The Federal Inland Revenue Service (FIRS) says it generated the sum of N4.2 trillion between January and September 2021, in spite of the challenges posed by COVID-19.
Executive Chairman of FIRS, Mr Mohammad Nami, made the disclosure during FIRS Special Day at the 2021 Lagos International Trade Fair (LITR), on Thursday, in Lagos.
The fair is holding from November 5 to 14 and has as its theme: “Connecting businesses, creating value”.
Over 200,000 visitors are expected, while about 1,500 exhibitors from 16 countries are participating in the 35th edition of the fair.
“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 January and September 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.
Nami, who was represented by Mrs Fatima Maiyaki, Assistant Director of Taxes, Bar Beach MSTO, said that measures had also been put in place to ensure tax returns filing, payments and other services were easy and seamless.
He added 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 enabled FIRS to achieve the Federal Government’s set revenue target of N7.6 trillion for the service in 2021.
The Executive Chairman commended the Federal Government for understanding that times were hard and for amending the tax laws of the Finance Act 2019 and 2020 for the benefits of all tax payers and reduced the burden of tax payments by many companies.
He solicited the cooperation and support of all tax payers and stakeholders in the task of increasing the nation’s non-oil revenue to key into the various e-services deployed by FIRS.
Earlier, Mrs Toki Mabogunje, President, Lagos Chamber of Commerce and Industry (LCCI), urged the FIRS to deploy more technology for 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.
The LCCI president assured that the Industry would continue to engage with the FiRS on the implementation of its reform initiatives on all major tax administration issues towards creating a more conducive regulatory environment where businesses could thrive to generate more revenue and comply with tax demands.
The representative of the Chartered Institute of Taxation, also spoke at the event.
