum of N4.2 trillion has been collected by the Federal Inland Revenue Service (FIRS) between Jan. and Sept. 2021.
“This feat was achieved as a result of the efficiency and effectiveness of the newly introduced in-house ex-service solution (TaxPro Max) and intelligence/data we gathered, mined and analysed in the period under review,” he said.
According to him, effective measures have also been put in place to ensure tax returns filing, payments and other services are easy and seamless.
He further noted that e-services such as e-receipt; e-TCC, e-filling, e-stamp duty and e-tax payment and the deployment of the TaxPro Max platform, had allowed FIRS to accomplish the Federal Government’s set revenue target of N7.6 trillion for the service in 2021.
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Earlier, the President, Lagos Chamber of Commerce and Industry (LCCI), Toki Mabogunje asked the FIRS to install more technology to enhance its operations, so as to make tax payments easier, more efficient, and more tax compliant in the long term.
“However, we do need to address the lingering issues in the tax system, which includes complication in tax computations.
” The rigorous process of tax payment, for multiplicity of taxes, for multiple revenue collection agencies across all the three tiers of government, inadequate knowledge and information about tax regulations, especially on tax issues,” she said.
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