FIRS improves revenue generation, records N4.2trn in 9 months: Official

*The Federal Inland Revenue Service says the Nigerian tax regulatory  agency’s revenue generation has improved ‘tremendously’, despite the challenges posed by COVID-19 pandemic

 Emmanuel Akosile | ConsumerConnect

Despite the challenges occasioned by the outbreak of the Coronavirus (COVID-19) pandemic, Nigeria’s Federal Inland Revenue Service (FIRS) has disclosed it generated a sum of N4.2 trillion between January and September 2021.

Mr. Muhammad Nami, Executive Chairman of FIRS, stated this development at the FIRS Special Day Thursday, November 11, 2021, at the 2021 Lagos International Trade Fair (LITF), in Lagos.

Represented on the occasion by Mrs. Fatima Maiyaki, Assistant Director of Taxes, Bar Beach MSTO, Mr. Nami said that revenue generation had improved significantly in the country, agency report said.

The FIRS Executive Chairman stated: “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.”

Nami said: “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.”

The Executive Chairman als noted that the revenue administration agency has instituted  effective measures in order to ensure tax returns filing, payments and other services are easy and seamless.

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.

Nami, therefore, 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 also solicited the cooperation and support of all taxpayers and stakeholders in the task of increasing the nation’s non-oil revenue to key into the various e-services deployed by FIRS.

Mrs. Toki Mabogunje, President of 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.”

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 35th edition of the Trade Fair with theme: “Connecting businesses, creating value,” is holding from November 5 to November 14.

Over 200,000 visitors are expected, while about 1,500 exhibitors from 16 countries are participating in the Fair.

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