The Federal Inland Revenue Service FIRS is surfing the tax space in Nigeria with rare tax record achievements that encases layers yearly improved first time records that again takes another year to break, thus earning the reputation for more work higher target for hard work.
Several top records are attached to the Service, a flow of the commencement of these brings to focus the new over 170,000 new tax payers in the tax net which FIRS said was paved by the restructuring that promotes effectiveness and efficiency.
Pouring out the achievements of FIRS at a Media Parley in Lagos recently, FIRS Chairman Special Adviser on Tax Policy, Mr. Femi Olarinde (right in the featured picture with Special Adviser on Media, DareAdekanmbi and Mrs Dapo Awolowo, Head, Office of Special Adviser Media,) said several achievements are on the score card. Included in the list is the 107% achieved in 2023 revenue target of N11.55tr by collecting N12.36tr.
This year it has expanded its collection flanks and has achieved 81% of the collection of first quarter 2024 amounting to N3.94Tr being an all-time highest in the same quarter and 56% higher than Q1 2023. This record he cleared was put out in an off season collection period and he is optimistic that the N19tr target by the Federal Government is still within sight and FIRS would look to cover a great deal of this in the tax collection peak season of June.
FIRS he also disclosed, has integrated nine (9) new modules on our tax administration system, TaxProMax, automating over 80% of manual processes; and has made remarkable success in simplifying tax processes by offering personalised services and enhancing tax education. Besides, the Service he added has increased tax compliance by 20%.
