Please share
The Federal Inland Revenue Service has raked in over N650 billion in June 2021, representing the highest revenue realized in a single month since the commencement of COVID-19 pandemic and the assumption of office of the current management.
Executive Chairman, Mr Muhammad Nami, who disclosed this in a statement in Abuja,stated 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 adoption, and the downturn orchestrated by slow economic recovery”.
Mr Nami was quoted in a statement by the agency’s spokesman,Dr.Abdullahi Ismaila Ahmad, as recalling 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.
He had 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 also 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 www.taxpromax.firs.gov.ng.
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 30th June 2021.
He urged them 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”
Meanwhile,the State Coordinator, Federal Inland Revenue Services (FIRS), Anambra, Ebonyi and Enugu, Mr Bennett Agu, said that the Federal Government had directed the implementation of tax waivers and incentives for business owners.
In a presentation at stakeholders’ forum organised by the council for Small and Medium Enterprises (SMEs) operators, Agu said that small businesses with a return of below N20million was currently on tax holidays while medium enterprises were charged 20 per cent on income tax.
According to him,big businesses were on 30 percent income tax,adding that there were lots of opportunities for entrepreneurs to grow their businesses but expressed concern that such openings were not exploited.
“This is because a good number of the entrepreneurs shy away from reporting their true financial positions, thereby, jettisoning the idea of taking loans and other incentives. We have taken measures to make FIRS friendly,” he said.
Agu said that entrepreneurs with less than N30, 000 earning were not supposed to pay any form of tax, including local government levies.
Please share