The Federal Inland Revenue Service (FIRS) has revealed that it generated revenue of N4.2 trillion between January and September 2021
This was disclosed by the Executive Chairman of FIRS, Mr Mohammad Nami at the FIRS Special Day at the 2021 Lagos International Trade Fair (LITR), on Thursday, in Lagos, theme: “Connecting businesses, creating value”.
He stated that the agency was able to achieve the revenue number despite challenges due to covid-19.
Nami said, “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.”
The FIRS boss 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, boosted the capacity of the FIRS to achieve the Federal Government’s set revenue target of N7.6 trillion for the service in 2021.
He also praised the FG for reforming tax laws including the implementation of the Finance Act 2019 and 2020 which he says reduced the burden on tax-paying companies.
It was gathered that this time last year that the FIRS raked in the total sum of N4.178 trillion as revenue out of the personal target of N4.239 trillion – 98.6% of the revenue goal for the year 2020.
In August, the agency also revealed that its revenue projections for the year 2022 financial year is N10.1 trillion.
