New automated tax system, TaxPro Max increased FIRS revenue to N6.4 trillion in FY 2021
With the advent of the new automated tax system, TaxPro Maxthe Federal Inland Revenue Service (FIRS) said its revenue rose to N6.4 trillion in fiscal year 2021 (FY).
Investors King recalls that the TaxPro Max was introduced in June 2021 to facilitate the payment of taxes and modernize the country’s tax system.
The TaxPro Max creates a platform for a single taxpayer view for all transactions, enabling smooth recording and payment of taxes.
Federal Inland Revenue Service Chairman Muhammad Nami revealed the revenue recorded last year in a statement released Thursday by his special assistant on media and communications, Johannes Oluwatobi Wojuola.
Nami expressed his excitement over the figure achieved, as he said the agency had achieved more than one hundred percent of its goal despite the challenges faced in 2020/2021.
He explained that last year, the FIRS received N2.008 trillion naira from the oil sector and 4.396 trillion naira from the non-oil sector, for a total of 6.405 trillion naira, more than the target set – 6.401 trillion naira. naira.
Nami further said, “The corporate income tax was N1.896 billion; The oil profit tax was 2 trillion naira; Value Added Tax was N2.07 trillion; The wire transfer tax was N114 billion; Earmarked taxes amounted to N208.8 billion; among others.
“The non-oil sector contributed 69% of the total collection for the year, while the contribution of the oil sector was 31% of the total collection.
“The Service has issued certificates for the sum of N147.8 billion tax credit to private investors and NNPC for road infrastructure under the Renovation Investment Tax Credit Scheme road infrastructure created by Decree No. 007 of 2019.”
FIRS, in a report titled – ‘FIRS 2021 Performance Update’, attributed the revenue increase to the deployment of technology tools.
The introduction and implementation of the new automated tax administration system, TaxPro Max, was strategically helpful when the country faced economic challenges caused by the Covid-19 lockdown.
“The deployment of a new automated tax administration system, the “TaxPro Max” in June 2021 was a game-changer. Taxpayers have experienced ease of registration, reporting, payment and issuance of tax clearance certificates, while the Service has experienced greater efficiency in the deployment of resources, which has enabled improve revenue collection. »